“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.
“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.”
One of the easiest ways to save is to take advantage of the higher rates on certificates of deposit. A certificate of deposit is a low-risk savings account that could earn as much interest as a high-yield savings account, possibly more. However, to earn that higher rate, you’ll have to park your money in the account for a certain period of time.
For instance, Discover offers certificates of deposits with maturities ranging from three months to 10 years.
Right now, Discover is offering 4.10% APY on a 12-month term — much higher than the average 0.05% APY offered on some accounts offered by other big banks. Discover has no fees associated with its CD accounts and you don’t need a minimum deposit to open an account.
Not sure which bank or CD is right for you?
You can compare the rates and features of CDs offered by various financial institutions through SavingsAccounts.com. The information is updated in real-time, which can help you make informed decisions and maximize your returns. You can also get personalized recommendations on CDs based on your financial goals and time horizon.
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.”
With Public, you can also get commission-free stock trades, meaning you don’t need to fork out extra fees to buy or sell stocks. That’s the kind of all-in-one solution that streamlined business moguls like Sara Blakeley or Mark Cuban could get behind.
Savvy savers will also be interested in Public’s high-yield cash account that offers an industry-leading 4.10% APY — roughly 10x the national average.
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 looking for easy-to-understand stock advice, you can become a wiser investor in just five minutes thanks to the team of former hedge fund analysts and experts at Moby.
Moby’s team spends hundreds of hours each week sifting through financial news and data to provide top-tier stock and crypto reports to keep you up-to-date on what’s moving the markets.
Their superior research can help you reduce the guesswork when selecting stocks and ETFs. In four years, across almost 400 stock picks, Moby's recommendations have beaten the S&P 500 by almost 12% on average.
Diversifying your portfolio is also key to weathering the ebbs and flows of the market. You might consider 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 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.
Plus, Acorns lets you customize how you save. With an Acorns Silver plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold, you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.
For a limited time, sign up here for a $20 bonus investment to get you started on the right foot.
