Barbara Corcoran Says This is the Biggest Mistake Women Make With Their Money
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David Nadelle
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T. Woods
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Always forthright about the tough grind she experienced to establish her career and financial success, real estate mogul Barbara Corcoran has learned from her mistakes and has amassed a wealth of knowledge and a throng of followers throughout her years buying and selling property.
When it comes to the biggest mistake women make with their money, the author, podcaster and “Shark Tank” investor is typically candid. “They don’t spend it,” she told BuzzFeed News.
“And I know that’s counterintuitive,” she admitted. “I am not a believer in saving money. I am a believer in spending money as fast as you can, and believing that more money will come.”
Corcoran is a trusted advisor, admired for her straight-forward, inspirational rallying cries to entrepreneurs struggling to find their place in the financial game of life. So, it sounds weird to hear her tell CNBC things like, “I’ve never saved a dime my whole life.”
“I think the carefree attitude of believing that money makes money, if you’re willing to share it and spend it, really works, or at least it has certainly worked for me,” she continued. “And I don’t believe in hoarding money, saving money, everything like that. Because for me…it would take my spirit away.”
Of course, Corcoran — who made part of her estimated $100 million fortune after selling her real estate company, The Corcoran Group, to NRT Inc. for $66 million in 2001 — isn’t recommending people go out and spend willy-nilly. But without putting in the research, investing in yourself and taking your best shot, you’ll never know what you can accomplish.
As long as you’re spending your money on the right things, you’ll minimize risks. “That has happened to me my whole life,” Corcoran said. “And I even get that from my mother because even though she could barely make ends meet, she had a firm belief that it would all work out, and it always did. She really taught us to believe that it will all be fine.”
Corcoran has built up an impressive portfolio of personal property over the years — including a $15 million penthouse in New York City and a $1 million mobile home in a Los Angeles trailer park — and is currently starring in the 15th season of “Shark Tank” alongside Mark Cuban, Lori Greiner and Kevin O’Leary.
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