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You may know Mark Cuban as the successful owner of the Dallas Mavericks or as a regular investor on Shark Tank. But what you may not know is that Cuban is down-to-earth and practical when it comes to his money.
He believes in smart investing, not overpaying for everyday items, and not trying to keep up with your rich relatives or neighbors. If you're looking to stretch your dollars further in retirement, here are eight tips from Cuban to curb spending and improve your financial future.
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Overpaying for everyday items
With inflation rising again, consumers are beginning to feel the pinch at the grocery store. One way Cuban saves money is by buying replenishables like his toothpaste or soup in bulk. It's often cheaper when purchased in larger quantities, so don't be afraid to throw an extra pack in the cart the next time you're at Costco.
If you're stocked up on toothpaste, another item to buy in bulk is toilet paper. You may be restricted by quantity limits, but even one extra package could put you ahead the next time there's a shortage or a disruption in the supply chain.
Carrying high-interest credit card debt
Nothing keeps your debt growing faster than high-interest credit card debt, says Cuban. "If you use your credit cards, you don't want to be rich," he once said on The Dave Ramsey Show.
If you're making minimum payments on credit cards with high interest rates and balances, you could be losing out on hundreds of dollars yearly to use for funding your retirement.
A simple solution to combat high interest rates is to roll those balances onto a best credit card with a 0% intro APR. However, one thing to consider is that some low-APR cards may charge fees of up to 5% of the transferred balance.
Paying for subscription services (especially unused)
It's easy to overspend on subscription services that can add up to thousands of dollars a year on things like beauty boxes, meal kits, and pet toy boxes. Many of these products highlight their so-called value, but in some cases, they go unused, which is money down the drain.
Cuban has suggested a "living as a college student" mindset to curb unnecessary spending, spend less than you earn, and help pave the way to a more secure retirement. This is a simple way to cut unnecessary expenses from your budget.
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Saving without investing
Another mantra Cuban encourages is to get more out of your money. Instead of parking savings in a traditional savings account that earns hardly any interest, he has championed moving those funds somewhere that typically earns faster and outpaces inflation, like index funds or real estate. This approach can help your money grow more efficiently over time and better support your long-term financial goals.
Trying to keep up with your rich neighbors
Being a billionaire has its perks, but Cuban says not to waste your money trying to keep up with your rich neighbors or friends. Wasting money on expensive cars and exotic vacations to impress someone doesn't do anything more than put you further into debt.
"I didn't have a car that cost more than $200 until I was 25, I think," he once said in an interview. "It was crazy. But that was my decision. I was determined to save money."
Taking on new student debt
If you're thinking about going back to school, Cuban advises looking at lower-priced institutions that offer the same programs as more elite schools. "Go to a cheap school," he has said. After all, a Master's Degree can range from $30,000 to $120,000 for top schools. His own college decision was guided by which had the cheapest tuition.
One of the best ways to cut costs may be to look at online opportunities to further your education. You'll still likely pay a lot to attend, but you'll save money by not having to commute to class every day.
Paying for things you can do yourself
As rich as Mark Cuban is, he still likes to do certain things by himself, like driving. Now, most of us will never be wealthy enough to have our own chauffeur, but there are other opportunities to save money on things you can do for yourself.
While home renovations and kitchen remodels might not be in your wheelhouse, simple DIY tasks like mowing your lawn, hanging a picture, or changing the filters in your HVAC units may be manageable on your own. Tackling these small jobs could save you hundreds of dollars, especially since the average hourly rate for a handyman ranges from $60-$75 per hour.
Impulse spending
To help curb impulse purchases, Cuban follows the 24-48-hour rule for non-essential items. This can help you decide what's really a necessary purchase.
What he means is if you want to upgrade to the latest iPhone or another high-ticket item, wait at least a day or two before making the purchase. If the urge has faded after that time, then you'll know it was an impulse buy.
Bottom line
Mark Cuban is a billionaire, but he still makes everyday small-money decisions that help his bottom line. With these tips, you can avoid wasting money, invest smartly, and keep looking toward the future. Those consistent, disciplined habits add up over time and create meaningful financial momentum.
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