Billionaire Shark Tank star Mark Cuban reveals how he's ensuring his three children won't need his money

Shark Tank star Mark Cuban has revealed the important ways that he tries to ensure his three children 'budget' their money, despite his reported $5.7 billion net worth.

Speaking exclusively to DailyMail.com, the 66-year-old businessman admitted that he's sometimes a 'soft touch' when it comes to spending on his kids; Alexis, 21, Alyssa, 18, Jake, 15, but he 'won't let them buy anything they want.'

When asked how he makes sure they're financially literate, Cuban - who recently revealed what he likes to buy when shopping at Target - said: 'Having them go through all the steps of opening up a bank account, and having their own debit cards is one step. 

'The other is my wife and I making sure we have a handle on all the apps they use. Financial literacy is different today than it was. Everything is on your phone.

'So, we need to keep up to date with how they spend and pay for things. And we try to get them to budget, but that hasn't always worked out as well as we wanted,' the TV star continued.

'We won't let them buy anything they want, but sometimes we are a soft touch for another basketball, T-shirt or outfit.'

Cuban explained that his parenting style has changed over the past decade as his children, whom he shares with his wife Tiffany Stewart, have gotten older. 

'At 15, 18, and 21, they have become far more independent, they now tell me what they want!' he said.

'But we still try to get them to focus on doing well in school and that they will have to be independent when they go on their own. I don't know if I want them to follow in my footsteps yet,' the entrepreneur continued. 

'We want them to find their own path. We know it gets old to them being known as my son or daughter. So, if they want to set their own path, that's amazing. If they want to work on my businesses, that would be amazing too.

'Selfishly, the more time I can spend with them the happier I am,' Cuban added.

When asked what it would take for him to invest in one of his children's ideas, he revealed: 'They would truly have to be prepared and prove to me that they know what they are doing.

'I have no problem going all Shark Tank on them! I want them to have a realistic understanding of what it takes to start and run a business.'

Fans can currently see Cuban on the 16th season of reality TV series Shark Tank, but this is actually the final series he'll be investing in after confirming the news that he was quitting back in November 2023.

When asked how he feels about leaving the ABC program, which he has been a part of since 2011, Cuban told DailyMail.com: 'I love the show in every way. It has inspired a generation of entrepreneurs and yes, I will miss it.'

Explaining why he decided to quit his role as a shark, Cuban added: 'I wanted to spend time with my kids before they are on their own.'