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Barbara Corcoran, best known for her role as a savvy investor on television’s Shark Tank, has amassed a considerable fortune through her entrepreneurial ventures. Despite her millionaire status, Corcoran practices frugality in many aspects of her life, avoiding unnecessary extravagance. She shared some valuable tips about where she doesn’t want to spend her money.
1. Flying in first class
Despite the luxury and comfort associated with first class travel, Corcoran chooses not to splurge on business or first class aircraft seats. “I never spend money on a business class or first class plane seat,” she said during an interview with Rachael Ray. Instead, she finds ways to make her coach experience feel first class, demonstrating that comfort doesn’t always have to come at a high price.
2. Designer bag
Another area where Corcoran has cut costs is in the selection of handbags. Contrary to the expectations of her millionaire status, she refuses to spend thousands on designer bags. She likes cheap, durable bags and is not bothered by their low price. His practical approach extends to maintaining his bags over the years, which shows that functionality trumps luxury in his book.
3. Jewelry
On television, Corcoran is often seen wearing charm necklaces. However, she points out that her jewelry is not as expensive as it looks. Setting a personal limit of $30 per piece, she chooses affordable jewelry. This approach not only saves money but also reduces the emotional distress of losing expensive items.
4. Bottled water
Corcoran avoids purchasing bottled water, preferring New York tap water instead. She considers purchasing bottled water to be wasteful both economically and environmentally. His stance of avoiding bottled water is a testament to his commitment to practical spending and environmental awareness.
5. Office Pen
In an interesting move, Corcoran stopped providing the pens to his company’s employees after realizing the significant annual cost ($12,000 per year). This decision, lead to a “bring your own pen” policy, highlighting his keen eye for cutting unnecessary business expenses. This is an unconventional but effective cost-saving measure that underlines their practical approach to business finance management.
Bottom-line
Corcoran’s frugal habits are a lesson in financial prudence. Despite her wealth, she chooses not to indulge in the usual luxury expenditures, instead valuing practicality and cost-effectiveness. His approach shows that regardless of one’s financial situation, it is important to be conscious of spending. By sharing these habits, Corcoran offers valuable insight into effectively managing personal and business finances.
Editor’s Note: This article was generated through automated technology and then proofread and verified for accuracy by a member of GOBankingRates’ editorial team.
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