This isn’t a blog about how to subsist on beans and rice while doing what you love. That may be what it takes to get your dream off the ground, but the end goal is be financially prosperous while living your passion. It’s definitely possible.
Almost daily I read a story about someone who has achieved some degree of financial success and prosperity by doing what they love. Today I read a great blog post by Mark Cuban, owner of the World Champion Dallas Mavericks (and, fittingly, perhaps the last World Champion we’ll see for a while given the lockout). Now, I’m not a Mark Cuban fan per se…he’s got the same weird hair thing that Donald Trump and Nicolas Cage have going on. But he did front the cash for our winning team, so I’ve got to give him his propers.
That said, in his post on How to Get Rich he offered two tips for acquiring wealth. If they worked for him and his billions of dollars they may just boost your wealth potential. First, save every penny you can. Cuban’s not a fan of investing or the stock market, believing that cash is king. Whether you agree or not, the idea is that those with some cash in savings will be more open to opportunities that may arise, whatever they may be. Scrimp and save, living well below your means, and sock away your cash in CDs or a savings account.
Second, get smart. Invest your time in yourself and grow your knowledge. Cuban’s story is an interesting one that I’ll cover at another time, but the short version is that he went from knowing nothing about computers to studying computer manuals and becoming a specialist. Specialists were in high demand and the opportunities popped up. He took advantage of those opportunities, started a company, made a few wise investments with cash he had on hand, and made a billion dollars (and bought the Mavericks). He says there are a ton of people in every industry that could be just as successful but never will be because they won’t put in the necessary work to become an expert! Attend conferences, meetings, trade shows, read books, go to classes, take jobs…whatever you can do to learn the trade. Find something you love and immerse yourself in it.
Which leads us to the last (unofficial) step, which is to wait. Simply be patient and look for times of uncertainty, change, and demand in your industry. Then capitalize! When the time is right, you will have positioned yourself with industry knowledge and experience, and cash for flexibility. It only takes one moment to “get lucky.”
Are there other steps you would add? Is Cuban dead on or blowing smoke? Drop a note in the comments and let me know what you think! I’ll be sure to let him know when he drops the trophy by my house for a stint.
Hi! I'm Dustin.
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