Mark Cuban's 5 Frugal Habits
Before Mark Cuban was a billionaire with an estimated net worth of about $6 billion, he was a penny pincher. The "Shark Tank" investor still embraces frugal habits to save money, like driving inexpensive cars and utilizing grocery shopping hacks. And while these habits are now by design, not necessity, it doesn't mean you shouldn't take note when trying to build your own wealth.
If you are hoping to finally start bulking up your savings account and setting yourself up for the long term, then maybe some money-saving tips couldn't hurt. Here's a look back at five of Cuban's most memorable frugal habits and how they helped him grow his wealth.
1. Owning Cheap Cars
Up until age 25, Cuban owned and drove cheap cars. And we're talking dirt-cheap vehicles. He has said that none of these cars cost more than $200. One of them, a 1977 Fiat X1/9, even had a hole in the floorboard according to his blog.
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Cuban's decision to drive inexpensive cars was made to save money so he could focus on being able to retire. Early in his career, he read "Cashing in on the American Dream: How to Retire at 35" by Paul Terhorst. The premise said you could retire if you found ways to live on just $50 a day and if you were disciplined in how you spent and saved your money.
2. Having Roommates
Early in his career, one of Cuban's key frugality moves was living like a student. When he was 24, he lived in a three-bedroom apartment in Dallas with five other roommates.
"I didn't have my own bedroom," he said in a blog post. "I slept on the couch or floor, depending on what time I got home." Talk about a way to save on utility bills.
He didn't have a closet in this apartment either. Rather, there was "a pile" of items that his roommates knew were Cuban's. Today, Cuban still credits living like a student for allowing him to become rich. He says it kept him from living beyond his means or going into massive credit card debt.
3. Grocery Shopping at Midnight
In an episode of Bill Maher's podcast, "Club Random," Cuban said he would go grocery shopping at midnight when he was in his twenties. Why midnight? According to Cuban, this was the best time to find deals on food at the time. Some of his shopping scores included cheaper chicken prices and $1.29 bags of French fries.
Additionally, rather than shopping online marketplaces or impulse buying things at checkout when he was hungry, he kept to a strict food shopping regimen.
4. Doing His Own Chores
While the stereotypical image of a billionaire evokes thoughts of butlers and a staff of dozens on one's property, this doesn't apply to Cuban. Cuban said he doesn't have a butler, even though he could afford to pay several full-time.
Instead of spending money hiring people to do chores for him, Cuban does his own laundry, describing the process as taking only "two seconds." Even Cuban's children do their own laundry.
5. Buying Everyday Essentials on Sale and in Bulk
To this day, Cuban said he buys consumables in bulk whenever they're on sale. It's a shopping tip he recommends everyone do, especially if you can stock up on a few years' worth of regular supplies, like toothpaste and shampoo (maybe not so much on perishable items as you want to avoid food waste).
According to Cuban, the prices for these consumables will eventually go up. Buying them while they're on sale and in bulk means receiving an immediate return on your money.
Caitlyn Moorhead contributed to the reporting for this article.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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