Yahoo Finance Mark Cuban: Why Curiosity Makes You More Money
Mark Cuban is one of the most popular financial personalities in the world.
The billionaire owner of the Dallas Mavericks and costar of the TV show “Shark Tank” is nothing if not outspoken. In line with other quotable billionaires like Warren Buffett and Bill Gates, Cuban often espouses the value of reading in terms of getting ahead.
Find Out: 5 Frugal Habits of Mark Cuban
Try This: 6 Unusual Ways To Make Extra Money (That Actually Work)
As he was once quoted in Inc., Cuban said, “If you’re not reading, you’re [screwed], because you’re not expanding your mind. I tell my kids, ‘Somebody who doesn’t read lives one life. Somebody who reads lives an unlimited number of lives.'”
But how does this type of curiosity read to real-world success? Read on to see more insights from the self-made billionaire.
Wealthy people know the best money secrets. Learn how to copy them.
Why Reading Is So Important
If you listen to interviews with influential people, there’s a common refrain in their advice for how to get ahead: Read more. Cuban is no different. In fact, in an interview with Vanity Fair, Cuban listed reading books as one of his nine rules to get rich.
Cuban said he reads for hours every day, and he attributes that habit to helping him succeed. All it takes is one little idea from something he reads to guide him toward his next opportunity, so Cuban views reading as time — and money — very well spent.
As he told Vanity Fair, “If there’s something that caught my eye and I thought it could give me one idea, to spend $30 to get one idea that could help propel me, make my businesses better, it was a bargain.”
Learn More: 10 Things Frugal People Always Buy at Yard Sales To Save Money
How Ideas Can Make You More Money
As a billionaire, Cuban of course has a leg up on the average American looking to earn more money. With access to an almost unlimited pool of capital and people trying to pitch him opportunities every day, Cuban can pick and choose the best investments.
But nevertheless, the lessons he shares can be used by any investor. When Cuban talks about how reading can give him an idea, the same is true for any reader. If you can learn about the state of the world, how various industries operate and what people want and need, you will find plenty of problems that exist that need solutions. If you’re curious enough and creative enough to figure out how to solve a problem, that can translate to making more money.
The flipside of the coin illustrates the idea from another perspective. Imagine instead of being curious and reading books, you simply go to your 9-to-5 job every day and collect a paycheck. This can be a satisfying life for many people, but it’s not the recipe for building significant wealth.
Beyond winning the lottery or receiving a large inheritance, to truly be wealthy you’ll have to invest. Being curious enough about how a 401(k) or IRA works, how the stock market performs over time, how compound interest functions or how real-world solutions translate into financial gain are all paths to making more money.
Steps You Can Take
If you’re interested enough to learn more about what Cuban and other billionaires suggest, congratulations! You’re already showing that you have a natural curiosity about how to earn more money. This is the first step in letting your curiosity make you more money.
Once you start reading, you’re likely to find that the act itself triggers curiosity to learn even more. For example, once you read that Cuban recommends reading, you might be curious enough to learn what else Cuban has to say on the subject. To get you started, here are some more of the recommendations Cuban made to Vanity Fair about how to get rich:
Live like a student — even when you start making more money, don’t spend it all.
Don’t use credit cards.
Save six months’ worth of income in an emergency fund.
Put money into S&P 500 index funds.
Set aside as much as 10% of your investment money for aggressive options.
Buy in bulk and on sale.
Negotiate using cash.
Be nice.
While you don’t have to follow every one of Cuban’s suggestions to the letter, this is the road map the billionaire used for his success early in life. Your path may vary significantly, but the basic principles Cuban suggests — being frugal, being curious and investing — are the same that many wealthy individuals have used themselves to make more money.
More From GOBankingRates
I'm a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now
This is The Single Most Overlooked Tool for Becoming Debt-Free
This article originally appeared on GOBankingRates.com: Mark Cuban: Why Curiosity Makes You More Money
