On a recent Instagram post, “Shark Tank” superstar Barbara Corcoran listed several money rules she said she wishes she had known sooner. Before Barbara Corcoran became a household name on “Shark Tank,” she was a real estate mogul in New York City who sold her company for $66 million.
Since then, she has invested in numerous startups that pitched their ideas on “Shark Tank.” Her most lucrative deal was Comfy, a company that’s made her $470 million even though she only invested $50,000 in it.
Suffice to say, Corcoran knows how to master money. Here are some of her top tips for creating wealth.
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Spend Less Than You Make
It seems simple, and it’s probably advice many people have heard before. Corcoran brings up a good point, however, when she says, “You can’t create wealth if you’re always playing catch-up.”
According to the Federal Reserve Bank of New York, total household debt in the United States reached $18.20 trillion in the first quarter of 2025. This includes mortgages, student loans, auto loans and credit cards. That means millions of people have some type of debt, and making monthly debt payments prevents them from investing that money for their future.
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Set Aside ‘Mad Money’
Corcoran says “mad money” is extremely important for people to put into their budget. This is fun money that they can decide to spend on themselves guilt-free. Corcoran adds that even if it’s $10, it’s worth it for people to spend something on themselves.
Corcoran encourages people to use this money on things that will make them “feel like a million bucks.” So, that might be a new nail polish, a fancy cup of coffee or a new pair of shoes. Whatever it is, it’s money that she encourages people to spend on themselves, regardless of other circumstances.
Bet On Yourself
Corcoran is well known for taking risks and betting on herself. She recently shared the letter she sent to “Shark Tank” producers after they initially rejected her on Instagram. Of course, because she didn’t give up, she got the role on the show, which changed the trajectory of her career.
Corcoran explains that when it comes to money, you have to bet on yourself. She wrote to her followers, “Believe you’re worth the risk, and take it!” Whether you want to save more money, learn how to invest or build a multimillion-dollar business like Corcoran did, believing in yourself and creating a vision for your future can help you get there.
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This article originally appeared on GOBankingRates.com: Barbara Corcoran’s Top 3 Tips for Getting Richer
