Whether you’re a high earner, successful entrepreneur, or just someone who’s already built up a nice nest egg, the question isn’t just how to make money. It’s how to keep it, grow it and make smart choices along the way.
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Mark Cuban, billionaire investor and “Shark Tank” star, has shared tons of financial insights over the years. And while he didn’t come from money, his advice today holds major value for those who do already have a good amount of wealth.
Here are three of his top tips that can help you protect your money and keep building more of it without taking unnecessary risks.
1. Protect Your Gains via Conservative Investing and Risk Management
Even after making serious money, Cuban has emphasized safeguarding what he has rather than going all-in on high risk. When Cuban sold MicroSolutions (his first company) for about $6 million, after taxes he kept ~$2 million and instead of splurging aggressively, he instructed his broker to invest that money as if he were 60 years old. The idea was to take a much more conservative portfolio approach to ensure long??’term preservation.
Later, when Broadcast.com was sold to Yahoo, he used a “collar” strategy to protect the value of the stock. That way, if the price dropped (which it eventually did), he wouldn’t lose his fortune.
The lesson from Cuban here is that once you’ve got serious money, the name of the game is preservation. You don’t need to chase every opportunity. Cuban’s approach shows that managing risk and keeping your money safe can be just as powerful as hitting big investment wins.
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2. Don’t Let Your Lifestyle Outpace Your Net Worth
Here’s something refreshing: Even after becoming a millionaire, Cuban didn’t start living like one right away. Cuban has repeatedly said that maintaining a modest lifestyle relative to what one can afford is crucial. He says he “lived like a student,” drove a modest car and didn’t buy a flashy house.
And when it comes to his kids? He’s big on keeping them grounded. He doesn’t believe in letting wealth create entitlement. Instead, he encourages smart spending and intentional living, according to AInvest.
As your income or net worth grows, it’s tempting to inflate your lifestyle (bigger homes, more luxury, more visible consumables). But if you keep spending growth slower than wealth growth, the surplus can be invested, preserved and passed on. Controlling expenses gives more flexibility and less dependency on performance of portfolios.
3. Invest in What You Know (and Sit Out What You Don’t)
Cuban is a big believer in learning constantly. He reads, studies industries he’s interested in and only invests in businesses or ideas he understands well. If he doesn’t understand it? He passes.
He’s said before that he’d rather sit on cash than invest in something he can’t explain or doesn’t feel confident about. And when he does invest, he’s focused. No scattershot strategy here.
If you’ve got extra money to invest, don’t throw it into something just because it’s trendy. Take the time to understand where your money is going. If you need to, wait until you find the right opportunity.
The Bottom Line
Mark Cuban didn’t just build wealth. He knew how to keep it and grow it. His biggest tips were: Keep things simple, protect what you’ve earned, live smart, only invest in what you understand.
If you’re already doing well financially, these reminders can help you stay on track and avoid costly mistakes. Because sometimes, the best financial move isn’t the flashiest one. It’s the one that keeps you moving forward steadily.
Try applying just one of these strategies this month. Whether it’s taking a closer look at your portfolio, dialing back unnecessary spending, or finally digging into that investment idea you’ve been curious about. Intentional steps like these can help you stay rich, not just get there.
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This article originally appeared on GOBankingRates.com: 3 Mark Cuban Tips That Could Help the Upper Class Become Richer
