'Shark Tank' star Kevin O'Leary says buying lunch or coffee is like burning money — and risks delaying retirement

• Buying luncheon aliases a cup of java is simply a stupid discarded of money, Kevin O'Leary says.
• The "Shark Tank" prima says small treats wounded people's savings and tin moreover hold their retirement.
• "You spell to work, you walk $15 connected a sandwich — what are you, an idiot?" he said connected a podcast.

Lunch bowls, cups of coffee, and different small indulgences mightiness look harmless. But nan costs adhd up quickly and time off little money to invest, which tin yet force group to hold retirement because they haven't saved enough, Kevin O'Leary says.

In "Cold Hard Truth connected Men, Women & Money," O'Leary spelled retired nan dangers of squandered cash. "Ghost Money is dormant money, money wasted connected stupid things, money that should person been invested instead," he said successful nan 2012 book, complaining astir "how casually money is flushed down nan toilet."

The "Shark Tank" investor and O'Leary Ventures president calculated that personification who spends $10 a time connected cigarettes, $12 a week connected coffee, $8 a week connected magazines, and $200 a period connected lunches for 20 years has efficaciously "set occurrence to" astir $276,000, assuming they could person earned a 6% compounded yearly return connected their money instead.

"If you walk a wad of rate connected cappuccinos and magazines successful your twenties, there's a bully chance you'll beryllium serving java aliases moving successful a mag stall successful your seventies to pay for your retirement," he said.

Fewer group bargain magazines now, but successful O'Leary's example, they could easy beryllium substituted for streaming subscriptions aliases food deliveries. He advised cutting retired impulse purchases and parking nan resulting savings successful a dedicated finance account, arsenic group find it easier to springiness up bad habits erstwhile they tin spot their balances grow.

O'Leary, nan self-proclaimed "Mr. Wonderful," is known for being blunt astir bad ideas and frank successful his feedback. He scolded money-wasters connected nan "Erika Taught Me" podcast past year, a clip of which he shared connected Instagram successful September.

"Stop buying java for $5.50," O'Leary said, bemoaning that 15% to 20% of galore people's regular spending is connected "stupid stuff."

"You spell to work, you walk $15 connected a sandwich — what are you, an idiot? It costs you 99¢ to make a sandwich astatine home and bring it pinch you," he said. "You commencement to adhd that up each day, it's a ton of money."

O'Leary added that young group conscionable starting their careers successful cities often "piss distant astir $15,000 a year" erstwhile they're not earning much, and being so frivolous tin lead to financial troubles.

The personage investor has shared plentifulness of individual finance tips complete nan years. He's recommended treating purchases for illustration investments, warned against lending to family, advised couples to keep their finances separate, and told group to get joined younger and person much kids.