"It's not easy" — When Shark Tank mentor Mark Cuban talked about keeping his kids grounded despite his fortune

Shark Tank mentor and a billionaire entrepreneur Mark Cuban, has built a successful career in business, but he also faces the challenge of raising his children in a wealthy environment. In an episode of The Steam Room podcast, which aired on November 28, 2024, Cuban spoke with hosts Ernie Johnson and Charles Barkley about how he ensures his kids understand financial responsibility.

During the conversation, Barkley asked how Cuban keeps his children grounded, given their privileged lifestyle. Cuban acknowledged the difficulty of balancing wealth with teaching financial values, saying:

"It's not easy. They’re getting on a private plane most of the time, so it’s not like we can hide it from them."

He explained that his approach involves setting clear expectations and making sure that kids do not assume they have access to his wealth. Cuban implied that financial independence should be earned, not inherited, and he shared specific strategies for reinforcing that lesson in his household.

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Mark Cuban's perspective on setting financial boundaries for children

During the conversation on The Steam Room, Cuban explained how he communicates financial boundaries to his children.

" It's my money, not yours," he said.

The Shark Tank star mentioned that he does not believe in using money as a way to manage emotions or resolve conflicts with his children. He said that instead of offering material things as a response to situations, he ensures that his kids do not expect rewards when they are upset or facing challenges.

"We’re not that type of family that’s just like, presents, presents, presents. You’re mad at me? Oh, let me buy you something. You’re sad? Let me buy you something. That’s just not how it works."

Mark Cuban discussed that while his children are growing up in a financially comfortable environment, he wants them to understand that money does not solve everything. The conversation also involved on how Cuban and his wife try to instill gratitude and awareness in their children. He noted that while it is impossible to ignore the privileges they have, he ensures that they understand money comes with responsibility.

"You just do your best."

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Encouraging financial responsibility and smart habits

In a previous interview with Vanity Fair in 2017, Mark Cuban expanded on his approach to money management and how he applies those principles to his family. He said that financial responsibility should start with practical habits. He further mentioned that one should buy essential items in bulk when they are on sale.

"When you see a sale, for instance… you're better off buying two years’ worth of toothpaste when it's on a 50 percent discount. That’s an immediate return on your money," he added.

Mark Cuban explained that small savings like these can have a long-term impact. Beyond everyday spending habits, Cuban spoke about the importance of emergency funds. He added that everyone should aim to have at least six months of savings in case of unexpected events.

"Save up six months’ income. If you don’t like your job, or you get fired, or you have to move, you’re gonna need at least six months’ income."

Encouraging continuous learning when it comes to money, Mark Cuban shared that he frequently reads books and financial advice to expand his knowledge.

"I’ll read hours every day because all it takes is one little thing to propel you to the next level."

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Watch Mark Cuban in the latest episodes of Shark Tank airing every Friday on ABC.