Only 44% of U.S. adults say they have enough money saved to cover a $1,000 emergency request, a recent Bankrate survey found. And Shark Tank‘s Kevin O’Leary has some tough-love advice for those who want to improve their financial situations.
In a post published on social-media platform X in September, the investor and judge known as “Mr. Wonderful” revealed a couple of “stupid” ways that people spend money every year, per personal finance site GoBankingRates.
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According to the “Shark,” who boasts an estimated $400 million net worth, people “need to stop spending money on crap [they] don’t need,” which includes buying coffee and lunch out instead of making both at home.
Stop spending money on crap you don’t need! What’s the biggest waste of money you see today? pic.twitter.com/3EJiZVzEf2— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) September 8, 2023
In a video accompanying the post, O’Leary questions the decision to spend more than $5 on a coffee or $15 on lunch during the work day.
“What are you, an idiot?” O’Leary says. “It costs you 99 cents to make a sandwich at home and bring it with you. You start to add that up every day, it’s a ton of money. Most people, particularly working in metropolitan cities, are just starting out on their job, making their first $60,000, p*ss away about $15,000 a year on stupid stuff.”
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O’Leary, who’s appeared as a Shark Tank investor since the show’s 2009 debut, kicked off his business career with the launch of educational software company Softkey in 1986, per TheStreet. Barbie producer Mattel purchased Softkey for $4.2 billion in 1999.
