You probably imagine a middle class life characterized by homeownership, education and being relatively comfortable financially. However, being part of the American middle class today is becoming more uncommon.
The State of the American Middle Class study, conducted by Pew Research, explained that the American middle class is shrinking and wealth disparity is increasing. Between 1971 and 2023, the share of middle-income households in the U.S. decreased from 61% to 51% while the share of lower and upper income households increased.
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One individual who rocketed past the middle class into the ultra-wealthy class is billionaire entrepreneur, Shark Tank star and part-owner of the Dallas Mavericks, Mark Cuban. He knows more than a thing or two about how to become wealthy. In fact, according to Forbes, Cuban has a current net worth of $5.7 billion.
While you may not become as wealthy as Cuban, here are three of his top three money and life tips to help you reach (or stay in) the shrinking American middle class.
Always Work Hard
In an interview with People, Cuban highlighted that hard work can get you far in life.
“Everybody’s got the will to be successful … but the most important part is the work you do to prepare to be successful,” Cuban explained.
He wants everyone to understand that success is largely the result of hard work, which is what’s necessary to get ahead.
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Learn Continuously
In an interview with Men’s Health, a crucial point Cuban stressed is the importance of continuous learning. He explained that being able to earn is a skill in itself.
“I recognized that learning was truly a skill and that by continuing to learn to this day, I’m able to compete, keep up and get ahead of most people,” Cuban said. “The reality is most people don’t put in the time to keep up and learn, and that’s always given me a competitive advantage.”
Learning helps grow your knowledge, which is another important part of achieving success.
Knowledge Can’t Be Taken Away
On Bluesky, Cuban made another important point. He indicated that learning skills can help you generate revenue, and once you gain knowledge, it can never be taken away.
“Knowledge, once gained, can never be taken away — and can be applied to the rest of your life, for the rest of your life,” Cuban explained.
As they say, knowledge is power. Whether you take online courses to expand your skill set or learn new skills, ongoing learning can set you apart from others.
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This article originally appeared on GOBankingRates.com: 3 Top Tips From Mark Cuban for the Middle Class
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