Thanks to Leroy Gardner and Get Rich Slowly for highlighting this Forbes interview with highly-visible entrepreneur and billionaire, Mark Cuban.
Here are a few lessons on "building and keeping a self-made fortune" from, "10 questions for Mark Cuban":
"...You have $100,000--where do you put it?
First I pay off all my credit card debt and evaluate paying off any other debt I have. What I have left I put in the bank.
Then I try to create as much transactional value as possible from that cash. 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. 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.
Then whatever I have left I keep in the bank and let it earn nothing. Why? Because then its available for when I get a good opportunity.
Every five years or so there is a bubble bursting or amazing deals available because of a change in the economy. Anyone who just kept their cash in the bank rather than in stocks over the past five to 10 years could be buying the home of their dreams for half price in most of the country..."Pay close attention to Mark's thoughts on essential reading for entrepreneurs and the difficulties associated with starting a business in the US right now. Some key insights packed into a quick interview.
Photo credit: Mark Cuban via Portfolio.com.