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Why 'Shark Tank' Investor Kevin O'Leary Refuses To Spend $2.50 On a Cup of Coffee (cnbc.com)
An anonymous reader shares a report: Kevin O'Leary has invested hundreds of thousands of dollars in small businesses over the course of his tenure as a star and investor on ABC's "Shark Tank." But there is one business to which he refuses to fork over his hard-earned dollars: coffee shops. "Do I pay $2.50 for a coffee? Never, never, never do I do that," O'Leary tells CNBC Make It. "That is such a waste of money for something that costs 20 cents. I never buy a frape-latte-blah-blah-blah-woof-woof-woof for $2.50." Instead, he makes it at home. "I drink coffee, one cup every morning," he explains. "It costs about 18 cents to make it, and I invest the rest." That idea -- saving small sums and investing continually -- is central to O'Leary's personal finance advice. "The truth is, there is a lot of crap you don't need," he explains.
The coffee shop explosion is one of the great rip-offs of our age
So I'm supposed to believe a guy that is worth more than $300 million never buys anything he doesn't need? Sounds legit.
There are lots of things that are cheaper at home. Drinking a beer at home is a lot cheaper than drinking one at the pub, for example. You're not just paying for the drink, you're paying for the use of a big space where you can talk to other people. The problem isn't $2.50 coffee (actually, I'd be astonished if I could buy coffee that cheap around here), it's buying $2.50 coffee every day. Even once a day each week, that's $50/month on coffee. Two coffees a day and it's $100/month. Give that up, and you can afford a nice holiday somewhere, or pay back your mortgage earlier.
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They both were locked into a serious battle in South Asian shampoo market. With all that might of P&G, HL was running circles around them
My niece is a big shot in that circle (now working for Estee Lauder India) she explained the basic difference. "There are women who can not afford shampoo. But once in a while something nice happens, and she feels great and feels like treating herself to luxury. That thirty cent sachet of shampoo is a luxury for her. She will never have enough to buy a whole bottle ever, and will balk at the cost of a bottle. But... on any given day there are about a million such women willing to buy a sachet of shampoo for 30 cents. I am selling 300K a day. 100 million dollars a year."
There are people for whom that 5$ coffee is a luxury they are treating themselves to. The American dream of owning a home and having a comfortable retirement is gone for them. They see themselves working till the day they are going to die. They see 80 year old grandmas trying to work as walmart greeters. From their perspective, "I have 5$ today, I am going to splurge!".
A country this great, this wealthy, with that much of despair among the young ...
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
That's basically the idea behind the Chinese economy boom. Produce the crap for the West but don't buy the shit yourself.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
That's just the man's personality. As someone once said about writing code in a certain scripting language, there is more than one way to do it.
Paying $3 for a cup of coffee every morning for 40 years = $43,800
Paying 20 cents for a cup of coffee every morning for 40 years = $2,920
That's a difference of over $40 thousand dollars. It's a hell of a lot more than that if you took that money and invested it over a 40-year span.
This is advice. Financial advice. And the hipster masses perpetually carrying around a caramel-drizzled fuckachino bitching about always being broke would probably be wise to listen.