Mark Cuban Financial Advice.

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Want some Financial Advice from Mark Cuban?

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Yeah, me too.  I’m assuming that you know Mark Cuban.  But if not:  he is the current owner of the Dallas Mavericks, a former Dancing with the Stars contestant, and a billionaire – B-B-B-B-Billionaire!

I’ve followed his blog for a few years and I have always found him extremely insightful and a straight shooter.

Let me quote directly from his latest post giving personal financial advice. I’m going to post it directly because it’s great advice for 98% of American people.

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“I’m going to simplify what I consider to be the best investment advice I have ever been given and share it with you.  Here you go:

1. If you have any credit card or other type of consumer debt on which you pay 5% or more interest, pay it off.  Compound interest is your enemy.  The chances of you earning more on your money than you are paying in consumer interest rates are slim. Pay it off.

2.  Cash is King. Now that Madoff is in jail, no investment can offer returns with zero risk. If you don’t fully understand the risks of an investment you are contemplating, it’s ok to do nothing. In times of massive uncertainty like we are facing today, doing nothing is a valid and IMHO preferable investment strategy. Just put your money in the bank.

3. Cash Creates Transactional Returns.   What does this mean? It means that you should analyze what you spend money on over the course of a year. You will get a better return on your money by being a smart shopper and taking advantage of cash, quantity or other types of discounts than you will in the stock market.  Saving 15% on the $1k dollars worth of items you know you will absolutely spend money on is a better return on your money than making 15% in a year on a $1k investment because you don’t pay taxes on it.

If you have under $100k dollars in liquid assets,  your net worth will be higher in one year if you follow this advice  than if you follow ANY other investment advice any broker or banker will give you this year.”

Thanks Mark.

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#markcuban #personalfinance