Real estate mogul and “Shark Tank” investor Barbara Corcoran says she doesn’t believe in saving money or relying on traditional business plans.
Never Saved A Dime
Speaking on a podcast, Corcoran said, “I don’t believe in saving money,” explaining that her business decisions are based more on instinct and what feels workable in the moment than strict financial planning.
She also said she avoids formal business plans, arguing they have limits. “I’m just not a big believer in business plans because they only take you so far,” Corcoran, whose net worth is around $100 million said. “But if you have an image of who you want to be, nobody can touch it.”
“I’ve never saved a dime in my life,” Corcoran said on “The Burnouts” podcast, which was broadcast on April 23.
Corcoran founded her namesake real estate firm and eventually sold it for $66 million in 2001.
She said she was not focused on saving at the time of the sale, telling hosts Phoebe Gates and Sophia Kianni, “When I sold my business for $66 million, my first thought was, ‘What can I spend it on?’” according to Fortune.
She added that she distributed most of the portion of the proceeds, saying, “I gave half of it away to family, friends, funds, and charities,” Corcoran said.
Her core belief, which runs counter to conventional financial advice, is that spending money can create opportunity and movement rather than loss or depletion.
“When you spend money, it comes back to you,” Corcoran said, according to Fortune. “Money is meant to be spent.”
Corcoran grew up in a large household in New Jersey with nine siblings and a single mother, and she has often said that mindset shaped how she approaches risk, money, and decision-making today.
Though her philosophy avoids strict planning, it has at times backfired, with Corcoran acknowledging periods of serious financial strain during her business career.
Corcoran once said, “One time, I was almost going bankrupt for maybe the fifth time!” Corcoran said, according to Realtor.com.
When she told her mother she might need to shut down her company and lay off employees, Corcoran said she received blunt guidance instead of reassurance.
“Don’t worry about the money. What a waste of time,” Corcoran said, according to Fortune.
She argues those experiences ultimately shaped her success, pushing back against the idea that wealth comes from accumulation alone.
“I never got rich by saving; I got rich by allowing money to come and go,” Corcoran said, Realtor.com reported.
Corcoran may not rely on detailed planning, but she is decisive in execution, including during the sale of her company, where she held firm on a specific valuation.
She refused to accept less than her target price, saying, “No. I’ll only take $66 million, exactly $66 million,” Corcoran said, according to Fortune.
She later reflected on the outcome of that negotiation, saying, “But what do you think they paid me? $66 million,” Corcoran said, Fortune reported.
