If you’ve been reading Mark Cuban’s blog lately, you’ve likely noticed that he’s been talking alot about the current economic situation and also about how a person should handle his/her money.
Today is no different. In a post entitled “Where to Put your Money Right Now“, Mr. Cuban gives some advice in a manner that only he can.
So in a nutshell, while the interest rate on your credit cards is going up, the return on your investments has been going down. You know what they call someone who keeps on giving money to their stockbroker, mutual fund or 401k, but doesn’t pay off their credit card balance in full every month, BROKE AND STUPID !
The first thing you do with your money is if you have money market funds, you take the money out and pay down your credit card debt.
A little brutal and not even close to politically correct. I love it! I think it’s statements like this that have drawn me to people like Mr. Cuban and Dave Ramsey. They aren’t afraid to tell you when you’ve made a complete buffoon of yourself.
I would strongly encourage you to read the rest of Cuban’s article. It’s a little long, but it is most certainly not short on good advice and sound instruction.