Mark Cuban: Here's the best way to invest your money right now

Photo by John Lamparski

You hear it all the time: Put your money to work. But how exactly should you be investing your money? Stocks? Bonds? Funds? Bitcoin?

Mark Cuban weighed in on the topic in a recent interview with Hayman Capital Management founder Kyle Bass, MarketWatch reports. If you don't know too much about markets, the best way to invest your money right now is to put it in a cheap S&P 500 SPX fund, the self-made billionaire said.

A Standard & Poor's 500 index fund will hold 500 of the largest U.S. companies in the United States. It offers diversity at a low cost and generally delivers good long-term returns.

Chairman and CEO of Berkshire Hathaway Warren Buffett agrees with Cuban's recommendation.

"Consistently buy an S&P 500 low-cost index fund," the legendary investor told CNBC's On The Money. "I think it's the thing that makes the most sense practically all of the time."

And stay the course, even through periods of no returns or losses, Buffett said: "Keep buying it through thick and thin, and especially through thin."

While the S&P 500 is your best bet, Cuban also told Bass that investing a bit of your savings in digital currencies like bitcoin or ethereum isn't a bad idea.

He brought up cryptocurrency in another recent interview with Vanity Fair, too: "If you're a true adventurer and you really want to throw the Hail Mary, you might take 10 percent [of your savings] and put it in bitcoin or ethereum.

"But if you do that, you've got to pretend you've already lost your money. It's like collecting art, it's like collecting baseball cards, it's like collecting shoes. Something's worth what somebody else will pay for it. It's a flyer, but I'd limit it to 10 percent."

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