(MENAFN- News Direct) >

This article adheres to strict editorial standards. Some or all links may be monetized.

Mark Cuban's big childhood dream wasn't to be a millionaire - it was to retire by 35.

He lived as frugally as possible in his 20s to make this dream a reality, including driving“the worst possible car” with a hole in the floorboard, living on mac and cheese, and sharing his space with five roommates.

Must Read

• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 - and no, you don't have to deal with tenants or fix freezers. Here's how
• Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake - here's what it is and 3 simple steps to fix it ASAP
• 'Rich Dad, Poor Dad' author Robert Kiyosaki says this 1 asset will surge 400% in a year - and he begs investors not to miss its 'explosion'

Speaking to Spanx founder Sara Blakely for Money, Cuban said,“You've got to have discipline in how you spend your money, first of all. When I was getting started, I used to read this book, "How to Retire at 35." The whole premise of the book was that if you could save up $1 million and live like a student, you could retire. I believed heavily in that book. It was a big motivator for me.”

Say what you will about his lifestyle in early adulthood, but this commitment to frugality is exactly what paved the way for his financial success.

“I was determined to be able to retire”

Cuban wanted financial independence, stat. He said,“I was determined to save money. I was determined to be able to retire. It wasn't like I thought, "Okay, I'm going to be super-rich." I valued time more than anything. I wanted enough money to be able to travel, have fun, and party like a rock star but still live like a student. That was my motivation.”

The key to making that happen was planning and saving for retirement right from the start.

To make those dreams a reality for yourself, you need to know what your financial goals are in the first place. FinancialAdvisor is a free online service that helps you find a financial advisor who can help you create a plan to reach your financial goals. Just answer a few questions and their extensive online database will match you with a few vetted advisors based on your answers.

You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

“If you can find that discipline, then you can save”

Cuban wasn't born rich. He had to build his bank account, dollar by dollar, much like Blakely.

In the interview, she states,“What I did was start small, think big, and scale fast. I didn't ever get ahead of myself on spending. I only spent what I absolutely needed to... I have that mentality on everything. If I can save money here or there, I'll do it.”

One of the easiest ways to save is to take advantage of the higher rates on certificates of deposit. A certificate of deposit is a low-risk savings account that could earn as much interest as a high-yield savings account, possibly more. However, to earn that higher rate, you'll have to park your money in the account for a certain period of time.

With MyBankTracker, you can shop and compare top certificates of deposit rates from various banks nationwide.

Their extensive database shows the most competitive rates, with daily rate updates and personalized recommendations based on your risk preferences and time horizon so you can find the right CD to meet your retirement savings goals.

Cuban said,“If you can find a way to save, if you can find a way to invest inexpensively in the market, you can start to build your net worth.”

With Public, you can also get commission-free stock trades, meaning you don't need to fork out extra fees to buy or sell stocks. That's the kind of all-in-one solution that streamlined business moguls like Sara Blakeley or Mark Cuban could get behind.

Savvy savers will also be interested in Public's high-yield cash account that offers an industry-leading 4.10% APY - roughly 10x the national average.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America - and that 'anyone' can do it

Invest wisely

Once you have your short-term cash set aside, you can invest in the stock market for greater returns. Of course, bear in mind that with the possibility of a better payout also comes greater risk.

If you invest wisely and consistently, you improve the odds of better earnings. Cuban notes that he's a big fan of low-cost, diversified stock index funds. These tend to charge much less than other stock funds, which means you can keep your hard-earned cash working towards that retirement goal.

If you're looking for easy-to-understand stock advice, you can become a wiser investor in just five minutes thanks to the team of former hedge fund analysts and experts at Moby.

Moby's team spends hundreds of hours each week sifting through financial news and data to provide top-tier stock and crypto reports to keep you up-to-date on what's moving the markets.

Their superior research can help you reduce the guesswork when selecting stocks and ETFs. In four years, across almost 400 stock picks, Moby's recommendations have beaten the S&P 500 by almost 12% on average.

Diversifying your portfolio is also key to weathering the ebbs and flows of the market. One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.

If you prefer a passive approach to investing that can take place in the background while you spend on everyday items, then Acorns might be for you.

One way you can make your purchases productive is with Acorns is an automated investing and saving platform that simplifies the process of setting aside extra funds.

Every time you make a purchase on a credit or debit card, Acorns will round it up to the nearest dollar, and put the rest into a smart investment portfolio.

Plus, Acorns lets you customize how you save. With an Acorns Silver plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold, you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.

For a limited time, sign up here for a $20 bonus investment to get you started on the right foot.

What to read next

• Ultra-rich Americans are ditching stocks and real estate, says this investing legend - 5 assets they're using to shockproof their millions
• I'm 49 years old and have nothing saved for retirement - what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast)
• There's still a 35% chance of a recession hitting the American economy this year - protect your retirement savings with these 5 essential money moves ASAP
• This tiny hot Costco item has skyrocketed 74% in price in under 2 years - but now the retail giant is restricting purchase. Here's how to buy the coveted asset in bulk

Join 200,000+ readers and get Moneywise's best stories and exclusive interviews first - clear insights curated and delivered weekly. Subscribe now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

MENAFN24102025005728012573ID1110244096