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October 16, 2008

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I am currently and will always be in learning mode when it comes to my finances. I think these three very basic rules are pertinent to the anyone who is passionate about their finances. I outlined in a recent blog how much money I saved, by completely eliminating fast food from my diet. It is amazing how your spending habits changed when you start to focus on your finances.

Caleb

Oh, and not a word about leverage? Come on!

I was invited to an NBA game by a relative a few years ago. While I enjoyed myself and was properly appreciative, I couldn't help but notice the ticket price was $108 per ticket!

So I guess you can look at Cuban two ways: one, he has taken a lot of money from fools the last decade or so as the owner of the Dallas Mavericks (a perennially underachieving, overpaid team) or two, he has reached the point in his own life where he no longer takes his own advice about spending.

It is a truth, that money can work harder for you than any kind of job you can ever get or create for yourself.

Wow! I'm impressed with his 3 rules. I think it's brilliant. For those of you who thought it was a little vague I would look up his biography on Wikipedia and all that you thought unclear will become clear. His strategy has been the same. Start a business and make it successful and then sell it for an insane amount of money. Easier said than done. I'm currently working on starting my own business, but I guess it will take time. I have product but the issue is having money to promote and what not no to mention start-up costs of registering your business. I guess I need to save more and again I guess it will take time.

rwh -

I want to challenge your comment cause I think there is no basis for it.

Here are the mavs stats from wikipedia:

"In the 20 years before Cuban bought the team, the Mavs had a winning percentage of 40%, and playoff record of 21-32. In the six years following, the team won 69% of their regular season games and reached the playoffs in each of those seasons. The Mavs playoff record with Cuban is 39 wins and 40 losses, including their first trip to the NBA Finals in 2006, where they lost to the Miami Heat."

It appears to me the Cuban had a dramatic positive impact on the team. Going to the playoffs every year and once to finals would not be underachieving to me.

In addition, when cuban sold broadcast.com in 1999 his net worth was estimated at 1.1 billion. Today it is estimated at 2.8 billion. He must be taking some of this spending advice.

http://en.wikipedia.org/wiki/Mark_Cuban

What is the support for your comment other than dislike of the mavs and/or cuban?

Just GETTING to the playoffs is a huge incremental advance.

And moving up to the seventh or eighth playoff spot, while representing a substantial advance, is guaranteed to lead to an unfavorable playoff matchup (e.g. against #1 or #2 seed in the first round), which sets you up for a below-.500 playoff record.

It's only when you get up to the #4 seed (and home-court advantage) that you can realistically expect a team to have a winning playoff record.

So a 39-40 recent playoff record probably represents greater improvement and performance than it first appears,

I think his advice is great. I'm just sad that we're heading into a bust BEFORE I have my cash cushion!

Everytime I thought about Mark Cuban, I couldn't help but remember the days of broadcast.com that he sold for $5.7bn to Yahoo. One of the worst investments Yahoo have made while Mark Cuban became an instant billionaire

Yes as they say, the best person to take advice from is the one who has most successfully done what it is you are trying to achieve. I think you have to read between the lines a bit on Mark Cuban to get the best out of it though...

I like the person's comment that money can work harder for you than you can for yourself - but how are you going to get the money in the first place? You have to get to air speed first before you can fly.

The best point though is the one about education and study. Always a good idea.

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