Mark Cuban on Steps Toward Financial Success
Education and Careers Mark Cuban, “Shark Tank” investor and owner of the Dallas Mavericks, gets real about what it takes for young adults to get their financial lives together.
Billshark Teaches Smart Money Values To Boston Kids
Billshark helps educate consumers about their spending every day. Now Billshark is bringing personal finance education to the kids of Boston with their new “One Bill, One Child” program.
At Billshark, we help customers lower their monthly bills. Our team of Sharks negotiates rates for TV, cell phone, internet and other services on behalf of our customers to get them the best deals possible and avoid the creeping costs of monthly services.
Our ultimate goal is not only to negotiate existing bills but to educate the consumer. We believe that financial literacy is strength: it’s the most important skill to ensure a rewarding future. Our purpose is to teach smart money values to the next generation so they can successfully navigate the world of personal finance.
Through our “One Bill, One Child” program, Billshark seeks to empower middle school students by giving them the knowledge they need to become independent, financially successful adults. Our goal is to provide instruction to 1 million children by 2025.
We teamed up with Ramsey Solutions to offer its comprehensive “Foundations in Personal Finance” curriculum to middle schools in Boston for the 2017-18 school year. With every bill a consumer submits to Billshark, we will pay for one child to receive one hour of instruction in the fundamentals of personal finance.
With “One Bill, One Child,” we will help educate and empower a future generation for a lifetime of financial success.
SOURCE: Steve McKean
Young people starting their financial lives can be overwhelmed with the amount of information available, and not all of it is geared toward them. Mark Cuban, owner of the Dallas Mavericks and investor on “Shark Tank,” shares some insights for young adults who are ready to take steps toward financial success.
Start with your debt
While many people are eager to start investing in the market, Cuban says there’s one step that comes before that.
“Paying off your debt is always your first best investment. When you pay off a 7 percent loan or an 18 percent credit card, that’s an immediate return of 7 or 18 percent. Guaranteed.”
Commit to saving
Once you’ve paid your debts, Cuban says you should focus on continuously saving money. He says everyone should aim for a six-month rainy-day fund.
“Once you get there, then investing as much as you can afford in a low-cost SPX mutual fund every month and never touching it will pay long-term benefits.”
Find the right tools
It’s not just credit card debt that can prevent you from building a solid financial foundation. Overdraft fees can suck the life out of your financial future too, says Cuban.
He recommends tools like Dave.com (he’s an investor) that can help you stay on track of expenses debited from your account so you don’t end up in a deficit thanks to an unexpected overdraft fee.
Live like a student
While many young adults are eager to start acting like “real” adults, Cuban encourages them to do the opposite.
“Live like a student for as long as you can. The more stuff you buy that you don't really need, the more financial stress you will feel,” he advises.
Only purchasing what you need, as opposed to what you want, will keep your bank accounts flush.
Inspo for the future
Cuban struggled with his finances in his 20s just like most of us. But now he’s figured out the formula to his financial success and enjoys helping others avoid some of his own struggles.
When the opportunity arose to buy the Mavericks sports franchise (something he never in his wildest dreams imagined he would do), he was financially able to make the decision.
“I have been a basketball junkie my entire life. I love the game. It's in my blood and I play to this day,” he says.