Before becoming a billionaire, Mark Cuban remembers the struggle in his 20s when it would be difficult to make ends meet. More often than not, Cuban would return to his shared apartment with 5 other guys to find the lights off or cut his credit cards. The entrepreneur worked odd jobs to stay afloat, and at one point, didn't even have $200 to open a bank account.

In an interview with Men's Health, Cuban admitted that he didn't feel financially secure until he sold his first startup, MicroSolutions, for $6 million. That was 20 years ago, and today he stands with a $4.2 billion net worth.

Bloomberg | Cuban travels worldwide giving lectures on financial stability

Coming from a man who has seen the darkest of days, here are a couple of key pieces of advice, some money lessons, and financial wellness options to abide by while going through the rough times.

1. Credit card debt is financial death

For a long time, Cuban has been advising against racking up a huge debt. If you are going to use credit cards, he says, ensure that you pay off the balance on time. When it comes to items that appreciate in value over time, such as a house, it's okay to buy off with your credit card, he told Men's Health. While he learned this lesson the hard way, after drowning under the ocean of debt, he wants younger people to realize that the worst investment you could possibly make is credit card debt.

2. Avoid things you can't afford

Until you consider yourself financially secure, he said, continue living like a student. Spend on only essentials and avoid overspending at all costs. If you keep buying things you can't afford, especially things that you don't get much use out of, you're breaking your bank for no good reason. Remember that the more you put into the bank, the more secure you'll be in case something goes south.

Pexels | Don't max out your card for unnecessary things

3. Invest after saving

Before the pandemic, Cuban would recommend saving up for 6 months' expenses. However, with the economic climate in splinters, you should have at least a years' worth of expenses saved up. Once you have that, you can start investing in low-cost options that appreciate steadily over time, like the S&P500 or a low-cost mutual fund.

4. Learn to negotiate

Negotiating is a power that can help you save big-time. For whatever you buy, try to negotiate the price down, even your bills and rent. For the longest time, he told Men's Health, he survived off of negotiating. In fact, his example was of something as simple as a yoga class that costs $30 a month. If you offer $20, more often than not, you'd get the deal. It never hurts to try.

5. Purchase in bulk

Amazon has amazing deals, says Cuban, which everyone should be taking advantage of. This is smart shopping. When you know you have to spend a certain amount yearly on essentials, try to cut costs down by 20-40% by availing of these bulk deals.

Pexels | Shop essentials in bulk to save cost

Bottom Line

The road to success and financial stability is a long and bumpy one. Your best chance of coming out the other side victorious is following in the footsteps of gurus and experts who have already trodden the path and paved the way.