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Billionaire Mark Cuban called 'out of touch' after trying to share 'relatable' financial tip

Billionaire Mark Cuban called 'out of touch' after trying to share 'relatable' financial tip

Mark Cuban has urged people to ditch their coffee treats in a bid to save cash - but a TikToker has since labeled him as 'out of touch'

Billionaire Mark Cuban has shared some advice on how to save cash, and it hasn't gone down well with some people.

Cuban is believed to have a net-worth of around $5.2 billion and is best known for being one of investors on Shark Tank, as well as owning the NBA team the Dallas Mavericks.

With his huge wealth in mind, Cuban, 65, often takes to TikTok to share bits of financial advice with his 984,000 followers in a bid to help them potentially become rich too.

One of his videos shared late last month has gone down like a led balloon with some people, however, after he urged people to ditch their weekly lattes to save money.

The clip has generated a whopping two million views and almost 5,000 comments - many of which criticise the businessman for his so-called expertise.

He says: "Here's your tip of the day and, actually it's a word of the day, and that word is cash.

"There are only two ways to get more cash in your financial life and, number one: you don't need that extra latte, that extra streaming subscription or [to go] to that fancy dinner, you want to put that money into a market account earning five - maybe more - per cent and watch that sucker grow."

Cuban promises that by doing so, you'll 'feel a whole lot better than that extra latte that you had that day'.

Meanwhile, the second part of his advice is that 'you have to be good at something'.

Billionaire Mark Cuban's cash saving tip hasn't gone down well with some people.
Getty Images

Taking to the comments section, many pointed out that buying coffees or not doesn't really make that much of a difference to their financial situation.

"I make my coffee at home... Im still poor. It's not working," one person wrote.

"Ahh yes, I'm poor because I spent $12 this month," said another.

Another person pointed out: "Half of my income goes to rent but a latte is definitely my issue," while a fourth went on: "This video just proves how out of touch these billionaires and millionaires are."

Echoing similar sentiments, TikToker Lindsay, who goes by @socialistlyawkward on the video sharing platform, also hailed Cuban as 'out of touch'.

In a stitch of his now-viral video, Lindsay said: "Oh Marky, you did not have to announce how much of an out of touch billionaire you are.

"You cultivated this persona being like the people's billionaire because of your prescription drug company."

She went on: "I guess when you're that out of touch, it's hard to be aware of it."

TikToker Lindsay noted people could only save $300 a year from ditching a weekly coffee.

Hitting out at his comments about not buying that 'extra latte', Lindsay further fumed: "Okay, so lets say that you get coffee once a week every Friday, [...] it's $6.15 and you get that every Friday to celebrate getting through the week and to get you to that weekend.

"[...] But you decided to forgo that little bit of happiness every week so that at the end of the year you have $295."

Pointing out how little that is in the grand scheme of things, she notes that that amount of money could 'maybe buy you Mark Cuban's shirt'.

British TV presenter Kirstie Allsopp got a similar reception last year when she said young people would be able to get onto the property ladder if they ditched their Netflix subscriptions and gym memberships.

If only it were that easy!

Featured Image Credit: Anna Webber/Getty Images for Twitter / TikTok/@socialistlyawkward

Topics: Money, US News, TikTok, Viral