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Billionaires are like you and me! (ok maybe not)

Mark Cuban has done a good job of being the everyman billionaire – yeah he has a billion dollars but he is relatable and still remembers what it was like to not have a billion dollars. He does a video with Vanity Fair sharing his rules for getting rich here.

Mark Cuban shared his 9 rules to getting rich. Why I agree with six of them, disagree with two, and love one. [My Money Wizard] – My Money Wizard watches that vidoe and shares his thoughts on them. Personally, I think there was something to like about each of those rules though I think it’s better to think of them as guidelines to being principled with your money, but not necessarily how to get “rich.”

I would’ve preferred he go into how to find business ideas and start a business but I get how that might not get as many views. 🙂

This next one is tough because it’s about money but it’s not really about money.

When Rich Feels Like A Dirty Word [One Frugal Girl] – “As we were talking her dad walked into the kitchen. “Oh,” he said, “Little Ms. College Student has come for a visit. I’m surprised to see you here. Aren’t you too good for us now?” I was eighteen at the time and unsure of what to say. His words hung in the air around me. I loved this family like they were my own. My best friend’s mother had acted like a second mother when I was growing up. My best friend was like a sister to me. Suddenly I felt like an unwanted outsider.”

One of the unfortunate lessons in life is that sometimes you outgrow your life situations. You may have grown up in a circumstance but that doesn’t mean it’s where you should stay, physically or emotionally. Sometimes it’s important not to let the small-mindedness of others dictate how you feel. The world is a big place and you want to seek out those who will help you grow, not those who want to hold you back. Rich isn’t a dirty word unless you let it become one.

I once bet $1,000 on a single hand of blackjack. This was online and back in college when I did casino promotions. My actual deposit was $50 or $100 but before I made that bet, that $1,000 was 100% mine and I could’ve cashed it out. I lost the hand. I felt physically ill.

My man Bill Hwang lost $20 BILLION. Banks who lent him money lost billions. Unreal.

Bill Hwang Had $20 Billion, Then Lost It All in Two Days [Bloomberg] – “Starting in 2013, he parlayed more than $200 million left over from his shuttered hedge fund into a mind-boggling fortune by betting on stocks. Had he folded his hand in early March and cashed in, Hwang, 57, would have stood out among the world’s billionaires. There are richer men and women, of course, but their money is mostly tied up in businesses, real estate, complex investments, sports teams, and artwork. Hwang’s $20 billion net worth was almost as liquid as a government stimulus check. And then, in two short days, it was gone.”

My takeaway from that is that the system worked as intended. Hwang did nothing improper, banks lent him too much, and a couple got burned along with him.

Have a great weekend!