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Millionaire Rule # 2: Be Fiscally Responsible

responsible 300x188 - Millionaire Rule # 2: Be Fiscally Responsible

 

Being fiscally responsible means living within your means. Instant gratification and over-extending yourself, thinking that you will pay for it later is not the way to go. Justifying spending beyond your means is not going to reduce your desire or eagerness for the next new toy. In fact, you will be digging a bigger hole that you will find difficult to get out of, so get a hold of yourself.

 

No doubt, you have heard of Mark Cuban, entrepreneur regular on ABC’s “Shark Tank” and owner of the Dallas Mavericks, Landmark Theatres, co-owner of 2929 Entertainment, and Chairman of AXS TV. It was not an easy journey. Mark started out selling garbage bags door-to-door and lived off ketchup and mustard sandwiches while attending college.

 

Holding many jobs while attending University of Pittsburgh, Indiana University, and Kelley School of Business, Mark made his first million as an entrepreneur when he started a computer consulting firm. He made his first billion when he started web- broadcasting sports and is now worth of $2.6 billion. Mark was financially responsible and lived within his means, spending less than he made.

 

He didn’t use credit cards and did NOT spend every dime that he made. He followed the rule of “paying yourself first” – at least 10% before he paid the bills. Mark was prepared for the unexpected and knew where his money was going. Continue reading →

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