Billionaire's B.S.? Millionaire Coach Tears Into 3 Of Mark Cuban's 'Rich Rules'

What happens when a millionaire money coach takes a swing at a billionaire’s financial advice? A compelling dust-up, that’s what.

Steve Adcock, a former IT guy who is now a full-fledged entrepreneur and millionaire money coach, took aim at three of Mark Cuban’s wealth-building rules on Twitter early Tuesday.

Cuban, a regular on CNBC’s Shark Tank and co-founder of CostPlugDrugs.com, ranks as the 349th richest person on the planet.

With an impressive net worth of $6.57 billion, it’s safe to say Cuban knows a thing or two about stacking up the dollars.

But Adcock wasn’t buying all of Cuban’s financial wisdom.

Cuban’s advice for getting rich boils down to nine straightforward rules:

• Live frugally like a student
• Ditch the credit cards
• Squirrel away six months of income
• Stash savings into the S&P 500 SPY
• Dedicate 10% of your savings to high-risk investments
• Buy consumables in bulk and on sale
• Haggle using cash
• Read a lot
• And be a nice person.

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Adcock agreed with six of the rules, but he took Cuban to task over the remaining three. Here’s where Adcock thinks Cuban got it wrong:

Avoiding Credit Cards: Adcock isn’t on board with this one. In his view, credit cards can be a fantastic tool for financial management if used responsibly. To his mind, Cuban’s blanket dismissal of credit cards ignores their potential as a money hack.

Investing Savings in the SPY: Here, Adcock cautions against putting emergency savings at the mercy of a volatile market. The emergency fund, according to him, should be safe, not vulnerable to market downturns.

Allocating 10% to High-Risk Investments: Dallas Mavericks owner Cuban suggests putting up to 10% of your savings into high-risk investments. Adcock calls this advice out as bologna, warning that even celebrated high-risk assets like Bitcoin BTC/USD are still risky bets.

So, what’s the takeaway from Adcock's counterpoints?

While Cuban’s status as a billionaire certainly gives his advice some serious gravitas, Adcock’s points do underscore a critical truth: when it comes to managing your money, there’s no one-size-fits-all approach.

What works for a billionaire might not work for everyone else.

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