Here are Mark Cuban's top 5 pieces of financial advice. (via CNBCMakeIt)
, Cuban learned a few money lessons, and as a result, he has five key pieces of financial advice he shares.Try not to accumulate credit card debtagainst racking up credit card debt. So, he says, if you are going to use credit cards, pay the full balance on time.
"It's OK to use credit to buy a house – mortgage rates are so low and houses can appreciate in value, but you don't want to have a credit card that you don't pay off every month," Cuban told Men's Health. "The worst investment in the world is credit card interest."in his 20s when the interest on the money he owed on his credit cards quickly accumulated.in 2017. "I would charge something and think I would be able to pay it off and then not be able to.
He understands it is extreme to avoid using credit cards all together, but insists it's important to pay off any balance. "Using a credit card is okay if you pay it off at the end of the month," Cuban said in 2017. "Just recognize that the 18% or 20% or 30% you're paying in credit card debt is going to cost you a lot more than you could ever earn anywhere else."you can make or not make," he said.The "Shark Tank" investor's second tip is to "live like a student," he told Men's Health. That means avoid overspending and spending on things you can live without.
"You don't need to buy all this stuff, particularly when you cannot afford it," Cuban said. "The more money you can put in the bank, the better position you're going to be if something goes wrong."
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