Kevin O'Leary is quite blunt when it comes to giving important advice, especially when it concerns business and money. While the "Shark Tank" host has doled out plenty of advice over the years, he follows it himself too, and is known for his frugal lifestyle.
Be it expensive coffee or sandwiches, O'Leary follows these five things in his life so he does not waste his money.
1. No Expensive Dates
Representational image of a date | Photo generated using Dall-E
Perhaps this is easier said than done at times, but O'Leary does not like expensive dates. Instead, he wants people to look at dating as an investment.
"You're going to spend money and you're going to spend time [on dates], so look at that significant other in the context of, ‘Do I want to spend time with them?' And, ‘Do I want to invest money in them?’" he said in a CNBC interview.
2. No Expensive Coffee
Representational image of a person making coffee | Photo generated using Dall-E
O'Leary thinks it is "such a waste of money" to buy expensive coffee that costs $2.50 to purchase but "about 18 cents" to make.
"I drink coffee, one cup every morning. It costs about 18 cents to make it, and I invest the rest," he said in another interview on CNBC.
3. Not Buying $15 Sandwiches
Representational image of a person making a sandwich | Photo generated using Dall-E
O'Leary is not a big fan of spending too much on eating out – he thinks spending $15 on sandwiches makes no sense for something that costs 99 cents to make at home.
"You know, you go to work, you spend 15 bucks on a sandwich. What are you an idiot?" he said in a TikTok video.
4. No Fast Fashion
Representational image of a closet full of suits | Photo generated using Dall-E
O'Leary thinks spending too much on clothes is another big source of throwing money down the drain.
"If you actually look at your closet, you probably wear the same 20% 80% of the time, and the rest of the stuff you bought is wasted," said O'Leary in an interview with Entrepreneur.
He added that he has 20 suits and carries four of them with him – he wears them out before buying new ones, which helps him not waste money.
5. Not Buying Things You Don't Need
Representational image of a person reading a book | Photo generated using Dall-E
Another important factor to keep in mind while buying things is asking yourself, "Do I really need this?" says O'Leary.
"So, I don't buy a lot of crap. I buy good stuff that I need and I invest the rest."
Photo courtesy: Flickr
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