Everyone on social media has seen influencers telling their followers the best way to “get rich.” Typically, they have some great idea that they seem happy to share with the world in order to ensure everyone profits.
However, billionaire entrepreneur Mark Cuban recently released a video on his TikTok, saying that these influencers are lying. No one who is wildly successful would let the world in on their secret.
Tip of the Day by Mark Cuban
On Mark Cuban’s TikTok page, he frequently adds short clips that he calls the “Tip of the day.” Most often, it’s 60 to 90 seconds of Cuban talking to the camera, giving financial and business advice.
And in one of his clips, which has since gone viral, Cuban tells viewers flat out, “When you see somebody on social media telling you how they’re going to make you money, they’re lying.”
Mark Cuban’s Viral TikTok Video
The business mogul goes on to explain, “I’m going to give you a secret that all successful people know: When you have a great idea, when you have a way to make lots of money, the number one thing you’re not going to do is sell that idea, sell that service, sell that approach to anybody else.”
He then goes on to explain that there is another big problem with buying an idea off someone online, and that is that it’s available to everyone.
Too Many People Now Have This Idea
Mark Cuban continues to say, “Let me just give you some common sense information here… they’re creating competition for you. Now there [are] 10, 20, 30, 100 people doing the exact same thing as you.”
So, not only does Cuban believe that these financial or business influencers are lying, but also that, even if it is a good idea, it’s far too common now to truly make something of it. In other words, successful businesses must be unique.
“Don’t Do It”
Cuban then makes himself perfectly clear by saying, “And you know what they call someone who goes into business where there’s [an] unlimited number of people that you already know are doing the exact same thing as you? They call them stupid. Don’t do it.”
And finally, “Do not send your money to anybody online who’s just telling you they’re going to make you rich. If they were really that good, they would be making themselves rich and not sharing it.”
How to Get Rich, According to Mark Cuban
At the end of Cuban’s now famous “tip of the day” clip, he says, “Save your money. Figure it out. Do it right.” But some might be wondering: What does he mean by “do it right?”
Fortunately, in a separate “tip of the day” video, Cuban actually dives into his advice for people who want to be successful in business and accumulate wealth. And his advice is actually pretty straightforward.
There Are Only Two Ways to Get Cash
In the clip, Cuban says, “There are only two ways to get more cash in your financial life. Number one: Save… the second way… you have to be good at something.”
But the financial guru doesn’t stop there. He goes on to give examples of how the average person can both save and be great at something, and eventually make the kind of money that they dream about.
Cuban Talks about Budgeting
One of the topics Cuban discusses at length is that of budgeting. He says, “You don’t need that extra latte, that extra streaming service, going to that fancy dinner.”
While saving a few hundred dollars a month may not seem like a lot at first, Cuban explains the smartest people will then take that money and invest it to make more.
No Investment Is Too Small
The truth is that many Americans feel as though they don’t have enough money to make significant investments. But, according to Cuban, anyone can invest, even the smallest amount of money every month will grow into more money over the years.
He says, “You want to put [savings] in a money market account earning 5, maybe more percent, and watch that sucker grow.”
Taking Advantage of 401k Programs
Another fantastic way to save money and eventually become rich is to take advantage of a company’s 401k program.
Again, this may seem like a small investment, and when money is tight, relinquishing funds every month for the future can seem daunting. But Cuban argues that being broke for a while to get a big payout in the end is absolutely worth it.
Hard Work Pays Off
The second aspect of Cuban’s advice encourages people to dedicate themselves wholeheartedly to what they do. He believes that with time, people can master the skills they need to make real money.
Cuban explained, “Being good at something takes time. So in your job, whatever it is that you do, be great at that job. Because when you’re great people recognize your greatness and they want to pay you more.”
Anyone Can Get Rich with the Right Mindset
There are more “get rich quick” schemes online than ever before. And while many of them may sound tempting, financial advisors, such as Mark Cuban, are warning against them.
Instead, Cuban encourages Americans to save, work hard, and be willing to give their job or business everything they’ve got. The bottom line for him is that everyone can get rich, but no one can get rich quick.
