Personal Finance

Mark Cuban says "Work like there is someone working 24 hours a day to take it all away from you" – Here’s how hustle fuels success

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In a 2011 interview with CNBC, Mark Cuban offered advice for entrepreneurs, side hustles, and employees. He encouraged viewers to “work like there is someone working 24 hours a day to take it all away from you.” 

The quote makes sense for someone who has been on Shark Tank for many years. The world is very competitive, and people want what others have. If someone advances faster than their competition, the laggards risk losing business to the leader. You can learn a lot of valuable lessons from that advice.

Key Points

  • Mark Cuban recommends to act like someone is working 24/7 to take away what you have.

  • This advice can inspire people to work harder and think more carefully about where they put their time.

  • Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don’t waste another minute; get started by clicking here here.(Sponsor)

Even the Giants Can Fall

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Less than a century ago, it was unfathomable for companies like Sears and Kodak to file for bankruptcy and become shells of their former selves. However, both of those scenarios. Tech CEOs worked around the clock on innovations that made Sears and Kodak less valuable. Apple’s (NASDAQ:AAPL) iPhone moved people away from Kodak’s cameras, while Amazon (NASDAQ:AMZN) crushed many retailers, including Sears. 

However, it’s possible that Apple and Amazon will both file for bankruptcy within a century. It seems unfathomable now, but a lack of innovation from these companies combined with other startups innovating and gaining market share can lead to those scenarios. Leadership at Apple and Amazon know this fact, and that’s why they continue to invest and innovate to retain their market share.

Get More Focused

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Knowing someone is going after what you have built can inspire you to work harder on your finances and career. Working as if someone is on your tail doesn’t only require that you work harder. You also have to work smarter to expand your lead on competitors. 

While there are a lot of approaches to “working smarter,” one of the best approaches is to lean on Pareto’s Principle. This principle states that 80% of your results come from 20% of your effort. You can discover the few actions that lead to the most results and double down on them.

Planning for Taxes

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While someone may be working hard to earn the promotion instead of you or attempt to take your customers, there’s a looming bill that catches many people by surprise. Tax season is everyone’s least favorite time of the year, but you have to plan for them.

A big tax bill can lead to financial stress if you haven’t been saving money for this occasion. Allocating a percentage of every paycheck into a high-yield savings account can give you accessible cash that you can use to pay your taxes. Being unprepared for taxes can cause you to fall behind on other financial commitments and make fewer investments. Plan out your deductions in advance so you are ready for the next tax year. 

Learn New Skills

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Reading books about money, watching videos about career skills, and listening to podcasts that feature leaders in your industry can help you develop valuable skills that allow you to set bigger goals. If you are not growing each year, you give competitors the opportunity to catch up and take away some of your business.

While it’s good to learn new things, some skills are more valuable than others. If you’re looking to make more income, learn skills that are tied to a high income. For instance, prospecting is a valuable skill that works for almost any industry, but there are some career-specific skills that you should learn as well.

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