ABC's Shark Tank star and entrepreneur Kevin O'Leary has warned that many people unknowingly fall into the biggest financial trap — not a poor stock portfolio, but overextending themselves with a house that's too big for their budget. In a recent post on X on Monday, Mr. Wonderful highlighted that emotions often override basic maths when it comes to home buying.
He cautioned against letting feelings drive financial decisions rather than simple calculations. 'The biggest money trap people fall into without noticing? Very simple. They buy a house that's too big for them,' he wrote. O'Leary emphasised the importance of keeping mortgage payments to no more than a third of one's income. 'No more than a third,' he stressed.
