“I was determined to be able to retire”
Cuban wanted financial independence, stat. He said, “I was determined to save money. I was determined to be able to retire. It wasn't like I thought, "Okay, I'm going to be super-rich." I valued time more than anything. I wanted enough money to be able to travel, have fun, and party like a rock star but still live like a student. That was my motivation.”
The key to making that happen was planning and saving for retirement right from the start.
To make those dreams a reality for yourself, you need to know what your financial goals are in the first place. A great tool to help map that out is WiserAdvisor — a platform that connects you with qualified financial advisors who can create a customized financial plan for your retirement needs.
Simply fill in your info, browse your advisor matches with WiserAdvisor’s comparison tool, and book a free consultation in minutes to get started on planning your financial future.
Regardless of when you want to retire, a diversified portfolio is key to weathering the ebbs and flows of the market. You might consider diversifying your investments in the commodities market, with savings vehicles like a gold IRA with help from American Hartford Gold.
Gold investments can help stabilize your retirement portfolio and protect it against market volatility. A gold IRA can help buffer you from inflation’s money-eroding impacts.
Request your free precious metals information kit from American Hartford Gold to learn more about this type of investing.
“If you can find that discipline, then you can save”
Cuban wasn’t born rich. He had to build his bank account, dollar by dollar, much like Blakely.
In the interview, she states, “What I did was start small, think big, and scale fast. I didn't ever get ahead of myself on spending. I only spent what I absolutely needed to… I have that mentality on everything. If I can save money here or there, I'll do it.”
If you’re looking to build your savings, a high yield savings account is the place to begin.
We’ve compiled a list of the Best High-Yield Savings Accounts of 2024 so you can have a streamlined look at what high-yield savings account is best for your savings to grow over time.
Cuban said, “If you can find a way to save, if you can find a way to invest inexpensively in the market, you can start to build your net worth.”
Invest wisely
Once you have your short-term cash set aside, you can invest in the stock market for greater returns. Of course, bear in mind that with the possibility of a better payout also comes greater risk.
If you invest wisely and consistently, you improve the odds of better earnings. Cuban notes that he’s a big fan of low-cost, diversified stock index funds. These tend to charge much less than other stock funds, which means you can keep your hard-earned cash working towards that retirement goal.
If you’re interested in following suit, Public offers an easy way to access these investments. They also offer commission-free stock trades, meaning you don’t need to fork out extra fees to buy or sell stocks.
If you prefer a passive approach to investing that can take place in the background while you spend on everyday items, then Acorns might be for you.
One way you can make your purchases productive is with Acorns is an automated investing and saving platform that simplifies the process of setting aside extra funds.
Every time you make a purchase on a credit or debit card, Acorns will round it up to the nearest dollar, and put the rest into a smart investment portfolio.
For a limited time, they’re also offering a $20 bonus investment to get you started on your Cuban-level fortune.
