With an estimated net worth of $5.7 billion, Shark Tank star and entrepreneur Mark Cuban doesn’t have to worry about where he’ll spend his money. But that wasn’t always the case.
In a recent interview with Money.com, Cuban described a number of frugal habits he had in his youth. According to him, they were part of his goal to retire early.
Cuban shared that he drove beat-down cars that didn’t cost more than $200 until he was 25. One of those vehicles was a Fiat that had a hole in its floor.
“It was crazy. But that was my decision. I was determined to save money,” Cuban shared.
According to Cuban, the major source of inspiration for these kinds of decisions was Paul Terhorst’s book Cashing in on the American Dream: How to Retire at 35. The book proposes a five-year plan that should, in theory, allow people to accumulate enough money and retire at a young age.
“I believed heavily in that book. It was a big motivator for me. I did things like having five roommates and living off macaroni and cheese, and I was very, very frugal,” Cuban explains.
Cuban didn’t follow up on his intentions, but things worked out well for him regardless. He amassed great wealth and can retire anytime he wants, although that doesn’t seem to be his primary motivation anymore.