Mark Cuban’s had an impressive career, from co-founding online streaming giant, Netflix to owning the NBA’s Dallas Mavericks to recently becoming part owner of the esports organization, Team Liquid. But despite his storied success as an entrepreneur and investor, Cuban told CNBC that he doesn’t plan on retiring anytime soon, saying I love what I do and I’m too competitive to sit on the sidelines and do nothing. Here are three ways to motivate yourself to keep going once you think you’ve done enough.
When Mark Cuban was 25 years old, he set a goal to retire within ten years. This was over forty years ago.
However, the 64-year-old millionaire is still active as an investor and business owner today. Cuban said he’s not at all prepared to step back, despite owning the NBA’s Dallas Mavericks and appearing on ABC’s “Shark Tank.”
Cuban stated there is a reason he hasn’t retired on a recent episode of the “Re:Thinking” podcast with Adam Grant.
Cuban said, “I’m overly competitive,” adding that this attitude is precisely what has let him have a long and fruitful career.
I intended to become wealthy when I was 25 and established my first business, according to Cuban. “I made decisions because I intended to retire by the time I was 35,” the person said.
Cuban, however, came to the realisation that starting, selling, and investing in businesses felt like a sport that he could continue to excel at for years to come after selling his first firm, MicroSolutions, in 1990.
Every businessperson, according to Cuban, has the thought, “I want to be the entrepreneur that disrupts an industry and changes it. What could be superior than that?
In other words, despite not needing extra money, Cuban still enjoys supporting profitable projects. He stated on the show that if he did earn money on an investment right away, “I’ll just reinvest it.”
Cuban is just three years away from being eligible to collect Social Security retirement benefits at age 64, but he is much wealthier than the typical retired American in his age group. Americans between the ages of 55 and 64 generally have close to $90,000 saved for retirement, according to research from investment firm Vanguard in July. Cuban hasn’t revealed how much money is in his 401(k), but according to Forbes, he is worth $4.6 billion.
Additionally, some professionals believe early retirement is overrated. Despite having an average fortune of $144,000 for their age group, persons between the ages of 57 and 66 retire early in over two-thirds of cases. According to a February article by Harvard economist Laurence J. Kotlikoff for CNBC Make It, it amounts to less than three years of median household spending. Kotlikoff claims that as a result, early retirees frequently have less money saved and poorer overall life satisfaction.
Cuban doesn’t appear to be planning on retiring any time soon, either.
He started Cost Plus Drugs in January, a business that fills prescriptions and sells generic drugs at a lower cost than your neighbourhood pharmacy. Although Cuban’s competitive nature inspired him to launch the firm, he stated he’s more focused on the organization’s objective than earning a profit. As a result, Cost Plus Drugs is able to provide medicines at reasonable costs.
“Okay, what can I do to get acquired?” he continued, assuming he was 25 and repeating the action. However, my next dollar’s marginal worth is now [minimum]. My life won’t be significantly changed by it. Therefore, I make decisions in a totally different way.