'Invest for me like a 60-year-old': Mark Cuban to broker after becoming a millionaire

Mark Cuban first became a millionaire in 1990 when he sold his software company MicroSolutions for $6 million, taking home about $2 million

Published on: Dec 23, 2024, 15:38:19 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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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.

Billionaire entrepreneur Mark Cuban seemingly takes a swipe at Donald Trump as Shark Tank star reveals how much he pays in taxes to the IRS (Jack Plunkett/Invision/AP)

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.

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HT News Desk
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