Billionaire entrepreneur Mark Cuban previously revealed in his blog Maverick simple everyday techniques people need to follow to get rich. The advice was for people who are afraid to invest in the stock and crypto markets, but want to grow their wealth in the traditional way. The blog titled “So what does it take to get rich?” reviews proven methods of how people make money with traditional methods and not invest in the markets.
Also Read: Crypto: When Can Investors Expect the Next Bull Run in 2022
Cuban pointed out that the first thing to do to make money without investing in stocks is to “to register”. The Shark Tank host advised people to stop spending and start saving as much money as possible. Expenses include cutting back on coffee, restaurant food, and day-to-day activities that drain money.
Here’s what Mark Cuban says you need to do if you want to be rich without investing in stocks. “Save your money. Save as much money as you can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald’s, eat mac and cheese. Cut your credit cards. If you use a credit card, you don’t want to be rich.
The billionaire advised people to follow this financial guide and stay disciplined by not spending if they want to be rich. “The first step to getting rich requires discipline. If you want to be rich, you have to find the discipline,” he said in the Maverick blog.
Also Read: Feds Issue Warning to Banks Taking Advantage of Crypto Opportunities
Cuban added that the fastest returns come not from stocks or cryptos, but rather from personal savings. “You will quickly find that the best rate of return you will get is on your own personal expenses. Being a smart shopper is the first step to getting rich,” he said.
How to become rich without investing in cryptos? Mark Cuban explains
The second step after saving and accumulating money, according to Cuban, is to keep it on a CD for 6 months in the bank. The entrepreneur explained that those who keep a bank CD sleep well at night compared to market investors.
“Those who put their money in CDs sleep well at night and certainly have more money today than yesterday. And because they are smart, disciplined shoppers, their personal inflation rate is within their means. Money is king for those who want to get rich,” he said.
Also Read: Full List of Countries with the Highest Number of Crypto Investors
In conclusion, if you think stocks and cryptos are risky, the next get-rich-quick option is disciplined saving. Eventually, over time, people will realize that they have way too much money if they cut back on their daily expenses.