Wednesday, 31 May 2023

Business News

Shark Tank’s Barbara Corcoran has never saved money and gave millions away

Shark Tank's Barbara Corcoran has never saved money and gave millions away

Warren Buffett famously said: “Do not save what is left after spending, but spend what is left after saving.”

Shark Tank star Barbara Corcoran disagrees—she spends it all.

The real estate mogul says she’s never saved a penny in her life—a philosophy installed in her by her mother—and that by investing it in business or other people the returns have kept coming back.

Corcoran, who earned her millionaire title courtesy of her New York Real Estate business The Corcoran Group, told CNBC her best advice for making money is to spend it in the first place.

“I’m just not a believer in saving money. I’ve never saved a dime my whole life,” she said.

 “I had a mom who raised 10 kids on a shoestring budget, and she always said money is meant to be spent. And she didn’t have much to spend.”

The lesson stuck with the property mogul, who having sold her business for $66 million in 2001, immediately began plotting how she could spend it.

And that’s fine, she believes, as long as you’re spending your money on the right things.

The 74-year-old said she gave half the sale proceeds to “family, friends, education funds, charities, because I really believe if you spend, money comes back to you.”

“I think the carefree attitude of believing that money makes money, if you’re willing to share it and spend it, really works, or at least it has certainly worked for me,” she continued. “And I don’t believe in hoarding money, saving money, everything like that. Because for me…it would take my spirit away.”

Investing is certainly a key component of her role on Shark Tank, with Corcoran having offered up an estimated $16 million according yo Humblerise—a website dedicated to the show.

Even then, Corcoran has previously been open about the fact that not many of her businesses have provided huge returns—she’s simply in it to support passionate people.

“I’ve invested in 150 businesses, and I’ve made money on about 10%,” she revealed earlier this year. “I’m looking for ambition. Someone who envisions where they’re going, and I fall for it when they tell me they’re going there.”

The TV mogul—who nearly lost her spot on the panel before an episode even aired—added she’s nearly gone bankrupt five times and always managed to bounce back.

The last time—during the 1990-1991 recession—Corcoran’s mother told her: “Don’t worry about the money. It’s a waste…

Click Here to Read the Full Original Article at Fortune | FORTUNE…