7 Frugal Habits of Shark Tank Stars

Mark Cuban and Kevin O’Leary are known for their ability to handle their moneybut some of their frugal habits are a little quirky. But learning from them can help you with your finances. Here are seven ways these and other Shark Tank stars save pennies and preserve your wealth.

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Mark Cuban won’t spend money on fancy watches

When Cuban sold his first company, he said Eh! News he vowed never to wear a watch again. The Dallas Mavericks co-owner says giving up watches means freedom for him.

“When I sold my first company when I was 29, the only watch I ever owned was the one my father gave me. I took it off, put it aside and said, “Now that I sold my company, I won’t have to work on someone else’s time anymore, so I’ll never wear a watch again,” he explained.

It’s a big contrast to fellow Cuban shark O’Leary, who is known to love buying expensive watches. His colleagues sometimes joke with O’Leary about this shopping habit. “If he tells me about watching one more time, I think I’ll shoot him,” Barbara Corcoran said in a video for Us Weekly.

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Todd Graves doesn’t fly on private jets

Graves told E! News that he can’t stomach the cost of private flights, at least when traveling abroad. “For these dollars, I’ll just take a regular plane,” he said.

Barbara Corcoran doesn’t fly first class

A seasoned investor, Corcoran is even more frugal than Graves, at least when it comes to flying. She told GOBankingRates that she never flies first class no matter where she goes. However, she brings her own touch of luxury by packing herself a gourmet lunch with a bottle of wine and elegant table linens every time she flies.

Lori Greiner doesn’t buy expensive cars

The QVC queen told E! In her opinion, buying expensive cars is too risky. Greiner said she would never buy a Lamborghini “that could crash and be ruined in a minute.”

Kevin O’Leary won’t buy a yacht

Canadian-Irish businessman and journalist O’Leary may have spent a lot of money on his watch collection, but says he would never fork out for a yacht. Shark joked with E! News that “you can see the money burning off them.”

Daymond John uses the $3 rule

According to FUBU founder John, there is a simple rule for saving money and staying out of debt. video in YouTube Shorts. He says his “three dollar rule” works whether you make $3, $3,000 or $3 million.

John’s system works by dividing your income into three buckets or “dollars.” The first dollar goes towards paying for essentials such as food, bills and housing. The second dollar should be used for investment. Finally, a third dollar can pay for luxury goods.

In other words, luxury comes last. John said that most Americans tend to forget this rule. “Most Americans do what they do first because they’ve worked hard and want to treat themselves. Then they never get to number two and suddenly number one is late and you’re paying 18% on your credit cards,” he explained.

Chris Sacca doesn’t buy things he doesn’t need.

Sakka may have most economical advice of all. According to the entrepreneur and venture capitalist, people shouldn’t waste money on things they don’t need. Sakka said that life extremely simple, frugal life this is the best way to buy yourself freedom from the rat race. After all, if you don’t have an expensive lifestyle, you can afford to start your own business or change careers.

“People put themselves in debt by spending money on everything they want,” Sacca said. “But if you learn to live quite simply and well, within your means, you will feel incredibly, incredibly rich, and it will free you and give you the opportunity to start something new, to quit a job that you don’t like, where there may be be a glass ceiling. Just don’t waste your money and you’ll be on your way to becoming a millionaire.”

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This article originally appeared on GOBankingRates.com: 7 Frugal Habits of Shark Tank Stars