O’Leary advised people to stop spending money on ‘stupid stuff’ like daily sandwich and coffee purchases
“Shark Tank” star Kevin O’Leary isn’t known to mince words, and his take on workers splurging on their daily cups of coffee and work lunches was no exception.
“Stop buying coffee for $5.50. You got to work and spend $15 on a sandwich – what are you, an idiot?” O’Leary, also known as Mr. Wonderful, said in a financial advice clip shared on Instagram last week.
“It costs 99 cents to make a sandwich at home and bring it with you,” he continued, “You start to add that up every day, it’s a ton of money. Most people, particularly working in metropolitan cities, are just starting on their job, making their first $60,000, [and they] piss away about $15,000 a year on stupid stuff, and that’s what they should stop doing.”
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Kevin O’Leary advised workers to stop splurging on daily items to keep more money in their pockets. (Kyle Grillot/Bloomberg via Getty Images / Getty Images)
O’Leary’s post encouraging workers to rein in their spending coincides with data released earlier this year indicating that 12% of Americans visit coffee shops daily and 36% visit at least once a week.
At the same time, Americans spend an average of over $20 at coffee shops each week, according to the numbers.
In the comments on O’Leary’s post, many agreed and offered their own testimonials of dialing back coffee shop spending to keep more money in their pocket.
“He’s right… why are we giving our hard earned money to pay Starbucks rent?” one wrote.
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Passengers waiting for their flight queue up at Starbucks coffee and snack bar in airport. Americans’ love for coffee can lead them to spend money at coffee shops either daily or weekly. (iStock / iStock)
Another said, “100% agree. I bring my lunch everyday. Not only do you save money, it’s one less decision on what to eat, and you eat healthier.”
A third commenter highlighted the concept of “habit stacking” and how “little stuff adds up” over time.
Most Instagram users who shared their opinions on the post agreed that cutting out “waste” is essential to becoming more financially comfortable.
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Others in the comments disagreed with O’Leary’s take, however, and identified other obstacles to saving cash.
“That’s not the problem,” one wrote, “Increasing income even with a 5% raise will more than account for all the bs food purchases. It’s about how your cashflow looks.”
Others lamented how much they enjoy their iced coffees, while some responded with advice to limit their Starbucks intake to once weekly.
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