Before he was a billionaire and a standout on ABC’s “Shark Tank,” Mark Cuban’s way of getting around was anything but glamorous. Known as the former owner of the Dallas Mavericks, you might not peg him for a frugal guy – like how Warren Buffett is famously cautious with his spending. But it turns out, Cuban was pretty good at pinching pennies too.
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In an interview with Money.com, Cuban opened up about his surprisingly frugal habits back in the day and shared some insights on building wealth from scratch. “I didn’t have a car that cost more than $200 until I was 25, I think,” he said. “It was crazy. But that was my decision. I was determined to save money.”
His choice of cars – a Fiat X1/9 with a hole in the floorboard and a 1966 Buick LeSabre – were far from glamorous. During the interview, fellow entrepreneur Sara Blakely joked that these rides were hardly “chick magnets.”
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But here’s the twist: Cuban’s decision to drive these beat-up cars was more than just about saving a few bucks. It was part of a bigger plan, inspired by the book “Cashing in on the American dream: How to Retire at 35” by Paul Terhorst. The book pitches a radical idea: save up $1 million, keep your expenses low like a student, and you could retire early.
“I believed heavily in that book. It was a big motivator for me,” Cuban explained. “I did things like having five roommates and living off macaroni and cheese, and I was very, very frugal.”
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This isn’t just another one of those “millionaire tells you to cut back on the lattes” stories. Cuban’s goal was never just about stacking cash. He was chasing the freedom to live on his terms. “I wanted enough money to travel, have fun, and party like a rock star but still live like a student. That was my motivation,” he shared.
Cuban explains, “I was determined to be able to retire.” Even at a young age, retirement was the goal.
He also shared his thoughts on managing finances, emphasizing the importance of living within one’s means and avoiding debt. “I learned very quickly that debt was not my friend,” Cuban noted.
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He also stressed the benefits of saving money and investing wisely. “Putting some into a low-cost mutual fund – like an SPX fund – and living as inexpensively as you possibly can will pay off dividends,” Cuban advised.
Cuban believes that individuals can begin to build their net worth by investing in the market. “You can start to make good things happen,” he said, adding that while it’s not always easy, especially for those with families, the key lies in finding the discipline to save. “If you can find that discipline, then you can save,” he concluded.
Mark Cuban’s story shows that financial discipline and planning are key. While you don’t have to live off macaroni and cheese or drive a clunker, building a solid financial future might require sacrifices. If you’re serious about achieving financial freedom, a financial advisor can help you create a plan that fits your goals.
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This article Mark Cuban Says He Drove Cars That Cost $200 With Holes In The Floorboard And Lived Off Mac And Cheese Because He Wanted To Retire Early originally appeared on Benzinga.com
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Source: finance.yahoo.com