Barbara Corcoran, the financially savvy “Shark Tank” star, has amassed considerable wealth through her entrepreneurial ventures. Despite her status, however, Corcoran practices frugality in several aspects of her life and avoids unnecessary splurges in order to avoid high-interest debt.
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Whether you are looking to start saving, fund your retirement or just put down your credit card in general, Corcoran’s advice can put you on the right financial path. She has shared some valuable tips on where she chooses not to spend her money.
Here are the top five things Barbara Corcoran refuses to waste money on.
1. Flying First Class
Despite the luxury and comfort of first-class travel — being coveted behind those tiny curtains that are thick enough to know it’s a barrier but thin enough to know what you’re missing — Corcoran opts not to splurge on it.
“I never spend money on a business-class or first-class plane seat,” she said. Instead, she finds ways to make her coach experience feel like first class, demonstrating that comfort does not always have to come at a high price. For instance, as she told CNBC, she brings on her own fancy meal aboard — and she’s certain it’s better than what’s in first class.
2. Designer Bags
Corcoran cuts the proverbial purse strings by cutting costs in her choice of handbags. Contrary to the expectations of her millionaire status, she refuses to spend thousands on designer bags. Instead, she prefers inexpensive, durable bags.
Think about it — if you spent all your money on expensive purses, then you wouldn’t have any money to put in it. Sometimes it’s better to ask yourself if it’s better to invest in a statement piece or your financial security in the future.
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3. Jewelry
On television, Corcoran is often seen wearing eye-catching power necklaces used to instill fear into the hearts of her enemies. However, she reveals that her jewelry is not as expensive as it appears. Setting a personal limit of $30 per piece, she opts for affordable jewelry that would make Harry Winston roll his eyes.
Though having a piece of bling on your finger is attention-getting, it doesn’t really grow your money like other investments would.
4. Bottled Water
Corcoran avoids buying bottled water, preferring New York’s tap water instead. This tip specifically applies to New York natives and is aligned with those who will die on the hill that the water is the secret ingredient to making the best “friggin’ bagels and pizza in da world.”
Corcoran views the purchase of bottled water as wasteful, both financially and environmentally. Her stance on avoiding bottled water is a testament to her commitment to practical spending and environmental consciousness.
5. Office Pens
And the number one thing Barbara Corcoran refuses to waste money on is… office pens! Who saw that coming?
In an interesting move, Corcoran stopped providing pens for her company’s employees after realizing the significant annual cost ($12,000 a year). It was a drastic move that employees could then not even write home about.
This decision, leading to a “bring your own pen” policy (much less popular than the BYOB policy of the annual corporate picnic), highlights her keen eye for cutting unnecessary business expenses. It’s an unconventional but effective cost-saving measure that underscores her practical approach to managing business finances.
Final Take To GO: Having Money Is Better Than Wasting It
Corcoran’s frugal habits are a lesson in financial prudence even if she could show everyone just how rich she was by flying on private jets, eating Fabergé eggs or getting a diamond-studded grill. Despite her wealth, she chooses not to indulge in common luxuries, instead valuing practicality and cost-effectiveness, which is sure to be a great icebreaker at any party.
If you, or someone you love, is at risk of buying a bottle of water or flying first class, make sure you break down the math for them before it’s too late. Barbara approves.
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This article originally appeared on GOBankingRates.com: 5 Things Barbara Corcoran Refuses To Waste Money On
