Mark Cuban’s controversial advice for becoming a millionaire: “Don’t drink coffee and save every penny”

66-year-old Pittsburgh native Mark Cuban is well-known as the owner of NBA franchise Dallas Mavericks and has also recently generated added notoriety for his appearance as one of the main “sharks” on the ABC reality television series Shark Tank and has a net worth of $6 billion according to Forbes.

Cuban has revealed, as part of an interview with GQ Magazine, his trade secrets on how to generate wealth with many of the points originally highlighted in his 2011 blog posts.

Cuban’s philosophy is clear: The more you can save, the more options you’ll have when opportunity strikes and this means on cutting back on expenses to the absolute essentials.

“Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald’s, eat Mac and Cheese. Cut up your credit cards. If you use a credit card, you don’t want to be rich,” he advised.

Budgeting

The Mavs owner also maintains that budgeting on a daily basis is the key to looking after one’s money.

“I look at my annual budgets for everything and anything, and I look to see where I can save the most money on those items,” Cuban claims. “Saving 30% to 50% buying in bulk — replenishable items from toothpaste to soup, or whatever I use a lot of — is the best guaranteed return on investment you can get anywhere.”

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