Keys to Financial Success as Told By Mark Cuban

I personally don't have a problem with Mark Cuban, but I know he rubs many people the wrong way. For those of you who don't know, Cuban founded Broadcast.com and sold out to Yahoo at the peak of the tech bubble for about $5 billion dollars, he then went on to buy the Dallas Mavericks and dabble in some other ventures like HDNet and potentially buying the Chicago Cubs. For certain, the guy is emotional, opinionated, and undoubtedly rich by any standards... oh yeah, he likes the enjoy his money.

This week Cuban posted an article on his "blog maverick" site titled "How to Get Rich." The article raises some interesting points that run counter to conventional wisdom. In a nutshell Cuban says, 1) keep money in cash, 2) don't take shortcuts, 3) stop using credit cards, and 4) find a job you love.

I have to admit I was really skeptical when I received the link from a friend yesterday, but Cuban gives some solid advice. I whole-heartedly agree that there are no shortcuts to building wealth. It's a slow process that for most people requires sacrifices and SAVING MONEY. Bottom line, you have to put more money in the bank or securities than you blow on entertainment, luxuries or other disposable expenses. I also strongly believe that for many reasons loving your job is important. People spend more time at work than just about anywhere else. If you hate your job, chances are you are either a) not good at it, b) overqualified, or c) would be a lot better at something else. There's an untold number of people out there who made fortunes in weird niche industries and businesses. The person who created the temporary tatoo, hackey sack, or spork probably all flew under the radar -- and didn't live way beyond their means. They probably all also ended up with more money in their estate than you or I will. Even if it doesn't necessarily contribute to your bottom line right away, doing what you love will make you a lot happier.

I would disagree with Cuban on his keep your money on cash and don't use credit cards opinions. Historically the stock market is not as risky an investment as he makes it out to be. Yes, it is driven by emotion and not closely correlated to actual market conditions, but earning 3-4% in a CD won't cover inflation most of the time. You can no longer buy a stock and hold it for 30 years (if you ever could) and need to actively monitor things by diversifying your asset and portfolio allocation but averaging a conservative 6% is almost double what short term CD's pay. Having a sizable position in cash or bonds makes sense, but keeping all your money in cash is foolish. Also, although most people use credit cards irresponsibly, there are plenty of people who don't carry a balance and get some cash back rewards in the process.

Does anyone have other ideas to add to the list? I'd like to compile my own list and post it sometime in the future if anyone