Mark Cuban is a great figure who is no stranger to investment. He is the owner of the national basketball association (NBA), Dallas Mavericks, co-owner of 2929 Entertainment, and chairman of AXS TV.
In addition, he is known as a 'shark' among investors and appeared in the ABC reality television program, Shark Tank.
Before making a name for himself in the field, Mark Cuban was heavily involved in several technology companies until he became one of the pioneers of the idea of live internet networking in the mid-1990s.
Subsequently, in 2000, he bought a majority stake in the Dallas Mavericks for $ 285 million while the association was in recession. He managed to become an influential owner and helped in driving the basketball league towards the modern marketing era.
The Cuban has tipped the 2014 Forbes billionaire list with a net income of about $ 2.6 billion. What is the secret to Mark Cuban's success?
1. Savings Money
The majority of investors need to build a strong financial system because everything that happens is unpredictable. Mark Cuban called on the public to focus on saving money for at least 6 months.
Savings are important when having to deal with unwanted situations.
In the world of investment and the stock market, there are certain advantages and disadvantages that cause individuals to lose all their savings due to uncertain market conditions or reckless investment decisions.
Also, high-risk investments do not necessarily bring high profits.
Therefore, if you want to venture into the field of investment, you need to provide a strong financial system or emergency funds.
2. Debt Management
An important priority emphasized by this great figure is debt management. If you have debt, keep investing until you can afford it.
In addition, he advised not to use credit cards as it is considered one of the disadvantages of investing. This is because buying on credit will cause your debt to increase.
Therefore, you need to settle the debt as soon as possible because the burden can prevent you from achieving success.
3. Do Not Care About Other People's Words
Mark Cuban is a leading investor, especially in the field of technology. He has invested in Amazon, Netflix, and Twitter.
While some investors think the shares in the companies are priced too high, the Cubans describe them as undervalued.
The fact is, technology companies have taken over the stock market because of its potential for rapid growth.
In conclusion, every investor needs to organize a systematic and effective strategy before making an investment. Hopefully by sharing these tips can help you to achieve success in the field of investment.
