ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / PERSONAL FINANCE

Billionaire Mark Cuban tried to share a relatable financial tip, gets called out for being 'out of touch'

TikTok creator Lindsay wasn't happy with Cuban asking the working class to cut down on happiness.
PUBLISHED SEP 17, 2024
Screenshot from the TikTok video @socialistlyawkward | Mark Cuban at Vox Media's 2022 Code Conference @Harris/Getty Images
Screenshot from the TikTok video @socialistlyawkward | Mark Cuban at Vox Media's 2022 Code Conference @Harris/Getty Images

Rich gurus on social media love to share advice on how to hustle. If crystallized, most of the advice comes down to working extremely hard and giving up on the smallest of luxuries. This is what billionaire entrepreneur Mark Cuban did in a viral video. But TikTok creator Lindsay (@socialistlyawkwardin) called him out for being grossly "out of touch". 

Mark Cuban at a game between the New York Knicks and the Dallas Mavericks | Getty Images | Photo by Mike Stobe
Mark Cuban at a game between the New York Knicks and the Dallas Mavericks | Getty Images | Photo by Mike Stobe

In his original video, Cuban is facing the camera, showing off his sparkly white teeth. He opens with the word "SAVE!" and goes on to tell people that they don't need the "extra latter", or the "extra subscription. He says people don't even need other small pleasures such as fancy dinners.

Instead, he says everyone should put those funds in a money market account and earn "five maybe more percent" on it. "Watch that sucker grow," he says at the end. However, this advice didn't sit well with the host of City Cast Boise, who ripped it apart.

Screenshots from the video | TikTok | @socialistlyawkward
Screenshots from the video | TikTok | @socialistlyawkward

In a stitch, Lindsay calls out Cuban for being disconnected from reality. Calling him an "out-of-touch billionaire," she suggests that Cuban cultivated this persona of being, the people’s billionaire while making money from his prescription drug company.

"I guess when you’re that out of touch, it’s hard to be aware of it," she says. 

She then rips into the advice shared by the 'Shark' questioning the logic behind it. She shares the example of a person who gets a fancy coffee once a week on Friday, as a reward for making it through the week.

Representative image | Unsplash | Photo by Paul Einerhand
Representative image | Unsplash | Photo by Paul Einerhand

She says that if the person follows Cuban's advice and gives up on the $6.15 fancy coffee,  at best he or she will save $295 by the end of the year.  She then says if they further put it into a money market account, they will earn 5% interest, which still doesn't make it a lot. 

Screenshots from the video | TikTok | @socialistlyawkward
Screenshots from the video | TikTok | @socialistlyawkward

“All of that work, all of that denying yourself. And what do you have to show for it at the end of the year? Maybe you can buy Mark Cuban’s shirt," she says. She further points out that inflation alone would be higher than the interest earned on the money. She then says that even if the person does this for 10 years thinking that Cuban has a pulse on the working class, they will save $4,410 with interest. "A month's rent in 10 years," she says. 

Lindsay goes on to claim that the problem isn't with the habits of the middle or working class. She says that she has seen a lot of people in their 30s and 40s who have been religiously grinding only to get nowhere. "Why is the issue always that the working class and the poor do something that costs $6 that brings them happiness every week, and not the fact that we have billionaires who are like modern-day dragons just hoarding all the wealth?” the creator asks.

She goes on to say that while Mark Cuban has three homes, an American making minimum wage can't even afford the rent of a one-bedroom apartment. Thus, she explains that such advice on continuous grinding doesn't really work because the capitalist system of the country is majorly flawed. 

Screenshots from the video | TikTok | @socialistlyawkward
Screenshots from the video | TikTok | @socialistlyawkward

Viewers largely agreed with Lindsay's observation and called out the flaws of the system and advice of billionaires. "They love to make the poor feel like it’s their fault for living under a capitalist system that’s breaking their backs to make them richer." wrote @entertainme84

Screenshot from the comments | TikTok | @tax.the.churches
Screenshot from the comments | TikTok | @tax.the.churches

"Getting us all obsessed with hustle culture is one of the smartest things the owner class has ever done," added @spicy..carlos. Meanwhile, others pointed out that it isn't as easy as billionaires think. "They forget that even if we saved that money, something in my home breaks and it wipes it clean, and now what? Let’s start over again and again," said @aokinnz

For more such interesting videos, follow Lindsay (@socialistlyawkwardin) on TikTok.

MORE ON MARKET REALIST
The student also began flashing the cash to her closest friends and began drinking expensive whisky with them.
6 hours ago
The TikTok content creator and her friend guessed that the price would be higher than average but still got it wrong.
18 hours ago
Costco has introduced the measures along with the first increase in its membership fees since 2017.
2 days ago
The Maserati driving kid has shared several videos on TikTok showing off her money collections.
Oct 2, 2024
There are several reasons why it only costs $10,000 to open a Chick-fil-A location. Keep reading to learn about all the details.
Sep 29, 2024
Here are three key learnings from the radio host, bestselling author, and personal finance expert's money secrets.
Sep 26, 2024
Buying a car is a major financial investment and that's why you should know how to negotiate a car loan before you go to the dealership.
Sep 23, 2024
If you've invested in rental property, you should consider multiple factors when deciding whether it's the best time to sell.
Sep 22, 2024
The real estate market may have cooled a little, but if you received a text message asking to buy your house, you may want to investigate.
Sep 21, 2024
The man dressed in a cartoon costume during the cheque presentation ceremony to protect his identity.
Sep 20, 2024
You can block fraudsters from using your child’s SSN and other personal information by freezing their credit file.
Sep 20, 2024
An obvious perk of having a home with a driveway is the extra space. If you want to make some extra cash, here's how to rent out your driveway.
Sep 19, 2024
TikTok creator Lindsay wasn't happy with Cuban asking the working class to cut down on happiness.
Sep 17, 2024
The bill with a printing error could multiply in value if it grabs collectors' attention.
Sep 17, 2024
While some celebrities are infamous for being stingy, Derulo is known to be a generous tipper.
Sep 16, 2024
"They say money can't buy happiness, but Maybank knows how to buy frustration," she said.
Sep 14, 2024
While there could be millions of such pairs out there, only nine sets have been found so far.
Sep 14, 2024
Social media users suggest that this habit is a clear giveaway of someone's age.
Sep 13, 2024