Billionaires Mark Cuban and Warren Buffet are well-known for their business ventures and for making boatloads of cash. They have attributed many factors to their success, but one thing they both agree on when it comes to making money — there are no shortcuts.
“The less money you have, the more likely someone will come at you with some scheme. … Please ignore them. Always remember this: If a deal is a great deal, they aren’t going to share it with you,” Cuban explained.
The Dallas Mavericks’ owner, who is part of the hit TV show “Shark Tank,” goes on to suggest that investors should always stop and ask themselves why isn’t this person already rich from their idea? And why do they want to share their riches with me?
“If the person selling the deal was so smart, they would be rich beyond rich rather than trolling the streets looking to turn you into a sucker.” He reiterates, “There are no shortcuts.”
Cuban has a rags to riches backstory, so he knows what he’s talking about. According to CNBC, when Cuban graduated from Indiana University, he says he had $60 in his pocket. But within the next ten years, Cuban would amass a fortune of over 5.6 billion.
Fellow billionaire Warren Buffet echoes a similar sentiment when it comes to making money.
“It’s pretty easy to get well-to-do slowly. But it’s not easy to get rich quick.” Buffet knows a thing or two about making money as well. His word to the wise would be to invest.
“The money is made in investments by investing,” he told CNBC, “and by owning good companies for long periods of time. If they buy good companies, buy them over time, they’re going to do fine 10, 20, 30 years from now.”
According to Marketwatch, Buffet who is nicknamed, “The Oracle of Omaha,” is worth over $73 billion. And it all started when he was a young boy.
At eleven, Buffet began to save money up from his paper route and eventually bought some farmland in his hometown of Nebraska. Some years later, he had his first $1 million.
Both of these men have amassed a substantial amount of money in their lifetime, so maybe it’s best to take their advice and work hard for your keep.