Getting wealthy isn’t just about earning more, experts say—avoid these four things.

(New York, Jan 6) Shark Tank host and investor Kevin O’Leary says getting rich isn’t just about how much you earn—it’s largely about how you spend. Reportedly worth around US$400 million, he credits his wealth-building to four habits: stop buying new cars, don’t chase a bigger house, cut back on eating out, and avoid fast fashion. In his view, sticking to these rules puts anyone—regardless of income—on a stronger path toward building wealth.

1) Avoid the new-car hit (and pricey leasing traps)
O’Leary argues that buying a brand-new car is one of the worst financial moves because it loses a significant portion of its value right after purchase. He also criticizes long-term leasing, saying you’re essentially paying repeatedly for the use of a depreciating asset.
His preferred move: buy a certified used car around three years old, letting someone else absorb the steepest depreciation.

2) Bring your own meals and invest the difference
He points out that many people claim they can’t afford to invest while routinely spending heavily on lunch, coffee, and convenience meals. The report cites data suggesting Americans spend thousands of dollars a year dining out; O’Leary argues that investing those recurring costs over decades can make a major difference through compounding.
His advice: pack lunch, make coffee at home, and treat dining out as an intentional, worthwhile experience—not a default habit.

3) Buy a home you can truly afford—not the maximum the bank allows
O’Leary calls the “dream home” mindset a potential wealth trap, noting that mortgages, property taxes, insurance, repairs, and upkeep create ongoing cash drain. He warns against buying the most expensive house a bank says you can afford, framing it as a long-term commitment that benefits lenders more than buyers.
His rule of thumb: aim for about half of what the bank says you can afford, so you keep financial breathing room.

4) Looking rich isn’t the same as being wealthy
He criticizes spending on trendy sneakers, designer bags, and frequent upgrades of gadgets, arguing these purchases often deliver short-lived satisfaction while delaying real wealth building. For him, the real status symbol is a growing portfolio, rising net worth, and financial independence—not closets full of items that quickly go out of style.

Overall, O’Leary’s message is that financial struggle often comes from repeatedly buying things that keep you poor. He claims he has seen lower-income earners build meaningful wealth through discipline, while some high earners remain paycheck-to-paycheck because they never change their money habits.