Billionaire investor and Shark Tank judge Mark Cuban’s first goal when he made his first million was to not spend all his newfound riches at once.
This was in 1990 when he sold his software company MicroSolutions for $6 million, taking home about $2 million.
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His first step was to approach a broker to invest the money, according to a Moneycontrol report, which cited his recent interview. This was when he was talking about tips he had for young entrepreneurs.
“I want you to invest for me like a 60-year-old. I don’t want you to invest like I’m young, because I want to live off this for a long time,” Cuban, who is now actually 66, told the broker at that time.
This is all because he didn’t have generational wealth with his father being an automobile upholsterer near Pittsburgh.
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As a result, he also lived like a student with five roommates, sometimes even sleeping on the floor.
“By the time I sold (MicroSolutions), I had just bought the worst house in the best neighborhood, but I wasn’t big into that. I wasn’t big into cars. I wanted to live like a student and just have fun,” Cuban said.
In 1999, he sold his second tech company which was an audio streaming service called Broadcast.com to Yahoo for $5.7 billion. This was when he became a billionaire.
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It was only after becoming a billionaire that he felt “OK, I’m set,” which also made him feel comfortable to take on more risky investments.
