MONEY MASTERY: Mark Cuban’s Essential Guide to Financial Freedom
Mark Cuban is one of the most well-known American businessmen of the past 20 years. He’s one of the stars of “Shark Tank,” owns the Dallas Mavericks, and has his hands in various other profitable ventures. Cuban is not shy about sharing the secrets to his success. Here you’ll find nine of his most valuable pieces of financial advice. 1. Live like a student: When you were a student, you probably wanted to buy many things but couldn’t afford them. Now that you’re an adult with money to spend, don’t waste it on things you don’t really need. 2. You shouldn’t use credit cards: Credit cards can be dangerous, as the ill use of one can quickly send you into debt. 3. Save six months’ worth of income: How long could you live off your savings if you lost your job today? The future is unpredictable, so it’s essential
to create a safety net if the unexpected were to happen.
4. Put savings into an SPX mutual fund: You want to keep your money where it will grow on its own. Investing in the S&P 500 will keep your money safe while bringing in additional interest. 5. Invest up to 10% of your savings in high-risk investments: Investing up to 10% of your savings in cryptocurrency or other high-risk ventures is okay. Do not expect a return on this investment, though. It’s better to assume it’s already gone than to expect you’ll strike it big. 6. Buy consumables in bulk and on sale: You are going to use products like toothpaste, toilet paper, soap, and others daily. Buy as much as you can whenever these items go on sale so you don’t need to buy them at full price in the future.
7. Negotiate using cash: Most people don’t mind selling their products or services for less if they know they’ll get cash immediately. 8. Read books: There’s always something new to learn that can help you become more profitable or financially aware. Read books that will inspire you. 9. Being nice earns a good response: People respond better to kindness than anything else. Be friendly to those around you, and you’ll be rewarded.
Silence Is Golden: A Guide to Understanding the Fifth Amendment yourself, you have to answer. Even if the law doesn’t apply to the state you live in, it’s safe to simply provide your name, address, and date of birth. Another piece of information required when authorities pull you over is your license and registration. If you were pulled over by officers for a valid reason, you have to hand over your documents to them. Other than these two scenarios, you don’t have to answer any further questions. Anything you say to the authorities can be used against you, and the last thing you need is for a few poorly thought-out answers to land you in court. When is it best to stay silent? Because your words can be used against you, it’s in your best interest to stay silent until you are able to speak to your attorney. Once you have them by your side, they can speak for you and ensure that whatever they say protects you from incrimination. This is part of your Sixth Amendment right: You can remain silent and refuse to give any statements until you receive counsel. Pleading the Fifth is not an admission of guilt — while many may think those who invoke this right are guilty, in legal matters, they can’t be assumed guilty just because they refuse to answer. There have been countless cases where innocent people implicated themselves in an investigation simply because they said the wrong thing or didn’t choose their words wisely enough. No matter how many “Law & Order” episodes you’ve seen, you’re not a legal expert, and you should always err on the side of caution. The best way to remain innocent is to keep your rambles to yourself and leave it to your attorney to speak on your behalf. Silence is golden!
Almost everyone knows what it means to “plead the Fifth.” We hear it often in the news, crime TV series, and all of the best mobster movies. When you plead the Fifth, you’re exercising your right granted by the Fifth Amendment to remain silent and not incriminate yourself. While this is your constitutional right, there are actually times when you are obligated to speak. Before you zip your mouth shut, you’ll need to learn when you should and shouldn’t plead the Fifth. What do you need to share with authorities? While you have the right to remain silent, there are a few questions you are legally required to answer. In most states, it’s the law that when a cop pulls you over and asks you to identify
2 • swbwlawfirm.com
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