Mark Cuban Does His Own Chores To Save Money — Here’s Why
If you envision a billionaire’s life being filled with yachts, personal butlers and endless luxury, you might be surprised by Mark Cuban’s daily routine. Even though the “Shark Tank” star, minority owner of the Dallas Mavericks, serial entrepreneur and investor has a net worth of $5.7 billion, he chooses to live a life that starkly contrasts with what people typically imagine for someone with extreme riches.
Though doing your own chores doesn’t necessarily mean sainthood is in your future, it can be refreshing to see even the uber-wealthy live within the same reality as average Americans. Here’s more about why Mark Cuban does his own chores and what he truly values — plus, find out what the billionaire spends his money on instead of hiring staff.
Discover More: Suze Orman's 6 Saving Strategies for Breaking the Paycheck-to-Paycheck Cycle
For You: 5 Signs You’re Losing Money Every Month — and How To Find the Leaks
Quick Take: Why Does Mark Cuban Do His Own Chores?
Even though being a billionaire might seem like the perfect excuse to avoid menial tasks, Cuban and his family usually manage their own household chores, including washing clothes and cooking meals. He chooses not to hire a staff to do everything for him, because, as he said in an interview on “The Really Good Podcast,” he won’t have the privacy he desires.
“I’ve been around people who hire somebody to do everything for them,” he said, “and that’s just, like, no privacy.”
What Mark Cuban Really Values
Cuban values his privacy, but more importantly he values his friendships that aren’t based on wealth.
Most of Cuban’s friends are from his early days in Dallas or school in Indiana. He didn’t feel the need to change his social circle after becoming extremely wealthy. Instead, he enjoys spending time with old friends reminiscing and doing the same activities they always have done.
Cuban knows that his massive amount of money isn’t the key to happiness. In a 2023 interview with CBS’s “Sunday Morning,” Cuban said he believes he could be just as happy with only 1% of his net worth as long as he had his family.
His attitude toward his wealth is also very likely the reason his childhood friends view him as the same person he was before his financial success.
What Mark Cuban Spends His Money On
Just because Cuban said he could be happy with 1% of his net worth — roughly $51 million — doesn’t mean that he doesn’t spend his riches. Here are some things he’s spent money on over the years.
A computer consulting firm: Decades ago, the now 67-year-old Cuban owned a computer consulting firm called MicroSolutions. He officially became a millionaire at 32 years old, when he sold it for $6 million.
An internet radio company: In April 1999, Cuban became a billionaire when he sold his internet radio company, Broadcast.com, to Yahoo for $5.7 billion.
An NBA team: When Cuban moved to Dallas in 1982, he became a die-hard Dallas Mavericks fan. In 2000, he decided to buy the team about six weeks after he attended a game and mused that he could do a better job than the current owner. He paid $285 million for a majority stake in the team he still owns today.
Private jets: Cuban has owned multiple private jets over the years, and at least two are currently in service including a Boeing 757, which he bought shortly before he acquired the Dallas Mavericks in 2000. He paid $36 million for the aircraft, which is used to transport the Mavericks to and from their games and other events. He also owns a Gulfstream G550 for his own use, which he acquired for $40 million in 1999 — right after he sold Broadcast.com to Yahoo and became a billionaire.
A Texas town: In December 2021, Cuban bought the town of Mustang, Texas, which is about 60 miles south of Dallas and has a minuscule population of 23. He paid $2 million for the 77-acre town, which he purchased from a friend who was dying of cancer to help out his family.
A generic drug company: Cuban is the co-founder of Cost Plus Drug Company, which launched in 2016. The company provides low-cost versions of high-cost generic drugs.
Despite his billionaire status, Cuban still maintains many of the frugal habits that helped him there. He knows when to spend and when to save, when to invest and when to shave off some unneeded expenditures such as hiring staff to do a chore or two that he could easily handle himself.
Cynthia Measom 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.
More From MoneyLion:
