The book Mark Cuban says taught him to 'party like a rock star, but still live like a student' helped him reach his first $1 million

There isn't one single path to wealth.

"I think it's possible to have a million dollars in the bank even if you're not an entrepreneur," said billionaire "Shark Tank" investor Mark Cuban in a new interview with MONEY and Spanx founder Sara Blakely. "There are a lot of strategies for people who work their way up the corporate ladder, or even bounce from job to job."

While there isn't a singular job or investment that will guarantee wealth, Cuban says, there is one trait that will definitely help you get there: Discipline.

The Dallas Mavericks owner said the 1988 book "Cashing in on the American Dream: How to Retire at 35" by Paul Terhorst helped him develop discipline around saving and spending money.

"The whole premise of the book was that if you could save up $1 million and live like a student, you could retire. But you would have to have the discipline of saving," he said. In his book, Terhorst advises savers to dramatically reduce housing costs and forgo luxuries like fancy cars and vacations, even if you can technically afford it.

"I believed heavily in that book. It was a big motivator for me," said Cuban, who became a millionaire at age 32 after selling his first company. Less than a decade later, he sold his second company, Broadcast.com, to Yahoo for $5.7 billion. His net worth today is $3.7 billion, according to Bloomberg.

RELATED: Check out some of Mark Cuban's favorite business quotes:

11 PHOTOS
Mark Cuban business quotes
See Gallery
Mark Cuban business quotes

#1: "I still work hard to know my business. I'm continuously looking for ways to improve all my companies, and I'm always selling. Always."

Credit: Getty

#2: "When you've got 10,000 people trying to do the same thing, why would you want to be number 10,001?"

Credit: Getty

#3: "Because if you're prepared and you know what it takes, it's not a risk. You just have to figure out how to get there. There is always a way to get there."

Credit: Getty

#4: "Go out there and get rich. Get so obnoxiously rich that when that tax bill comes, your first thought will be to choke on how big a check you have to write."

Credit: Getty

#5: "​In the past, people used to tell me to shut up a bit. But what I believe is to put out your opinion and let everyone else react. If I'm wrong, I'm wrong."

Credit: Getty

#6: "I've learned that it doesn't matter how many times you failed. You only have to be right once. I tried to sell powdered milk. I was an idiot lots of times, and I learned from them all."

Credit: Getty

#7: "Work like there is someone working 24 hours a day to take it all away from you."

Credit: Getty

#8: "Forget about finding your passion. Instead, focus on finding big problems."

Credit: Getty

#9: "It's not about money or connections -- it's the willingness to outwork and outlearn everyone when it comes to your business. And if it fails, you learn from what happened and do a better job next time."

Credit: Getty

#10: "What I've learned is that if you really want to be successful at something, you'll find that you put the time in. You won't just ask somebody if it's a good idea, you'll go figure out if it's a good idea."

Credit: Getty

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Still, Cuban said he didn't have the goal to be "super rich" when he was younger. Rather, he "wanted enough money to be able to travel, have fun, and party like a rock star, but still live like a student."

Cuban's strategy for saving tons of cash was, at times, extreme, he says. "I did things like having five roommates and living off of macaroni and cheese, and I was very, very frugal. I had the worst possible car — those types of things."

Along with discipline, Cuban says it's also important to be a risk-taker. But there is more than one way to take on risk, he explains.

"Part of the risk is maybe putting money into a low-cost mutual fund," he said. "Or invest in your education — whatever it may be to help you get to the point where you can truly save money."

The self-made billionaire's advice underscores the mission that a get-rich-quick formula or pure luck isn't going to lead to a seven figure net worth and early retirement. Rather, it's about living well below your means, and saving as much money as you can as early as you can.

Read the full story on MONEY »

NOW WATCH: 'Shark Tank' star Barbara Corcoran shares her keys to making a good first impression

More from Business Insider:
A former Microsoft and Yahoo exec explains why she still practices a money habit she started with her husband 26 years ago
People can't stop talking about how a big moment in 'Game of Thrones' history was ruined by a mansplaining character
Why a month's free rent isn't such a good deal

DON'T MISS: 'There's no such thing as failure': Mark Cuban offers his best advice for new grads

SEE ALSO: The key to retiring a millionaire may depend on maintaining a habit that is easier said than done

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.