Mark Cuban: No stock boy

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Mark Cuban might be a professional risk-taker, but this well-known entrepreneur has a surprising recommendation for investors: “The best investment advice I can give anyone is to spend no time on the stock market.”

So what should you do with extra cash? “Pay off your credit cards and any debt you have. Put the rest in the bank,” says the co-host of ABC’s “Shark Tank.”

“Putting it in the stock market is not ‘saving,’ it’s risking,” he says. “If people put as much time into where to get the best deals on the things they need for their households as they do in trying to win at stocks, they would have more in the bank,” Cuban says. “If you spend $5,000 a year on essential items and can figure out how to save 10 percent, that’s 500 bucks you can put in the bank. That 10 percent or more will be a far greater return than you will ever get on an ongoing basis in the market.”

Although about one-third of his portfolio remains in stocks, Cuban says he believes that your best bet is cash, which is where he’s parked about 40 percent of his money. (The other 30 percent is in publicly traded limited partnerships.) The reason? “I like the security and opportunity cash provides,” Cuban says. Holding cash, he points out, lets you jump in quickly on opportunities that less-liquid investments won’t.