Mark Cuban On Shark Tank
Highlights
- Shark Tank viewers admire Mark Cuban for his mentorship skills.
- Appearing on the Club Shay Shay podcast, Mark shared key money-related tips for athletes.
- The Shark investor emphasized saving money and investing in the right industries.
Mark Cuban became a Shark panelist based on his exemplary record in the investment space. After becoming a Shark, Mark has often shared advice for pitchers regarding their pitfalls and scalability. The same personality shade of the Shark investor was reflected in his interaction with Shannon Sharpe.
Appearing in Shannon’s weekly podcast, Mark Cuban shared great insights on a variety of topics related to both the NBA and Shark Tank. But the highlight of the episode was when Mark started expressing his views on managing wealth had he been an NBA player.
Managing Wealth As A Two-Way Player
Mark Cuban started sharing his thoughts on wealth management for athletes by discussing two-way players. Assuming himself as one of them, Mark said he would live like a student as there is not much surety regarding how long the period may last. The Shark investor then talked about saving money.
Describing himself as someone who grew up with limited financial resources, Mark Cuban stressed that athletes should always think about saving their money. This is because people who come from humble backgrounds have almost zero knowledge of making a fortune. Mark further commented, ‘One broken ankle, and it’s over.’
Hiring A Person With Financial Awareness
Mark Cuban went ahead in Shannon’s Club Shay Shay podcast by saying that athletes who make huge amounts (like $50 million) should hire someone to manage their finances. However, this person should not be their friend or friend of a friend. Instead, the athlete should hire a ‘money guy.’
Explaining the reason for this, Mark said that having someone with previous experience in wealth management is always better than having a friend with zero experience. This is because the ‘money guy’ can help athletes to multiply their earned wealth.
‘Not’ Investing In Restaurant, Clothing, Liquor, and Music Industries
Throwing light on the industries that athletes should stay away from, Mark Cuban started his views with the music industry. Mark recalled how, in the early 2000s and early 2010s, every investor wanted to take a shot by pouring their money into music labels. While some wanted to become rappers, others wanted to sign them.
After this, the Shark investor asked Shannon if he remembered any athlete with a successful music or clothing industry investment. He replied with a ‘no.’ Mark then explained that the reason for this was that these businesses are ‘hard’ and saturated as there are no barriers to entry.
The advice by Mark Cuban on the Club Shay Shay podcast offered significant insights into wealth management for athletes. Mark reiterated the benefits of saving, staying away from investment in saturated industries, and hiring a financial advisor. The Shark investor shared his personal experience for better emphasis.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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