Barbara Corcoran: 6 Things She Splurges On
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However, like all accomplished entrepreneurs, she knows not only where to save but when and where to spend. There are specific areas where Corcoran chooses to invest her wealth, reflecting her values and passions.
Here's a closer look at where she allows herself to splurge.
Corcoran's primary indulgence lies in Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck, as you may have guessed from her overwhelming professional expertise and success. She owns multiple properties, including a 2,700-square-foot apartment on Park Avenue purchased for $3.5 million in 2001 and a Fifth Avenue penthouse acquired for $10 million in 2015, according to House Beautiful.
These investments not only serve as personal residences but also as venues for hosting family and friends, ensuring her properties are continually filled with loved ones. She finds immense satisfaction in knowing her homes are enjoyed by others, telling People Magazine, 'There's not a single bed in any of my homes that's ever empty.'
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Corcoran values creating lasting memories with family and friends. Her first significant splurge was in the early 1970s when she rented a boat in Turkey, accommodating 18 people, including her parents, husband, son, nieces, and nephews. According to Forbes, this trip, which she fondly recalls as feeling like 'the jet-setters of the universe,' became a cherished experience.
Early in her career, Corcoran recognized the importance of presenting a confident image. After earning her first commission check of $340, she invested $320 in a high-quality peacoat from Bergdorf Goodman. This purchase, which she described to Entrepreneur as 'the best investment I ever made,' provided her with the confidence to pursue greater success. The coat symbolized her commitment to her professional image and ambition.
Barbara Corcoran knows how to enjoy good food, especially when she's traveling. She loves treating herself to great culinary experiences, showing how much she values savoring life's pleasures –particularly when it comes to a delicious meal, as she told Rachael Ray on a guest appearance on the 'The Rachael Ray Show.'
While Barbara Corcoran is known for her savvy financial decisions, she also believes in enjoying the fruits of her labor. She takes an annual trip with her girlfriends or sisters — most recently to Greece according to Forbes and although she looks for deals at discount hotels she also loves to stay at the swanky Four Seasons.
Corcoran's generosity extends to her family and friends. Although she personally prefers to fly coach, she saves money and accumulates miles to gift free vacations to her loved ones. She explained to People Magazine, 'I have everybody in my family flying on my free miles.' This approach allows her to share her success, providing memorable experiences for those she cares about.
Barbara Corcoran's spending habits strike a nice balance between being smart with money and treating herself now and then. She focuses on spending in ways that improve her life and the lives of the people she cares about, showing that wealth is a great way to create lasting memories and support the ones who mean the most.
You can adopt these habits on any budget, by focusing on creating meaningful experiences with loved ones, like a weekend trip or cooking class, instead of accumulating material items. Buy fewer, high-quality items that last longer, and choose one special splurge that truly brings you joy. When it comes to travel, plan carefully and look for deals that still provide a luxurious feel, like boutique hotels or budget-friendly airlines.
In the end, even if you're not a 'Shark Tank' investor, you can still make savvy choices that balance enjoyment and long-term rewards — just like Barbara Corcoran does!
More From GOBankingRatesI'm Retired and Regret Not Claiming Social Security at 65 -- Here's Why
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