Billionaire entrepreneur Mark Cuban in his Maverick blog has revealed secrets to becoming rich. Mark Cuban says in order to become rich, you should save as much money as you can. He asks users to stop drinking coffee and eating at McDonald’s. Instead, eat mac and cheese and drink water. He then urges us to stop using credit cards, saying “If you use a credit card, you don’t want to be rich.” Finally, he says in order to be rich, you need to find discipline. But how do create this discipline in order to save money?
- Ask yourself if you really want to achieve this goal: Financial experts reveal the first step is to ask yourself if you actually want to achieve these goals. If the answer is yes, then ask your other question: why did I say yes? What purpose does saving money in my life solve? Will it improve my life in a positive way?
- Devise a reasonable goal for yourself: Now, to make change easy, having a specific goal in mind could be helpful. Initially, it will feel weird when you change how you spend your money. Therefore, it is better to start with small changes. Saving just a small portion of each paycheck is a great trick. Then, you can also analyze your monthly expenses to find out if there are services that you no longer need. You can do this periodically.
- Learn from your past behaviors to avoid the same mistakes: It is always beneficial to not repeat past mistakes. You can do this by figuring out how your savings vanished last time. Understand why you made a certain purchase or subscribed to that service. Understanding the motivation behind your purchase can help you make changes easily.
- Rewarding yourself will help: One of the financial behavior consultants shares that a person should reward themselves to stay motivated to make the habit of saving.
- Use simple techniques: In order to increase your savings rate to 5%-7%, simple techniques like visualizing a saving goal, naming a savings account, having a picture of saving goals, and looking at it for a few minutes each day.
- Make your savings automated: To get the best savings account rates, set up an automatic transfer from a checking account to a savings account.
- Cut Out Temptations: One financial planner advises to not keep your credit card information online. Another trick is to reduce the number of apps. As a result, it will be hard for you to overspend.
At last, we would advise you to stay kind to yourself during the whole process. It will be hard to adapt to the change, slowly it will become a habit.
Source: https://www.thecoinrepublic.com/2022/08/16/do-this-to-get-rich-billionaire-mark-cuban-reveals-secret/