Almost 4 a long time ago, a 25-year-old Mark Cuban had a goal: He desired to retire inside 10 years.
But to today, the 64-year-old billionaire remains to be working as an investor and entrepreneur. From owning the NBA’s Dallas Mavericks to starring on ABC’s “Shark Tank,” Cuban says he’s removed from able to reduce.
On a recent episode of the “Re:Considering” podcast with Adam Grant, Cuban said there is a reason he hasn’t retired.
“I’m too competitive,” Cuban said, adding that this mindset it exactly what’s propelled him to an extended and successful profession.
“After I was 25 and had my first company, I desired to get wealthy,” Cuban said. “I desired to retire by the point I used to be 35, and in order that drove the selections that I made.”
But after selling his first company, MicroSolutions, in 1990, Cuban realized something: Starting, selling and investing in firms felt like a sport — and one he knew he could keep winning at for years to come back.
“Every entrepreneur [in] the back of their mind says, ‘I would like to be that entrepreneur that disrupts an industry and changes it,'” Cuban explained. “What’s higher than that?”
In other words, Cuban may not need extra money, but he still gets a thrill from backing promising investments. If he does earn money on an investment now, he said on the podcast, “I’ll just reinvest it.”
At 64, Cuban is about three years shy of having the ability to claim his Social Security retirement advantages — and he’s significantly wealthier than the common retired American in his age bracket. In July, investment firm Vanguard found Americans between the ages 55 and 64 typically have almost $90,000 saved for retirement. While Cuban hasn’t disclosed how much is in his 401(k) plan, Forbes estimates his net price is $4.6 billion.
And a few experts say retiring early is overrated, anyway. Nearly two-thirds of individuals from ages 57 to 66 retire early, despite the fact that the common wealth for that age bracket is $144,000. That is lower than three years of median household spending, Laurence J. Kotlikoff, a Harvard economist, wrote for CNBC Make It in February. The result’s early retirees often find yourself with less money saved and a decrease in overall life achievement, in response to Kotlikoff.
However it doesn’t seem like Cuban might be retiring anytime soon.
In January, he launched Cost Plus Drugs, a prescription company that gives generic medications at a less expensive price than typical pharmacies. And while his competitive spirit drove him to start out the business, Cuban said he’s more focused on the corporate’s mission than making a profit — and that is one reason why Cost Plus Drugs is in a position to offer medications at inexpensive prices.
“If I’m 25 and I’m doing this again, I’m probably [thinking], ‘Okay, what can I do to get acquired?'” he said. “But now…the marginal value of my next dollar is [minimal]. It isn’t going to alter my life quite a bit. So my decision-making process is totally different.”
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