News & Trending Money News

Mark Cuban's Advice for Anyone Who Feels Financially Behind at 55

There are better options than investing aggressively.

By Josh Koebert , Edited by Laura Hohenstein

Updated Oct. 9, 2026

Add Us On Google

Are you in your mid-50s, with retirement savings that aren't where you hoped they would be? Mark Cuban advises against chasing a hot investment or taking a huge gamble.

The entrepreneur has spent years advocating for a simple formula: spend less than you earn, eliminate expensive debt, start investing simply, and find ways to earn more. He has also warned that people approaching retirement have less time to recover from major investment losses.

At 55, you may not have three or four decades for a portfolio to compound, but you still have years of income ahead and several savings opportunities.

Instead of trying to make up for lost time with one spectacular investment, you should make the remaining years count.

Set up eligible direct deposit - pocket up to $400

Set up an eligible direct deposit with SoFi Checking and Savings and you could earn a bonus of $50 or $400.¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>. Make the switch, set up eligible direct deposit, earn the bonus. It basically takes no extra work at all other than following these steps.

Why people are switching: This account earns up to an insane 4.20% APY² Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC. on savings for up to six months (3.30% APY standard + 0.90% APY boost) on top of that $50 or $400 bonus.¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>. That's way better than the measly 0.38% APY (as of 06/15/26)³ Based on <a href="https://www.fdic.gov/national-rates-and-rate-caps">this</a> FDIC data, as of 6/15/26. national average savings accounts offer.

No monthly fees and no surprises. Open your account and earn up to a $400 bonus

Start living below your means (even if you're earning more)

One of Cuban's oldest money rules is to "live like a student."

In a 2017 interview with Vanity Fair, Cuban advised people to keep their spending low instead of immediately upgrading their lifestyle when their earnings increase. For example, he suggested keeping an old car rather than splurging on an expensive one.

The principle still works in your 50s. If you're behind on savings, ask yourself how much money you have, not which investment might produce the highest return.

If you trim even $500 a month in recurring expenses, you could free up $6,000 a year for debt payments or retirement contributions. Frugality is a two-sided retirement strategy: it gives you money to save now while reducing the size of the nest egg you need later.

Shopping for cheaper auto insurance? Enter your zip code here to get started.

Attack high-interest debt before trying to make up the difference in the market

Cuban doesn't mince words on credit card debt. For him, paying off high-interest debt is the best investment a person may make because the return is guaranteed. If your credit card charges 20% interest, eliminate that balance. It saves you money rather than requiring an investment to earn enough to overcome it.

Cuban's point is that there's little reason to chase extra gains while expensive debt is working against you.

Build the emergency fund before you need it

Cuban has long recommended maintaining an emergency fund rather than investing every available dollar. In a Vanity Fair interview, he recommended building enough savings to cover at least six months of income for unexpected events such as losing a job or having to move.

Without an emergency fund, an unexpected home repair, job loss, or large bill could force you to put expenses on a credit card or sell from your portfolio at an inconvenient time. That matters more as retirement approaches because there is less time to recover from a large loss.

Resolve $10,000 or more of your debt

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.⁴ Please note that all calls with the company may be recorded or monitored for quality assurance and training purposes. Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating. "Debt-Free" applies only to enrolled credit cards, personal loans, and medical bills. Not mortgages, car loans, or other debts. Results vary.

Use the catch-up rules while you have them

For 2026, workers age 50 and older generally have an additional $8,000 catch-up contribution available in most 401(k), 403(b), governmental 457(b), and similar plans, on top of the regular $24,500 contribution limit. That means you could potentially contribute up to $32,500 to one of these plans.

Workers who turn 60, 61, 62, or 63 during 2026 have a higher catch-up limit of $11,250, bringing the potential total contribution to $35,750.

IRAs have their own catch-up provision. In 2026, people age 50 and older can contribute an additional $1,100 beyond the $7,500 standard IRA limit, subject to the applicable eligibility and income rules.

For someone who feels behind, these limits represent additional room to direct income toward retirement during the final stretch of their career. If the maximum isn't realistic, increase contributions gradually.

Don't leave an employer match on the table

Cuban's emphasis on discipline is best applied to the simplest retirement tool available through an employer plan: collect the full employer match if you're eligible. It adds money to your retirement savings as part of your compensation.

The exact formula varies by workplace, so check the plan documents to determine how much you need to contribute to receive the full amount. This is a very Cuban move: make the straightforward money moves first.

Turn spending cuts into a higher savings rate

Once you've eliminated high-interest debt and have an emergency fund, focus on creating more money for your future. Nothing is more Cuban than that.

You could cut recurring expenses, downsize a costly habit, negotiate a higher-paying job, or direct every raise toward retirement.

Cuban has also repeatedly encouraged people to increase their income by learning useful skills. His reasoning is straightforward: earning more gives you more money to save and invest.

Make Money: 8 things to do if you're barely scraping by financially

Keep your investments simple enough to understand

Mark Cuban has never suggested regular people should become Wall Street experts. He has recommended low-cost index funds, including those that track the S&P 500.

Their simplicity reduces the temptation to make complicated bets to accelerate returns, which is particularly advantageous if you're playing catch-up.

Cuban's basic rule is simple: Don't throw money at something you don't understand.

Remember that protecting your money matters more now

As retirement gets closer, things change.

When you're 35, a major market decline leaves decades for your portfolio to recover. At 55, you only have one. A major loss, followed by portfolio withdrawals, may make recovery difficult.

That's why catching up doesn't necessarily mean taking on more risk.

Cuban's approach to money emphasizes avoiding situations where one bad decision wipes out years of progress. You don't need to stop investing just because you're approaching retirement. Still, he cautions against making excuses for risky financial behaviors.

Bottom line

Cuban's throughline is that building wealth isn't about finding the one investment that changes everything. It's about making sensible financial decisions every single time.

At 55, that may not erase the years of not saving enough. But it gives you something more useful: a clear way to make the years you have left count.

If you're trying to get ahead financially, start by calculating how much you save each month and how much of your income goes toward debt. Then look for the three biggest opportunities to redirect that money toward retirement. A higher savings rate, sustained for years, matters far more than guessing which investment might suddenly take off.

More from FinanceBuzz:

Intro APR on purchases and balance transfers
$0 annual fee
Apply Now

Get a 0% intro APR for 15 months on purchases and balance transfers; balance transfer fee applies. Then 17.74% - 26.74% Standard Variable Purchase APR applies, based on credit worthiness
INTRO OFFER: Unlimited Cashback Match for all new cardmembers. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases
Redeem cash back for any amount. No annual fee
Terms and conditions apply

4.7

Apply Now

on Issuer's secure website

Read Card Review

Intro Offer

INTRO OFFER: Unlimited Cashback Match for all new cardmembers. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300

Annual Fee

Why we like it