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Mark Cuban on The Worst & Best Money He's Ever Blown | Men$ Wealth | Men's Health

 Mark Cuban on The Worst & Best Money He's Ever Blown | Men$ Wealth | Men's Health

so what was i doing the moment i became a billionaire i had just gotten out basically i was naked sitting on a chair just like this and i just got up and i said okay im gonna do my little naked billionaire dance hi my name is mark cuban from shark tank in the dallas mavericks and im here to tell you some stories about some of the smartest deals ive done and some of the dumbest deals ive done i got a lot of both so to me serious money was just having a salary when i first got it ed the first time where i really felt like i might be on to something was after i ed my company micro solutions i saved money and built the company and had a hundred thousand dollars in the bank and i just remember thinking oh my god this is incredible i didnt want to think that i was rich but i didnt have to wear two for polyester suits any longer i didnt have to buy used clothes from rethreads the store here in dallas i could making some choices on my own and not quite stress so much about getting credit cards cut up like i had you know having lousy credit all the stresses that come with you know not having any money or not being sure youre going to have money um thats 

The Worst & Best Money He's Ever Blown | Men$ Wealth | Men's Health

when i ed to really feel like this was something special um the most extravagant thing i bought was a house i bought the worst house in the best neighborhood for which was way above what i could afford but everybody always told me you know buy more than you can afford and hopefully itll appreciate and as it turns out i bought it at the exact wrong time in dallas i bought the house up here and immediately all the values for all houses just dropped the best money i ever spent was when i bought a lifetime pass on american airlines right after i sold my first company i got really really inebriated with a bunch of my really good friends and they were all like what are you going to do 
what are you going to do what are you going to do and you know im not a fancy guy as you can tell you know im not into this and that but i like to travel i like to have fun and i bought a lifetime pass on american airlines for which let me travel a miles i think a year for the rest of my life so if today if all of a sudden i turned years old with in my pocket and this crazy year could i be successful again the answer is yes and ill tell you exactly what i would do id get any job any job at all that allows me to pay my bills doesnt matter what it is because now i know i can learn from anything that i do number two now that i have a little bit of a tech background or a lot tech background i teach myself to do amazon alexa and google home skills a lot of people have amazon alexa in particular and they know how to use it generically but they dont know how customizable it is so I would just like i did back in the days
 when I ed micro solutions and I went to all these different retail stores handing out my business cards saying if you ever have questions or need help with pcs and computers in your guy um i would do the same thing now and particularly now with the pandemic were trying to go touch-free the ability to use ambient voice to really help your business nobody's really doing it very well so i would be all about that and I think id be able to build up a nice little business doing that some of the best investments i ever made were investing in myself first and foremost
 when youre first ing and you may or may not have a job you dont have any money you work at complete uncertainty about your career what i learned early on is that if i put in the effort i can learn almost anything it may take me a long time but by putting in the effort i taught myself technology i talked myself the program it was time consuming painfully so but that investment in myself has paid dividends for the rest of my life and the fact that i recognized that learning was truly a skill and that by continuing to learn to this day im able to compete and keep up and get ahead of most people because the reality is most people dont put in the time to keep up and learn and thats always given me a competitive advantage if i was going to a business with another one of the sharks oh my um id say barbara barbara corker barbara absolutely compliments my skill set shes got amazing people skills shes got the ability to hire the right person shes got the patience to train them and support them far greater than i do so she would be a great compliment proud of them absolutely i mean look i gotta protect their guys and im a partner in the nba and one of the things that we have to improve on in our business is our officiating and 

while other people think its taboo to talk about it 

i obviously dont i think theres a lot of room for improvement and you know we have this thing about hiring former referees to to be managers and thats just a recipe thats not a recipe for success its like hiring writers to be editors or publishers just because you can do one thing doesnt mean you can do another thing talk about failures thats probably been one my greatest failure in the nba as much as ive been find as much effort as ive put in there to try to change it the changes have been minimal at fast and we still got a long way to go but im not going to quit so what was i doing the moment i became a billionaire i was on my yahoo because i knew i was close obviously and i was watching our company stock i knew i was close and i wanted to see that moment so back in the day you know you would have to hit the f5 key 
which was the refresh key i had just gotten out basically i was naked sitting on a chair just like this and i just got up and i said okay im going to do my little naked billionaire dance im going to enjoy the moment and then I'm going to go right to work because the only thing worse than being a billionaire is being a billionaire and then not being a billionaire because you didnt do your job and you didnt get it done and so it scared me its like i can't let go of this and so i went to work so
 what industries will dominate in the future thats a great question because so much is changing because of the pandemic you know as i just mentioned i think the ambient voice is going to be critical because people are going to be very concerned about different touchpoints even after we have a vaccination utilities for work from home are going to be an opportunity you know the bigger macro issues are going to be artificial intelligence is going to continue to just become more and more important and unfortunately were turning into an economy a world 
where theres have and have not companies and so if youre if youre an entrepreneur if youre a business person that doesnt understand the impact of artificial intelligence on your industry and your company youre gonna have real issues because the big guys are really using it to gain an advantage the secret to financial wellness is a couple things one its okay to use credit to buy a house you know mortgage rates are so low and houses can appreciate in value but you dont want to have a credit card that you dont pay off every month because the worst investment in the world is credit card interest two live like a student you know you dont need to buy all the stuff particularly 

when you cant afford it the more money 

you can put in the bank the better position youre going to be in case something goes wrong free once youre able to save well i used to say six months now once you have a year of expenses saved up because of so much uncertainty with coving then you can investing and putting it into something that can appreciate like you know a lowcost mutual fund for the standard of poors index and four you know negotiate you know people real life dont realize that you know it works sometimes just to pay in cash if you have it or write a check if theyll let you and negotiate the price down for things that you buy and i dont do that so much now just because people see me and the price goes up but for the longest time thats how i survived and finally um five id say you know take advantage of deals on amazon and other places
 where you can buy in bulk because if its money youre going to absolutely spend no matter 
what and you can save thats the best investment you can make because its really hard to pick the right stock or the right index fund or the right mutual fund but if you over the course of a year typically spend two thousand dollars on all the consumables you use in your house the toothpaste the toilet paper shampoo etc and you can save on those by buying it you know and sticking it under your bed if you need to thats hundred dollars in savings and so sometimes the best investment you can make is being a smart shopper actually my slogan or mantra
 when it comes to money is my slogan and mantra for everything how you do anything is how you do everything you know how you approach little problems is how you approach big problems how you approach little investments is how you approach big investments you know you just have to put in the time to do it right and
when it comes to money and investing you know and ill add one little one little piece of advice when you go to buy a stock and you think youve got the greatest idea stock pick ever ask yourself

 why somebody would sell it to you nobody sells 

you a stock thinking if the price is going to go up right theyre selling it to you for a reason so always question yourself and make sure you know because getting in that habit is the exact example of how you do anything is how you do everything thanks again for watching now you know my secrets to financial wellness hopefully you picked up a tip or two hopefully itll be the first step or the next step to you being financially secure stay safe '