When it comes to your personal money philosophy, you may be a spender or you may be a saver — or fall somewhere in between. Barbara Corcoran, however, is a spender all the way.
“I’m just not a believer in saving money,” she once told CNBC. “I’ve never saved a dime my whole life.”
Read Next: 7 Frugal Habits of the ‘Shark Tank’ Stars
Find Out: 6 Things You Must Do When Your Savings Reach $50,000
Here’s a closer look at Corcoran’s money philosophy and how it’s worked for her.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
Corcoran Puts Her Money To Use
Rather than putting money into savings, Corcoran likes to spend and/or give her money away as soon as she gets it.
“When I sold my business for $66 million, I immediately thought, ‘What could I spend it on?’” she told CNBC. “I gave half of it away to family, friends, education funds [and] charities, because I really believe if you spend money, it comes back to you.”
Barbara Corcoran: This Is the ‘Real Problem’ With the Housing Market Right Now
Taking Her Mom’s Advice
Corcoran said that she inherited her attitude about money from her mother.
“I had a mom who raised 10 kids on a shoestring budget, and she always said, ‘Money’s meant to be spent.’ And she didn’t have much to spend,” she told CNBC.
Corcoran said that when her company was on the verge of bankruptcy, it was her mother who told her not to panic. When she explained to her mother that she was about to announce she was closing her business after 12 years because she did not have enough money to stay afloat, her mother responded: “Don’t worry about the money — what a waste of time!”
Corcoran said that taking her mind off the panic allowed her to concentrate on solutions.
“I thought of a new idea that made me a million dollars the next week!” she said. “So 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.”
More From GOBankingRates
I’m a Realtor: This Is Why No One Wants To See Your Home
Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart?
4 Things You Should Do if You Want To Retire Early
7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month
This article originally appeared on GOBankingRates.com: Barbara Corcoran Says She Doesn’t Believe in Saving Money — What She Does Instead
