Why this celebrity investor loathes spending $2.5 for coffee, but gladly pays $240 a month for haircut

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Updated: April 24, 2018 1:43:26 PM

Canadian investor and American reality show Shark Tank star Kevin O'Leary hates to waste money, and would rather invest it to create more wealth. We explore why he's willing to spend $240 on haircut every month.

Kevin O?Leary hates to spend USD 2.5 on a coffee. (Image: Reuters)

Canadian investor and American reality show ‘Shark Tank’ star Kevin O’Leary hates to waste money, and would rather invest it to create more wealth. “Never do I do that, it’s such a waste of money for something that cost 20 cents. I never buy a frappe-latte-blah-blah-blah-woof-woof-woof for $2.50. I drink coffee every morning, and it cost 18 cents to make it, and I invest the rest,” he told CNBC in a recent interview. He advises investors to make wise choices. “The truth is, there is a lot of crap you don’t need. What I’ve learned to do, and what has really helped me in maintaining growth in my own personal investing is, anytime I pick up something I’m going to buy, I say to myself, ‘Do I really need this?” he explains.

According to the expert, the invested money multiplies over the years, and creates wealth even in sleep. “You have to take 10 percent of your paycheck every two weeks and invest it. People say, ‘I can’t afford that! I can barely afford my rent!’ But it’s not true, you buy crap you don’t need every day,” he told the channel.

However, there are a few things for which he’s willing to loosen his purse strings. “A guy like me has to think about haircuts all the time. Why? Because I don’t want to look like Bozo the Clown after two weeks, with the sides growing out,” Kevin O’Leary told CNBC adding that he spends $80 on haircut every 10 days. This works out to about $240 in a month, and roughly $3,000 a year.

The balding middle-aged entrepreneur joked that he wants people to know every one of his left hair strands. “I have a bunch of people in different cities that do this, because I want them to know every one of my hairs. I don’t have that many, so I want them to have a personal relationship with every hair,” O’Leary said.

O’Leary co-founded SoftKey, a technology company that sold software geared toward family education and entertainment. He has appeared in various Canadian television shows, including the business news programmes SqueezePlay and The Lang and O’Leary Exchange, as well as the reality television shows Dragons’ Den and Redemption.

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