{"id":59036,"date":"2016-06-08T15:14:59","date_gmt":"2016-06-08T13:14:59","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=59036"},"modified":"2016-06-08T15:21:42","modified_gmt":"2016-06-08T13:21:42","slug":"59036","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=59036","title":{"rendered":"Q&A: Why Mark Cuban values time over money"},"content":{"rendered":"

After working his way up from selling garbage bags door-to-door as a teen in Pittsburgh, Mark Cuban, 57, is now climbing the ranks of the wealthiest Americans.<\/strong><\/p>\n

Cuban’s holdings are varied and his media personality is huge, ranging from his role on ABC’s “Shark Tank,” to film ventures to his ownership of the National Basketball Association’s Dallas Mavericks.<\/p>\n

The entrepreneur, who lives with his wife and three children in Dallas, speaks directly – and frequently – to more than 5 million Twitter followers.<\/p>\n

Cuban started to seriously accumulate wealth after he sold several early web ventures, including Broadcast.com for $5.7 billion in 1999. He was number 200 on the 2015 Forbes 400 list, with a net worth of $3 billion, up from $1.8 billion in 2005.<\/p>\n

Cuban spoke with Reuters about the life lessons he has learned about money, and what he hopes to pass along to the next generation:<\/p>\n

Q: Do you have any billionaire role models on how to handle your wealth?<\/p>\n

A: No. The exact opposite. My role models are the guys I grew up with in Pittsburgh and went to school with at Indiana. The money is the easy part. Staying true to who I am was tougher when I first got wealthy. Having great friends kept me grounded.<\/p>\n

Q: What lessons did you learn about money from your own parents or grandparents \u2013 either by good example or bad?<\/p>\n

A: It’s not easy to come by.\u00a0You have to work hard to get it. And then, never take it for granted.<\/p>\n

Q: Is your estate plan something you tinker with frequently, or did you set it some time ago and mostly leave it alone?<\/p>\n

A: Other than adding kids, I haven’t touched it.<\/p>\n

Q: As your wealth has grown over the years, what mistakes have you made in handling its growth?<\/p>\n

A: I placed too much importance on comparing\u00a0how much I had to others early on. Then I started realizing time was a far more valuable asset.\u00a0When I started using money to create more time, I appreciated both more.<\/p>\n

Q: Is your business succession plan something you actively think about as your business interests and wealth change?<\/p>\n

A: All my companies have people who run the business on a day-to-day basis already.<\/p>\n

Q: You have pioneered several charitable ventures, including the Mark Cuban Foundation and the Fallen Patriot Fund. How do you make decisions about what charities to give to?<\/p>\n

A: I’m not a fan of giving to charities. I have a few I support, but the overhead and inefficiencies really bother me.<\/p>\n

Instead, I pay people’s bills and help solve problems.\u00a0I don’t know the total or if it’s a lot or a little, but I think I’m able to more readily and directly help people who need it and not pay for the commercials and administration of all the duplication that exists across charities.<\/p>\n

I also have young kids. So it’s important to me to stay liquid just in case they have difficult health issues that need solved.<\/p>\n

I also have never asked anyone for a nickel to contribute to a charity.\u00a0If it’s important enough I can write the check.<\/p>\n

Q: What do you think the Cuban Foundation (and family) will look like in 100 years?<\/p>\n

A: Whatever my kids and their kids want it to look like.\u00a0 It will be up to them.<\/p>\n

Q: You’ve said you don’t want your children to grow up to be “entitled jerks.” What specific techniques are you using to avoid that?<\/p>\n

A: Trying to make them work for money to pay for the things they want and to live with as little help as possible. It started when they were 4 or 5.<\/p>\n

They have a variety of normal household chores. And I bring them to events, and my oldest does do charity work.<\/p>\n

Q: Do you think your kids (or anyone\u2019s children) need that \u201cshark\u201d mentality to be successful?<\/p>\n

A: That’s not how I run my businesses and so, no, that’s not what I pass along. Nice goes much further than mean.<\/p>\n

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After working his way up from selling garbage bags door-to-door as a teen in Pittsburgh, Mark Cuban, 57, is now climbing the ranks of the wealthiest Americans. 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