5 Mark Cuban Quotes Every Retiree Should Live By
The billionaire businessman and Shark Tank alum has some advice that may surprise you.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Editor's note: This article is part of an ongoing series featuring the best retirement quotes and wisdom from top financial experts, leaders, and public figures. Other articles feature Warren Buffett and Michael Jordan.
Mark Cuban is known for taking risks. After all, he is a billionaire investor, businessman, and Shark Tank alum. But when it comes to his approach to saving, investing and retirement, he’s quite the contrarian.
Cuban has long espoused the benefits of saving aggressively, investing only in things you understand, and keeping costs down.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Those are just some of the philosophies Cuban lives by, and ones pre-retirees and retirees can benefit from. Read on to learn some more.
5 Mark Cuban Quotes to Live By
1. “The most valuable asset you can ever have is time.”
-Venture Voice Podcast, October 2020
Time is finite. No matter how much money you have, you will ultimately run out of time, which is why Cuban puts so much value on it.
For people nearing retirement, planning how you’ll spend your time should be a top priority. Time comes into play when deciding when you’ll retire and the type of retirement you’ll have.
Will you choose a phased retirement where some of your time is still spent working, or will work end the day you sign off? If the latter, what will you do with your free time?
2. ”Why invest your money in something because a broker told you to? If the broker had a clue, he/she wouldn’t be a broker, they would be on a beach somewhere.”
-Young Money Magazine, April 2004
Cuban is advising that you can’t blindly take the financial advice of someone without understanding what they are saying. Even if it's your trusted financial adviser, don’t be afraid to ask questions before making any financial decisions.
Some financial products designed for retirees can be complex and challenging to understand. Annuities are one example. With an annuity, you receive a guaranteed income; however, it comes with rules, fees, lock-up periods, and penalties associated with it. Additionally, there are various types of annuities, which can make it difficult to choose the right one.
3. “Saving money and putting some into a low-cost mutual fund…and living as inexpensively as you possibly can, will pay off dividends.”
-Money, August 2017
We spend our working years amassing savings for retirement and are told it's ok to be aggressive, after all, we have decades to recoup any losses. But once we get closer to the end goal, preservation is the name of the game.
That doesn’t mean going all cash or getting super conservative (retirement can easily last twenty years or longer), but it does mean you don’t have to chase the latest cryptocurrency or a trending high-growth stock.
It also doesn't mean you can't spend money in retirement. But it does mean you should stick to a budget. If you need help with spending strategies, check out some of our retirement spending rules, including 'Pay Yourself', ‘Me-First’, ‘Retirement Bucket’, and the ‘Permission-to-Spend’ rule.
4. “The greatest rate of return you will earn is on your own personal spending. Being a smart shopper is the first step to getting rich.”
-How to Get Rich Blog, October 2008
What Cuban means in this quote is that the return you get from shopping smart and saving money on your own purchases will typically outperform the returns you get from investing.
If you save $100 shopping, that’s guaranteed to increase your worth by $100. By adopting efficient spending habits, you’ll see a reliable boost to your financial health.
The idea is to use your money intentionally and to get the best price when making purchases, whether a car or an ETF. That’s particularly true for retirees who are on a fixed budget.
5. “I'm just getting started. There's no retirement in my book. I'll go until I drop.”
-CNBC interview, September 2024
Cuban may want to work forever, but that’s not for everyone. The point is, it's his choice, and yours too.
With the right planning and barring unexpected illnesses or layoffs, you can define what retirement looks like. Some people can’t wait to retire and start the next chapter; others don’t ever want to stop doing what they love. Neither is wrong; either way, it's a choice that has to be planned for.
Learning from Cuban
There is no one-size-fits-all retirement plan. Cuban may want to work forever, but you may not. While individual financial goals and timelines for retirement are personal, the underlying principles of sound money management remain universal.
Understanding the value of time, the importance of saving and the power of knowledge are lessons we can all learn.
Related Content
-
Ask the Tax Editor: Federal Income Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions
-
States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
7 Frugal Habits to Keep Even When You're RichSome frugal habits are worth it, no matter what tax bracket you're in.
-
Why Picking a Retirement Age Feels Impossible (and How to Finally Decide)Struggling with picking a date? Experts explain how to get out of your head and retire on your own terms.
-
For the 2% Club, the Guardrails Approach and the 4% Rule Do Not Work: Here's What Works InsteadFor retirees with a pension, traditional withdrawal rules could be too restrictive. You need a tailored income plan that is much more flexible and realistic.
-
Retiring Next Year? Now Is the Time to Start Designing What Your Retirement Will Look LikeThis is when you should be shifting your focus from growing your portfolio to designing an income and tax strategy that aligns your resources with your purpose.
-
I'm a Financial Planner: This Layered Approach for Your Retirement Money Can Help Lower Your StressTo be confident about retirement, consider building a safety net by dividing assets into distinct layers and establishing a regular review process. Here's how.
-
Your Adult Kids Are Doing Fine. Is It Time To Spend Some of Their Inheritance?If your kids are successful, do they need an inheritance? Ask yourself these four questions before passing down another dollar.
-
The 4 Estate Planning Documents Every High-Net-Worth Family Needs (Not Just a Will)The key to successful estate planning for HNW families isn't just drafting these four documents, but ensuring they're current and immediately accessible.
-
Love and Legacy: What Couples Rarely Talk About (But Should)Couples who talk openly about finances, including estate planning, are more likely to head into retirement joyfully. How can you get the conversation going?
-
We're 62 With $1.4 Million. I Want to Sell Our Beach House to Retire Now, But My Wife Wants to Keep It and Work Until 70.I want to sell the $610K vacation home and retire now, but my wife envisions a beach retirement in 8 years. We asked financial advisers to weigh in.
