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« A Great, New Way to Save at the Library | Main | Five Savings Tips for Soon-to-Be Retirees »

May 18, 2010


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Someone I know, but haven't seen in years, taught a class Cuban took in college. I recall him telling a story about how Cuban walked in halfway through an exam, because he was at a party the night before. Might have been a rugby party. Anyway, I also recall him saying that Cuban was an exceptionally bright guy.

What I'm getting at is that Cuban is a risk taker. To be super rich - as he is - goes beyond saving. Many of us can save. Its the part of investing time in oneself and increasing knowlege of the business in which you're involved - along with competitiveness, drive and risk taking - that can help someone get to where he is.

Not that its easy, or that simple. But, I can safely say that saving and watching pennies is great for building wealth as a middle class person, but not for getting to where he is.

Anyway, interesting post, and who am I to argue with a guy worth billions anyway:)

Kinda funny that you posted this as I just started reading the book "Rich Like Them", in which the author literally just walks around to different rich neighborhoods across the country, knocks on their doors, and asks to interview them on how they achieved such wealth.

I agree with squirrelers, that most of the time, to be super rich, it goes beyond saving. Great points nevertheless!

I think Nicholas Taleb said "The difference between the guy who drives the BMW and the guy who flies in the G5 is luck." To be super rich, often goes far beyond saving and working hard. Right place, right time, right skills.

This is a great post, because it offers great whispers of wisdom. I think his first point on saving is an important one, because being a smart shopper and spender is what keeps the wealthy that way. Besides when you hear of all the celebs in piles of debt or filing for bankruptcy - points 1 and 2 are what leads to their downfall.

I'm glad he highly suggests savings. I don't think we'll ever be super rich based on the careers we've chosen, but we are and will be well off if we continue to save aggressively. That's what I'm aiming for at least.

His argument for "saving" is so you have capital to take risk when opportunity presents itself. This is slightly different than the diligent save to retire. From what I know of Cuban, I doubt he would be a strong proponent of the save for years, earn 5%, and retire camp.

"Takes money to make money"
"You gotta spend money to make money"

These sayings seem to better represent his argument for saving.

I like the saving money tips. Drink water, not coffee. I take that to mean you should avoid places like Starbucks. Love it! :)

Interesting reading with some good points to become rich very slowly. There are vast amount of knowledge out there on how to become rich the smart way. Becoming rich is a trade just like being a carpenter or being an engineer. If you do not know the trade you cannot become rich. Knowledge is wealth.

>To be super rich, often goes far beyond saving and working hard. Right place, right time, right skills.

It sounds to me as if Cuban recommends setting yourself up to take advantage of the right place, time, and skills... It seems to me that would be a great improvement in the odds.

-Rick Francis

I disagree with the "wait for times of uncertainty" part. If you're going to succeed in business, you have to be the force of change rather than only react to changes. Regardless of whether there is uncertainty in the field, you should be able to be creative enough to provide some differential advantage at all times. Maybe that just goes without saying...

Thanks for the link, FMF. ïve read some blog posts by Mark Cuban that were nothing short of amazing (especially the one where he tells the story of his early career).

Becoming rich begins in always believing yourself and believing that you can achieve your goal. You need to have a positive mindset and outlook in life. Avoid any distractions and stayed focus in your goal because if you will not take it seriously then nothing will happen.

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