3 Strategies Mark Cuban and the Ultra-Wealthy Use to Protect Their Money

How bash billionaires similar Mark Cuban support their wealthiness safe? It’s not conscionable counting their fortunate pennies; it’s strategically making astute wealth moves. With an estimated nett worthy of implicit $6 billion, Cuban knows that protecting wealthiness is conscionable arsenic important arsenic gathering it.

Even erstwhile helium was a caller millionaire successful the 1990s, Cuban focused connected spending habits and concern plans to guarantee semipermanent security. Today, those aforesaid principles use to anyone looking to safeguard their money. Here are 3 proven strategies the super-rich usage to support their wealth, and however you tin use them to your ain fiscal life.

Cuban crossed the millionaire threshold successful 1990 erstwhile helium sold his bundle company, MicroSolutions, for $6 million, personally netting astir $2 million. Even though Cuban was inactive successful his aboriginal 30s astatine the time, helium aimed to instrumentality the agelong presumption with his money.

Even now, arsenic a multibillionaire, Cuban doesn’t walk wealth connected luxuries helium doesn’t privation oregon need. Or rather, arsenic helium puts it, helium doesn’t ain a yacht oregon prosecute butlers oregon adjacent location cleaners. Most of his clip is spent with household oregon moving Cost Plus Drugs, an online pharmacy designed to marque medicine drugs much affordable.

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“I deliberation little astir making wealth and much astir direction… to payment arsenic galore Americans arsenic I can,” Cuban said.

Indeed, galore millionaires are frugal. Living a frugal manner and being much mindful with your spending habits goes a agelong mode toward reaching fiscal goals.

Again, considering helium has an estimated nett worthy of $6 billion, Cuban astir apt doesn’t person a batch of wealth worries. But adjacent erstwhile Cuban was “only” a millionaire, helium heavy emphasized protecting his wealthiness to guarantee a beingness of fiscal security.

“One happening I learned from my dada is that clip is the astir invaluable plus you don’t own,” Cuban told columnist and contented creator Jules Terpak successful a video interview. “So, I made $2 million, and I virtually retrieve calling up my broker… and said I privation you to put for maine similar a 60-year-old. I privation to unrecorded disconnected this for a agelong time.”

Blake Harris, an plus extortion lawyer and founding main of Blake Harris Law, wrote that millionaires “don’t permission things to chance.” Instead, they “plan meticulously.”

Harris referred to a 2023 survey of 580 Americans by Ameriprise which recovered that 80% of respondents with a minimum of $1 cardinal successful investable assets identified fiscal readying arsenic a “key factor” successful their wealthiness accumulation. Creating a broad program for protecting wealthiness often includes maintaining capable liquidity to alleviate risks, insuring your assets, protecting idiosyncratic and concern assets done offshore trusts and processing a broad property plan.