Mark Cuban and Kevin O’Leary are famous for being smart with their money, but some of their frugal habits are a little quirky. But learning from them may help you with your own finances. Here are seven ways that these and other “Shark Tank” stars pinch pennies and preserve their wealth.
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Mark Cuban Won’t Spend Money on Fancy Watches
When Cuban sold his first company, he told E! News he vowed never to wear a watch again. The Dallas Mavericks coowner says that for him, not wearing a watch represents freedom.
“When I sold my first company when I was 29, the only watch I ever owned was one my dad gave to me. I took it off and I put it aside and I said, ‘Now that I’ve sold my company, I never have to work on anybody’s else’s time, so I’m never going to wear a watch again,” he explained.
That’s a big contrast with Cuban’s fellow Shark, O’Leary, who is known to love buying expensive watches. His costars sometimes rib O’Leary about this buying habit. “If he tells me about one more watch I think I’m going to shoot him,” said Barbara Corcoran in a video for Us Weekly.
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Todd Graves Doesn’t Fly on Private Planes
Graves told E! News he can’t stomach the cost of taking private flights, at least when he’s traveling internationally. “For those dollars, I’ll just get on a regular plane,” the he said.
Barbara Corcoran Doesn’t Fly First Class
Savvy investor Corcoran is even more frugal than Graves, at least when it comes to flights. She told GOBankingRates she never flies first class, no matter where she’s going. She does bring her own touch of luxury, though, by packing herself a gourmet lunch, complete with a bottle of wine and elegant table linen whenever she flies.
Lori Greiner Doesn’t Buy Expensive Cars
The Queen of QVC told E! News buying expensive cars is too risky for her liking. Greiner has said that she would never buy a Lamborghini “that could get crashed and ruined in a minute.”
Kevin O’Leary Won’t Buy a Yacht
Canadian-Irish businessman and journalist O’Leary may spend a lot of money on his collection of watches, but he says he’ll never shell out for a yacht. The shark joked to E! News that “you can see the money burning off them.”
Daymond John Uses the $3 Rule
FUBU founder John has a simple rule for saving money and staying out of debt, according to a video on YouTube Shorts. He says his “$3 rule” works whether you’re earning $3, $3,000, or $3 million.
John’s system works by splitting your earnings into three buckets or “dollars.” The first dollar pays for necessities like food, bills and housing. The second dollar should be used for investments. Finally, the third dollar can pay for luxuries.
In other words, luxuries come last. John said that most Americans tend to forget this rule. “What most Americans do is they do number three first because they worked hard and they want to treat themselves. Then they never get to number two and all of a sudden number one is late and you’re paying 18% on your credit cards,” he explained.
Chris Sacca Doesn’t Buy Things He Doesn’t Need
Sacca may have the most frugal advice of all. The entrepreneur and venture capitalist says people shouldn’t spend any money on things they don’t need, according to Entrepreneur. Sacca said that living an extremely simple, frugal life is the best way to buy yourself freedom from the rat race. After all, if you don’t have an expensive lifestyle, you can afford to start your own business or switch jobs.
“People get out ahead of themselves in debt with spending on all of their desires,” Sacca said. “But if you learn to live pretty simply and well, well under your means, you feel incredibly, incredibly rich and that frees you up and gives you the option to start something new, to leave the job you’re not excited about, where there might be a glass ceiling on you. Just don’t spend your money and you’re well on your way to becoming a millionaire.”
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This article originally appeared on GOBankingRates.com: 7 Frugal Habits of the ‘Shark Tank’ Stars
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