Who Is Mark Cuban? (For those who don’t know him yet)
Mark Cuban is a serial entrepreneur and the owner of the famous professional basketball team, Dallas Mavericks. He made his fortune through the sale of his own startups MicroSolutions and Broadcast.com in the 1990s.
Mark is also famous because of the famous American TV show, Shark Tank on ABC. He is a passionate reader, like his fellow billionaires Bill Gates and Warren Buffett. In fact, Cuban said his curiosity and constant learning were the keys to his success in business. Yesterday, while I was watching Shark Tank there was one piece of advice that hit me the most. Mark said,
“Knowledge is the best competitive advantage”
He couldn’t be more right as our world has been flooded by ignorance all over the place that being extremely knowledgable has become a superpower.
That one book that changed everything
Cuban has read hundreds of books in his entire career, but he said that there’s only one book in particular that stands out for helping him stay focused on his money goals early in his career in his 30s.
“Capturing the American Dream: How to Retire at 35.”
It’s Paul Terhorst’s 1988 book, an accountant turned author, details how he was able to retire at the age of 35. The book’s premise is that
“If you could save up to a million dollars and live like a student, you could retire.”
After reading this book, Mark Cuban was determined to save every penny he could in every chance he gets.
He said that,
“For me, my goal was to retire because I wanted my time for myself,”
To save money and help achieve his goal, Mark said in the late 1980s and 1990s he lived on a mac and cheese type of diet and drove,
“the worst possible car.”
After starting his MicroSolutions business in 1983, Cuban also said,
“I spent seven long years without a vacation,”
Mark Cuban is now a billionaire and known to many as the driven and relentless businessman/entrepreneur/sports addict. Although Cuban’s original goal may have been to retire early, even after he became rich, he never stopped working.
In 1990, Cuban sold MicroSolutions to CompuServe for $ 6 million, sold Broadcast.com to Yahoo in 1999 for $ 5.7 billion in stock, and in 2000 Cuban became the majority shareholder of the NBA’s Dallas Mavericks.
Today, Cuban’s estimated value is over $ 4 billion and as I mentioned before, he is a star of ABC’s “Shark Tank”, investing in a wide range of industries from robotics to solar panels to healthy cookies.
What are you working on today to achieve your money goals in your 30s, 40s, and 50s? How are you doing it? Let me know in the comments section! 😊
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