Retirement Retirement Planning

6 Money Moves Mark Cuban Says Near Retirees Should Always Avoid

Avoiding these financial mistakes could help you retire on time.

By Catherine Collins , Edited by Laura Hohenstein

Updated Oct. 14, 2026

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Saving for retirement involves more than adding money to your work-sponsored retirement plan each year. It also means sticking to a budget, managing your spending, diversifying your income streams, and avoiding financial mistakes.

Mark Cuban, the billionaire entrepreneur best known for his role on the hit TV show Shark Tank, regularly shares financial tips, especially for retirees. Here are six of his top money tips for people planning to retire soon.

Retiring without a six-month emergency fund

Cuban says that people should have a six-month emergency fund, even before investing in the market. This is especially true if you're nearing retirement age, since you'll soon be switching from a salaried income to a fixed income. Without an emergency fund, you risk going into credit card debt if something unexpected pops up, like a big home repair or an ER visit. Having cash set aside also prevents you from withdrawing from your 401(k) if market conditions make it a bad idea.

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Heading into retirement with credit-card debt

Cuban says credit card interest rates are so high that paying them off is one of the best returns on investment you can get. For example, if your current credit card interest rate is 20%, paying it off means you get an instant 20% return on your money.

As you head into retirement, credit card debt makes it harder to get ahead financially. That's because credit card debt can compound over time because of high interest rates, which can negatively affect your cash flow in retirement.

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Paying a lot of money in investment management fees

Cuban recommends investing in index funds, not individual stocks or managed funds. He tells people to be wary of expensive investments that may be hard to understand. When investments charge a 1% management fee, that can cut into your returns. For those nearing retirement and wanting to maximize returns, paying for expensive managed funds may not be the best move, depending on your situation and comfort level with investing.

Treating yourself to lifestyle updates that you might not be able to afford

Cuban often talks about how he has kept many of his more frugal habits from his younger days. In fact, he credits his frugal nature and sleeping on his friend's couch to being able to take advantage of many business opportunities. Because of that, he advises people to live like students as long as they can. Even now, Cuban talks about the benefits of buying in bulk, and he is not interested in high-end items like expensive watches or chauffeurs.

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Investing in a company because someone else recommended it

As mentioned, Cuban encourages people to invest in low-cost, diversified index funds. He strongly advocates for simple, straightforward investing because he doesn't want people investing in something they don't understand. He advises people who come into a lot of money to avoid investing in companies like restaurants, clothing companies, liquor companies, or the music industry.

This advice may be especially important for those who are a few years away from retirement, when experts recommend becoming more conservative with investments, not aggressive.

Neglecting to track your spending

Part of what Cuban preaches is financial discipline. If you inflate your lifestyle and aren't sure where your money is going, it's easy to overspend during retirement. That can be especially challenging as healthcare expenses rise with age. Fidelity data recently showed that people 65 and older can expect to spend $185,500 on healthcare expenses during retirement. Because of that, having discipline and good financial habits, especially when you first retire, can help preserve your nest egg for decades.

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Where retirees can get financial advice

When you're close to retirement, you have less time to recover from financial mistakes. If you're unsure whether you're on track to retire or don't know what to do next, consult a financial planner. Cuban encourages people to ask financial planners as many questions as they need to. After all, it's their job to help you understand your finances and work with you to make the best financial choices for your future.

A financial planner can review your expenses, your debt, and retirement accounts and take the time to understand your goals. Then, they can help you create a plan to retire successfully.

Bottom line

If you feel like you've made some of the financial mistakes above, you're not alone. Cuban regularly shares tips because many people have credit card debt or feel behind on their retirement savings. Cuban's tips are straightforward for the average person because he values discipline and simplicity. He also encourages people to protect what they've built by avoiding chasing quick returns and instead taking the time to be a disciplined saver, spender, and investor.

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