Spend money to make money! Multi-millionaire Shark Tank star Barbara Corcoran reveals she’s ‘NEVER saved a dime in her whole life’ – and why that philosophy has made her RICHER
- The real estate entrepreneur, 74, grew up in a working-class family in New Jersey
- She claimed opting for such a carefree attitude toward money made her richer
- And, with a net worth of $100 million, her philosophy seems to be a lucrative one
Shark Tank’s Barbara Corcoran has revealed why she has ‘never saved a dime’ in her whole life.
The real estate entrepreneur, who grew up in a working-class family in Edgewater, New Jersey, said that the best way to make money is to spend it.
The 74-year-old claimed that opting for such a carefree attitude has actually made her richer.
And, with a reported net worth of $100 million, her unusual philosophy seems to be a lucrative one.
Corcoran, who sat down with CNBC Make It to discuss her success, explained: ‘I’m just not a believer in saving money, I’ve never saved a dime my whole life.
‘When I sold my business for $66 million, I immediately thought of what could I spend it on.
‘I gave half of it away to family, friends, education funds, charities – because I really believe that if you spend money it comes back to you.’
Corcoran said that her own mother, who raised 10 children on a shoestring budget, also shared the philosophy that money was supposed to be spent.
The self-made millionaire said that she had spoken to her mother about being on the brink of bankruptcy for the fifth time during the 1990-1991 recession.
Corcoran revealed how she was worried she was going to have to close the business after 12 years as she had no money to stay afloat.
To which, her mom responded: ‘Don’t worry about the money. What a waste of time.’
The innovator said that she took the advice on board and came up with a new idea that made her a million dollars the very next week.
Corcoran concluded: ‘I think the carefree attitude of believing that money makes money if you are willing to share it and spend it really works – or, at least, it has certainly worked for me.’
She is also not afraid of splashing out on the things that matter – having recently told chef Dan Churchill that she had a monthly food bill of more than $5,000.
Corcoran founded the residential real estate company The Corcoran Group in 1973 with just $1,000, and sold it in 2001 for $66 million.
She has also been an investor on Shark Tank, ABC’s four-time Emmy award winning show since 2009, investing in over 80 businesses to date.
Corcoran, who lives in a reported $15 million New York City penthouse, has two children — Tom and Kate — with her husband, Bill Higgins, a retired Navy captain and FBI agent.