Key takeaways
- In the wake of all their bills and obligations, younger people often find they lack the funds to do things they like and want to do.
- Kevin O’Leary, of Shark Tank and Wonderful, wrote about three things people waste money on: overpriced coffee, too many shoes, and too many pairs of jeans.
- He says if people take a minimalist approach to these three things, they’ll have more money to use for other things.
- If you think about it, there are many areas where we spend a lot of money buying and doing things without giving it much thought. According to O’Leary, that’s not smart.
- Take some time to think about where your money goes.
Upfront disclaimer: I’m sharing information taken from an article written by Kevin O’Leary. He’s from Shark Tank and Mr. Wonderful, so you know he’s going to be blunt. I’m passing along what he says are the top three stupid things people waste money on:
1. $4 coffee. No surprise that he, and lots of other people, see a $4 coffee as a waste. Obviously, you can make coffee at home and make it for a lot less than $4 a serving. Supposedly, the average person spends $1,100 per year buying coffee at the local coffee bar. That’s a lot of money spent on coffee, so, I have to agree—I’m sure you can probably save some money by cutting that out.
2. Shoes. Imelda Marcos, if you know who that is, probably doesn’t agree with this one. But, apparently, you only really need something like four pairs of shoes, and that includes footwear for work and everything else you do. I realize certain kinds of shoes work with certain things and not others. I get it. But this is Kevin O’Leary talking, and he holds a strong opinion about it.
3. Jeans. O’Leary says you only need three pairs of jeans: regular blue jeans, black jeans, and white jeans. That’s it.
I know Mr. O’Leary is trying to make the point that if you really want to save money and use those dollars for other things, you can take a bit of a minimalist approach to these three expenses. That’s understandable and it brought to mind the importance of looking at all the things you spend money on, not just these three. There are areas where we waste a lot of money doing and buying things without giving it much thought. It starts to add up and can end up being thousands of dollars pretty quickly. That, according to him, is not very smart. Food for thought. Until next time, enjoy.
Gary