There’s no doubt that most people would like to be wealthy. Becoming rich is no easy task and the amount of money you need to be considered rich is going up. According to the Charles Schwab 2024 Modern Wealth Survey, Americans now think it takes an average of $2.5 million to be considered wealthy. This figure is up from $2.2 million in 2022 and 2023.
However, there’s a select group of people who’ve earned much more than that and have become some of the world’s richest people. One of them is Shark Tank star and owner of the Dallas Mavericks, Mark Cuban — and he’s sharing his insight, reported by CNBC.
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Cuban has a real-time net worth of $5.7 billion as of November 18, 2024, according to Forbes. This is an unfathomable sum of money and Cuban has done what most people think of as the impossible. However, making your first $1 million could be well within reach by taking the right actions.
Here are Cuban’s top tips for achieving millionaire status.
Find Something You’re Good At
Spend time discerning where your interests truly lie. Find something you’re good at and figure out how you can capitalize on it. From there, Cuban suggested studying the particular subject intensely. When you’re doing something you’re passionate about, the money should eventually follow.
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Understand How To Sell
Being able to sell a product or service is a valuable skill that could help you earn your first $1 million. However, Cuban explained that selling is about helping people, it isn’t about convincing them to buy something. When you better understand what people need and want, you’re putting yourself in a position to help them. Taking this approach when it comes to selling can help you close deals, which he says is how you create companies.
Be Curious and Always Keep Learning
Maintain a strong commitment to continuously learning. Staying abreast of current industry trends and new technology can give you an edge as an entrepreneur or as an employee. Having strong knowledge in your field can set you apart from the majority, potentially opening you up to new opportunities. As they say, knowledge is power and power can equate to wealth.
Be Smarter Than Everyone Else Around You
Ultimately, you’ll need to become the most expert individual around if you want to make your first $1 million. Being able to differentiate yourself from others through knowledge is key to success. Once you feel like you know everything about your field of interest, it might be the right time to start your own business so you can control your financial destiny.
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This article originally appeared on GOBankingRates.com: Mark Cuban’s Top 4 Tips for Making Your First $1 Million
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