Mark Cuban Credits This Book From 1988 For Teaching Him How To Reach His First Million
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If you’re on the path to financial freedom, then you probably think it is easy to get excited to read books about Success, Entrepreneurship, and the various ways to get ahead in the worlds of Business and Finance. But for the vast majority of Americans, they might find these books dry and think they’re written by people who were luckier than they were smart. But, when a self-made billionaire credits a book with teaching him the skills he needed to put his first $1 million in the bank, that’s when people should start paying attention.
In an interview from a few years ago, billionaire Mark Cuban talked about how he got to his first million. He credits Cashing in on the American Dream: How to Retire at 35 by author Paul Terhorst with teaching him the life skills needed to get his bank account to $1 million and to get to where he is now in life. Cuban’s worth an estimated $3.7 billion, is the owner of the Dallas Mavericks, and a celebrity investor on Shark Tank. He’s spent the last few decades surrounded by the most successful people on the planet, but he still credits this book with his initial success.
Here’s what Cuban had to say about it in his interview:
“I think it’s possible to have a million dollars in the bank even if you’re not an entrepreneur. There are a lot of strategies for people who work their way up the corporate ladder, or even bounce from job to job.You’ve got to have discipline in how you spend your money, first of all. When I was getting started, I used to read this book, How to Retire at 35.
The whole premise of the book was that if you could save up $1 million and live like a student, you could retire. But you would have to have the discipline of saving. I believed heavily in that book. It was a big motivator for me.I did things like having five roommates and living off of macaroni and cheese, and I was very, very frugal. I had the worst possible car—those types of things.”
Cuban also credits being willing to take some risks (albeit low risk risks) as a reason for his success.
“Part of the risk is maybe putting money into a low-cost mutual fund,” he said. “Or invest in your education — whatever it may be to help you get to the point where you can truly save money.”
Save. Invest. Save. Invest. Live as frugally as possible. Take calculated risks. That’s the advice.
I have to imagine that Cashing in on the American Dream: How to Retire at 35 puts it in terms everyone can understand, step by step. I haven’t read the book yet, but I’m adding it to my reading list.
If you’re interested in more books about how to leverage investing to become a millionaire, check out these. It is a great place to start.
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