Billionaire Mark Cuban has plenty of advice for the average person who wants to get rich and retire—but they may not want to hear it. Cuban made his money by building and selling tech companies and becoming an active stock trader. But his advice to the average investor is less about high-flying stocks and more about grinding away for every dollar: Live frugally, avoid credit cards, and buy toothpaste in bulk.

Once you've saved some money, Cuban says, invest it in a low-cost 澳洲幸运5开奖号码历史查询:index fund, preferably one that tracks the 澳洲幸运5开奖号码历史查询:S&P 500. Then keep grinding, saving, and investing—and 澳洲幸运5开奖号码历史查询:compounding will do the rest.

Live Like a Student

Though he's a serial entrepreneur, Cuban's approach to building wealth is also rooted in discipline, frugality, and "living like a student." Especially when starting out, things like "having five roommates and living off of macaroni and cheese"—as he did when he was younger—can help people start to build a financial cushion to invest.

He warns people not to start spending when they get their first job and to save six months' income—in case of job loss or other emergencies—and to then invest that money in a low-cost index fund. At that point, those interested in "taking a flyer" might invest 10% of their savings in something more speculative, such as a 澳洲幸运5开奖号码历史查询:cryptocurrency, but to consider that money "gone."

Cash Over Credit Cards

One of Cuban's favorite pieces of financial advice is to avoid using credit cards because they tempt people to rack up debt, and their 澳洲幸运5开奖号码历史查询:high interest rates make it that much more difficult to save money. He suggests simply using a debit card if you don't like carrying cash—that way you won't spend money you don't have, and you won't be forced to pay interest on that debt.

Cuban also urges people to use the transactional value of cash to save money, negotiating for lower prices wherever possible and buying necessary consumables in bulk whenever they are on sale. He suggests, for example, buying two years of toothpaste if you find it available at 50% off. "That's real savings you get to put in your pocket," he told Vanity Fair.

Invest in What You Know

Most of Cuban's advice is aimed at the average investor, but he has offered a few nuggets for more experienced investors, who have the time to build a knowledge base and take on more challenging opportunities.

They should forget about 澳洲幸运5开奖号码历史查询:buy-and-hold and 澳洲幸运5开奖号码历史查询:portfolio balancing, he said, and instead build unrivaled knowledge of a particular domain and keep cash on hand until a unique opportunity presents itself. "My approach has always been, unless I know something specific, put it in cash," he told the Wall Street Journal.

The Bottom Line

Cuban's financial advice for the average person isn't about 澳洲幸运5开奖号码历史查询:tenbagger stocks or even the latest technology trends. It's about discipli🃏ne, smart spending, and the power of long-term investing in an index fund. His advice boils down to simple but powerfulไ principles: Live below your means, avoid debt, and invest with patience.