Mark Cuban, the acclaimed billionaire and entrepreneur, recently imparted a piece of straightforward advice to his TikTok audience: “When you see somebody on social media telling you how they’re going to make you money, they’re lying,” Cuban declared in the August 2023 video. He elaborated on this theme by sharing what he calls “a secret that all successful people know,” cautioning against the allure of supposed quick-money schemes online.
Cuban emphasized the value of personal application of business strategies rather than purchasing them from someone else. “When you have a great idea, when you have a way to make lots of money, the No. 1 thing you are not going to do is sell [it] to anybody else. You’re going to use it for yourself,” he advised.
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He also warned against the business consultants populating social media platforms who promise to help set up various business models. “When somebody is selling their idea…to you, and they’re selling it to other people, you know what they’re doing besides lining their pockets? They’re creating competition for you,” Cuban explained.
Cuban’s blunt yet valuable advice was, “You know what they call somebody that goes into a business where there’s an unlimited number of people who you already know are doing the exact same thing as you? They call them stupid. Don’t do it. Do not send your money to anybody online who’s just telling you how they’re going to make you rich.”
Unlike the false claims encountered on social media, a professional financial adviser won’t make false promises of sudden riches but will provide personalized, tried-and-true investment strategies that align with your financial goals and risk tolerances.
While Cuban stressed that jumping on the bandwagon won’t make you rich, he does cover ways you can legitimately boost your wealth or improve your finances with his tip-of-the-day videos.
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In another TikTok, he highlighted cash as the word of the day and discussed two main avenues to increase it. The first method involves saving money on daily expenses, like skipping a latte, and instead depositing the funds into a money market account to earn interest.
The second approach to boosting income, Cuban emphasized, is to excel in one’s job. “You have to be good at something. Being good at something takes time. So at your job, whatever it is you do, be great at that job because when you’re great, people recognize that greatness and they want to pay you more,” he explained, advocating for mastery and excellence as the foundation for financial growth.
Not everyone will become an entrepreneur, and that’s okay. There are multiple pathways to achieving financial success and potentially becoming a millionaire. Strategies include rigorous budgeting and cutting unnecessary expenses, paying off high-interest debt and investing early in vehicles like low-cost index funds and your company’s 401(k).
Saving a significant portion of your income and investing in yourself by enhancing your skills and knowledge can significantly contribute to your financial growth. Surrounding yourself with individuals who share your financial goals can also provide motivation and insight. These methods emphasize the importance of discipline, long-term planning and continuous self-improvement.
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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.
Jeannine Mancini has written about personal finance and investment for the past 13 years in a variety of publications including Zacks, The Nest and eHow. She is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Mancini believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.
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This article Mark Cuban Exposes Get-Rich Promises Online – ‘When You See Somebody On Social Media Telling You How They’re Going to Make You Money, They’re Lying’ originally appeared on Benzinga.com
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Source: finance.yahoo.com