Mark Cuban says he drove $200 cars with holes in the bottom and lived on macaroni and cheese because he wanted to retire early
Before he became a billionaire and a guest star on ABC’s “Shark Tank,” Mark Cuban’s lifestyle was anything but glamorous. As the former owner of the Dallas Mavericks, you might not think of him as a frugal person — the way Warren Buffett is known for being cautious about spending money. But as it turns out, Cuban was also pretty good at making every penny count.
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In an interview with Money.comCuban talked about his surprisingly frugal habits from back then and offered some insight into how to build wealth from scratch. “I don’t think I had a car that cost more than $200 until I was 25,” 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 floor pan and a 1966 Buick LeSabre – were anything but glamorous. During the interview, fellow entrepreneur Sara Blakely joked that these cars were hardly “chick magnets.”
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But here’s the catch: Cuban’s decision to drive these beat-up cars was more than just saving a few bucks. It was part of a larger plan inspired by the book “Cashing in on the American dream: How to Retire at 35” by Paul Terhorst. The book puts forward a radical idea: Save $1 million, keep your expenses low like a college student, and you could retire early.
“I believed in that book. It was a huge motivator for me,” Cuban explained. “I had things like five roommates and lived on macaroni and cheese, and I was very, very frugal.”
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This isn’t just one of those “millionaire advice to drink fewer lattes” stories. Cuban’s goal was never just to accumulate money. He strove for the freedom to live his life the way he wanted. “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 said.
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, stressing the importance of living within your means and avoiding debt. “I learned very quickly that debt is not my friend,” Cuban noted.
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He also emphasized the benefits of saving and investing wisely. “If you put some money in a low-cost mutual fund like an SPX fund and live as inexpensively as possible, it will pay off,” Cuban advised.
Cuban believes individuals can start building their wealth by investing in the market. “You can start making good things happen,” he said, adding that while it’s not always easy, especially for those with families, the key is having the discipline to save. “If you can have that discipline, you can save,” he concluded.
Mark Cuban’s story shows that financial discipline and planning are key. While you don’t have to live on macaroni and cheese or drive a junk car, building a solid financial future can require sacrifice. If you’re serious about 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 $200 cars with holes in the bottom and lived on macaroni and cheese because he wanted to retire early” originally appeared on Benzinga.com
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