Mark Cuban shares his strategy for protecting wealth after becoming a millionaire, emphasizing low-risk investments and a frugal lifestyle. He recounts prioritizing long-term financial security by investing like a 60-year-old while enjoying a student-like lifestyle with limited expenses on possessions and indulgences.
How Mark Cuban protected his wealth after becoming a millionaire: I invested ‘like a 60-year-old' and lived like a studentfor $6 million in 1990, Cuban — who took home roughly $2 million, after taxes — quickly called a broker, he told social media personality Jules Terpak in"I want you to invest for me like a 60-year-old. I don't want you to invest like I'm young, because I want to live off this for a long time," Cuban, now 66, recalled telling the broker.
"I bought this lifetime pass so I could go to any city, anywhere party like a rock star," said Cuban."I literally would I want to get drunk with as many people as I could."Cuban's strategy of prioritizing low-risk investment strategies essentially became a non-factor in 1999, when he sold his second tech company, an audio streaming service called Broadcast.com, for $5.7 billion.
His mindset today is much closer to most experts' investing advice for young people. Younger investors can generally afford to take bigger risks with higher potential gains than older investors, because they have more time tocan help you learn the realities of the stock market, she said last month while speaking at the Fortune Global Forum 2024.
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