Disinformation/misinformation in personal finance

‘I’ve never saved a dime’: Shark Tank’s Barbara Corcoran has spent her millions, Yahoo Finance recently reported. She gives it away by investing it in business or other people the returns have kept coming back.

The article also mentioned another Shark, Mark Cuban, who has opposite philosophy when it comes to money.  In 2015, Cuban shared his tips on how to get rich: “Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald’s, eat mac and cheese. Cut up your credit cards. If you use a credit card, you don’t want to be rich. The first step to getting rich requires discipline. If you really want to be rich, you need to find the discipline.”

The title of article “I’ve never saved a dime” is almost like a click bate. The philosophy of Corcoran and Cuban are not opposite. It is all about the phrase “saving money”. It has different meanings in different contexts and background.

First, we have to earn and save money before we can give it away. If Corcoran didn’t earn enough or just spent it all on herself, she got nothing to give away. She did save money first.

Second, save money sometimes means to limit spending. It is not in conflict to investing or giving to charity. It lays the foundation for investing and philanthropy. What Cuban said about saving is exactly that – cutting costs and limit spending.

Third, save money sometimes means only to put all of them or most of them in saving account or worse, under mattress. 😊 This is not investing because there is no return or return is very low. Cuban and Corcoran didn’t do that. They both invest in other businesses/start-ups. That’s why they are in Shark Tanks because they are touted as they got eyes for talents who can start successful business with good return of investments.

In conclusion, these two sharks are not different in their money philosophy. Who wrote that Yahoo Finance article? 😊 Is this just a distraction or try to confuse readers?

Published by Worthfy

Financial literacy and counselling

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