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Mark Cuban: Guide to Getting Rich... just terrible.

EvanOkanagan

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This came up in my recommended videos on YouTube today.

Why is is that successful people such as Mark give such backward advice? Is this what you did to become rich Mark?? Smh..

 
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JAJT

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I'm beginning to believe advice like this comes from a place of good intention rather than a place of experience.

I imagine it starts with the idea that "most people who listen to this don't have what it takes to take the risks and moves necessary" so right out of the gate they've eliminated all the real wealth-building advice they have to offer and need to come up with something else.

Then they think "what can I say that WOULD probably help those 99% that don't have what it takes?" and once you start thinking like this, you get his list:

- Be cheap
- Don't rack up debt
- Save for a rainy day
- Invest in index funds that require no thought or analysis
- Gamble with 10% of your savings
- Buy on sale (so basically #1, again)
- Barter (so basically #1, yet again, but this time be really annoying about it)
- Read
- Don't be a dick

And he's right - all this crap is likely good advice for someone who wants to live a normal, moderately successful life. It's pure 100% slowlane. Get rich slow, hope you live long enough to enjoy it.

In his defense, Vanity Fair sensationalized the title. His first words were "be a little bit richer than you are today". And to that end, this all pretty good advice. Vanity fair however throws "Mark Cuban's rules to get rich", which isn't even REMOTELY the same thing.
 

MJ DeMarco

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Some good advice.

But yea, it really irks me when someone filthy rich gives advice that generally speaking, didn't make them filthy rich.
 

C-Jay

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I'm a pretty big fan of Mark Cuban. He's an outspoken personality, a philanthropist, and has a take-no-prisoners attitude to business. The guy is lauded for his successes, but he has taken some massive risks in his career. He put it all on the line to get where he is.

Of course, we all know index investing didn't make him rich. His advice here is clearly meant to be "general financial responsibility" advice. At no point does he affirm that you'll one day wake up extraordinarily wealthy by doing these things. Warren Buffet says the same thing. And for 98% of people, this IS the best advice. The developed western world is in such a state of over-consumption and debt-reliance that these basics are rocket science to the majority of the population. And then, naturally, you have the writer who turned:

"Mark Cuban Gives Basic and Boring But Sound Financial Advice"

into

"GET RICH LIKE MARK CUBAN"

Obviously we know which one is better clickbait.
 
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Dunkafelics

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I agree with @JAJT on this one.

I am nowhere near the level that you guys are at right now, but there are some helpful tips here to make yourself a bit "richer" for sure. The point about buying consumables and getting an immediate savings on your money is actually a pretty decent idea. Too often, we buy products that are for the immediate few weeks instead of thinking about the long term.

If the goal is to obtain extra cash to start building business ventures I think it is actually okay advice. If it is advice to sit on the sidelines and just incorporate these strategies for the holy grail, then it is not good advice.
 

rollerskates

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- Don't be a dick

He's failed that part. Although, at his wealth level, being one doesn't really matter, I guess. I followed him on Twitter for a while and he was well, a dick, so I had to unfollow him. Too much political commentary, not enough business.
 

rollerskates

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Some good advice.

But yea, it really irks me when someone filthy rich gives advice that generally speaking, didn't make them filthy rich.

I struggle with this. A lot. Like, I can look at a business (mainly handmade type sellers), and give them plenty of advice on presentation to make their business far more visually appealing, but my own handmade widget business has never brought me great riches, even though I know the technicalities inside and out. I'm actually composing a post on this for a thread I want to start, but trying to make it coherent.

At any rate, in general, I see this a lot. Too many gurus who didn't do what they say you should do.
 
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SquatchMan

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Mark Cuban offers actual fast lane advice in his book/blog if I remember correctly.

His advice boiled down to get a job in the industry, save your money like a crab, research the industry a ton, and then look for needs (business ideas) to solve with the capital.

He even called buy and hold a suckers game.

How to Get Rich | blog maverick
 

MJ DeMarco

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If the goal is to obtain extra cash to start building business ventures I think it is actually okay advice. If it is advice to sit on the sidelines and just incorporate these strategies for the holy grail, then it is not good advice.

Exactly.

The problem I have with this advice is it's not a plan, it's a strategy. A plan gets you from point A to point B. A strategy is one tool for the plan.

The best analogy I can think of, it's someone telling you the best way to build a house is to master the art of hammering. No, you have to master the art of general contracting.
 

WJK

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Exactly.

The problem I have with this advice is it's not a plan, it's a strategy. A plan gets you from point A to point B. A strategy is one tool for the plan.

The best analogy I can think of, it's someone telling you the best way to build a house is to master the art of hammering. No, you have to master the art of general contracting.

I saw Mark interviewed on Fox a while back, and there's a factor here in all this that no one has counted. Mark is projecting the large segment of our jobs and economy is going to be lost to a trend of robots replacing people in most of our industries -- leaving a large segment of workers out in the cold and unemployable. He has a VERY bleak view of the future for anyone who hasn't already amassed large amounts of capital. That point of view could be coloring some of these issues that you are discussing.
 
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socaldude

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In the video Mark promises to make you "a little bit richer" but Vanity Fair spins it around as "Mark Cubans rules to get rich". Big difference in meaning.

We also don't know the question the interviewer or producer asked Mark. Maybe he asked "what advice would you give the average American who is struggling".

It is pretty good advice for the average American considering most are broke. :happy:

I don't he is a hypocrite as say someone like Warren Buffett because he has always been a proponent of starting a business as a way to get rich.
 

Era

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While Mark's advice is not a plan on how to execute, depending on which perspective you look at it from there definitely are some Fastlane elements to what he is saying.
  • Buying items in bulk and on sale >> Anti-consumer mindset
  • Reading >> Learning does not end at graduation
  • Being nice to others >> caring about others and not money chasing for self gain
  • Avoiding debt and having a six month nest egg fund >> Potential f-u Money fund and avoiding indentured servitude
While the majority of the population is doing the opposite and going backwards in overspending on consumerism, racking up debt, and acting entitled with no savings. Sadly this is a major step up for a lot of the population. He did leave out the most important rule: Execution and Process by Acting, Assessing, and Adjusting.
 

RogueInnovation

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Guys like him don't think for more than 5 minutes on guys without money
It is too much of a bother
So he lectures with simple stuff hoping that it will do something
But advice like this is like skipping a stone across the pond
Its just trying to pretend there is no raging river between him and you

I used to like cuban, but he is way too in his own bubble, so has no idea what he is saying or doing and its affect
Unfortunately it is a frequent occurance when people get filthy rich
 
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Dan_Fastlane

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i bet the most people dont even do Step 1 to 3! and that are important ones!!

Number 7 is very interesting and this proves it : Great bootstrapping thread - how to create money.

to the OP, after College Mark Cuban Saved up to 70k $ and then Started MicroSolutions!!! he later sold for 10Mio $ ! So what do you mean with how he got rich with that way?
 

ZF Lee

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Guys like him don't think for more than 5 minutes on guys without money
It is too much of a bother
So he lectures with simple stuff hoping that it will do something
But advice like this is like skipping a stone across the pond
Its just trying to pretend there is no raging river between him and you

I used to like cuban, but he is way too in his own bubble, so has no idea what he is saying or doing and its affect
Unfortunately it is a frequent occurance when people get filthy rich
Moral of the story: If you have to depend on the whims of one video to learn how to get rich, you are F*cked.
 

TreyAllDay

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This came up in my recommended videos on YouTube today.
Why is is that successful people such as Mark give such backward advice? Is this what you did to become rich Mark?? Smh..

I think a lot of these guys are in a popularity contest - as long as they're in the limelight building their personal brand, it's good for them and they'll continue to have influence. For that reason, they give advice people will like to hear.

Same thing with guys like Grant Cardone. Love a lot of his stuff, but he literally says in interviews how important it is to build a following - so he's telling people what they want to hear, and when it doesn't work it's because you didn't "do enough".
 
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melissa_summers

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This came up in my recommended videos on YouTube today.

Why is is that successful people such as Mark give such backward advice? Is this what you did to become rich Mark?? Smh..

People try all the ways in order to be noticed and to draw your attention. And the most interesting is that it really works.
 

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