Before becoming a billionaire entrepreneur, Mark Cuban had to be extremely frugal in his early 20s. He recently shared his money-saving strategies with Bill Maher on the “Club Random Podcast.” When he moved to Dallas with only $60 in his pocket, he made every effort to stretch his limited funds.
One of Cuban’s tactics was to visit supermarkets late at night to take advantage of discounted food items. He explained, “I used to go to the grocery store at midnight because they lowered the price of chicken and these big [bags of] French fries to $1.29. And I would buy a bunch of them.”
Late-night discounts on perishable items like fresh produce, meat, and baked goods are still available in some markets, as per a 2021 Instacart report. Major grocery stores often offer weekly specials starting on Wednesdays, likely because most customers shop on weekends, according to Phil Lempert, an analyst and founder of Supermarket Guru.
During this period, Cuban lived in a three-bedroom apartment with five roommates. He not only searched for food deals but also struggled to afford transportation to his bartending job and job interviews. He mentioned that his credit cards were cut up, and bill collectors were chasing him.
However, Cuban’s fortunes took a turn when he and his friends stumbled upon an abandoned, unlocked car on the side of the road. The vehicle appeared to be in good condition and had a thick envelope of loan papers on the front seat. Cuban surmised that it had been abandoned due to payment difficulties, so he took the papers and contacted the bank. He proposed taking over the payments, which the bank accepted.
Cuban acknowledged that not everyone can replicate his roadside find and that it’s nearly impossible to bypass automated phone systems when contacting banks nowadays. Nonetheless, his experiences during his 20s motivated him to take risks. He recalled, “I had nothing. So I had nothing to lose, right? It was all about going for it.” These experiences eventually led him to venture into software sales and launch his own computer consulting business, MicroSolutions, which he sold for $6 million at the age of 32.
Today, Cuban appreciates the creative money-saving strategies he developed in his 20s and the freedom his current wealth affords him. He highlighted that the best part of his success is the freedom to make choices regarding his lifestyle, including what he eats, what car he drives, and how he spends his time. Cuban summed it up by saying, “People are like, ‘What’s the best part about being rich?’ Freedom, right? [And] time. I get to control my time.”
Source: cnbc.com
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