Mark Cuban says he’s just as happy today without 99% of his estimated $4.6 billion fortune.
In an interview with CBS’ “Sunday Morning” on Sunday, the 64-year-old owner of the NBA’s Dallas Mavericks affirmed he doesn’t need billions of dollars. When asked if he would be happy with “one percent of his worth,” Cuban replied, “Yes. If you have the same family and everything, sure.”
1% of $4.6 billion — Forbes’ current estimate of Cuban net worth — is still $46 million, far more than many will see in their lifetime. The average American thinks they need about $1.7 million to retire comfortably, according to financial services firm Charles Schwab.
In fact, Cuban once prepared to retire with $2 million in the bank. He was 32 years old after selling his first company, MicroSolutions.
“After taxes, we made a profit of about $2 million,” Cuba said Sunday, referring to the sale. [I said] i’m not going to work I’m going to party like a rock star in as many countries as possible. ”
Why he didn’t eventually retire: He was “too competitive,” he said on last year’s “Re:Thinking” podcast.
The inability to sit still inspired Cuban and his friend Todd Wagner to start the online streaming company Broadcast.com in 1995.
A tech billionaire, he says he has worked hard not to let his vast wealth change his character.
“If you talk to friends who are friends of mine then and still are, they’ll tell you: I have stuff. But I hope I haven’t changed all that much.
Later in the interview, the network asked a group of four friends who grew up with Cubans near Pittsburgh.
“It’s a little full, but not too full,” said Jerry Katz, one of those friends.
According to Cuban, the best way to keep wealth from changing you is to simply appreciate the increased security and peace of mind.
In 2020, he said on “The HoopsHype Podcast,” “I don’t appreciate it, I try not to screw it up for me or my kids.
We also need to understand how luck and random factors can contribute to success, Cuban said Sunday.
“Life is half random. Half you have some control over it, but half it’s real,” he said. “If I had been born five years earlier instead of in the early days of the Internet, you might not know my name. And I never took it for granted, all that discomfort. I’m just going to enjoy the moment.”
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