Mark Cuban, the acclaimed billionaire entrepreneur, recently gave some clear advice to his TikTok audience: “If you see anyone on social media telling you how they’re going to make your money, they’re lying,” Cuban stated in the August 2023 video. He expanded on this theme by sharing what he calls “a secret that all successful people know,” warning of the allure of so-called quick money schemes online.
Cuban emphasized the value of personally applying business strategies rather than buying them from someone else. “If you have a great idea, if you have a way to make a lot of money, the most important thing you’re not going to do is sell [it] to someone else. You are going to use it for yourself,” he advised.
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He also warned about the business consultants who populate social media platforms and promise to help build different business models. “If someone sells their idea to you, and they sell it to other people, do you know what they’re doing besides lining their pockets? They’re creating competition for you,” Cuban explained.
Cuban’s blunt but valuable advice was, “You know what they call someone who goes into a company where there’s an unlimited number of people who you already know are doing exactly the same thing as you? They call them stupid. Do not do it. Don’t send your money to someone online who just tells you how they’re going to make you rich.”
Unlike the false claims you see on social media, a professional financial advisor will not make false promises of sudden wealth, but will offer personalized, proven investment strategies that match your financial goals and risk tolerances.
While Cuban emphasized that jumping on the bandwagon won’t make you rich, he does discuss ways you can legitimately grow 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 key ways to increase it. The first method involves saving money on everyday expenses, such as skipping a latte, and instead depositing the money in a money market account to earn interest.
The second approach to increasing income, Cuban emphasizes, is to excel at your job. “You have to be good at something. Being good at something takes time. So in your job, whatever you do, be great at that job because if you are great, people will recognize that greatness and they will want to pay you more,” explained he expressed, advocating mastery and excellence as the basis for financial growth.
Not everyone will become an entrepreneur, and that’s okay. There are multiple ways to achieve financial success and potentially become a millionaire. Strategies include rigorous budgeting and cutting unnecessary expenses, paying off high-interest debt and investing early in tools like low-cost index funds and your company’s 401(k).
By saving a significant portion of your income and investing in yourself by increasing your skills and knowledge, you can contribute significantly to your financial growth. Surrounding yourself with people 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 personal guidance from a financial advisor is recommended to make informed decisions.
Jeannine Mancini has written about personal finance and investing for the past thirteen years in various publications, including Zacks, The Nest, and eHow. She is not a qualified financial advisor and the contents of this document are for informational purposes only and do not and do not constitute investment advice or any investment service. Although Mancini believes that the information contained herein is reliable and from reliable sources, no representation, warranty or undertaking, express or implied, is made as to the accuracy or completeness of the information.
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This article Mark Cuban Reveals Online Get-rich Promises: ‘If You See Someone on Social Media Telling You How They’re Going to Make Your Money, They’re Lying’ originally on Benzinga.com
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