Kevin O’Leary may be able to afford to splurge on things like expensive watches, but he also saves money by doing some of his shopping at Walmart.
Earlier this week, the “Money Court” judge and O’Shares ETFs chairman posted a video to Instagram from his most recent visit to the superstore ahead of an upcoming business trip, donning a baseball hat and mask so he could shop anonymously.
The reason he’s drawn to Walmart is simple: the store’s prices are “a fantastic deal,” O’Leary says.
“I hate wasting money,” he say “I just don’t get why you would do that. It’s so hard to make it in the first place
O’Leary particularly likes the superstore’s grocery section, even preferring it to high-end food purveyors, he says.
“I’m not embarrassed to shop at Walmart,” O’Leary says. “I can go to a high-end butcher and pay 40% more for roast chicken. It’s still a chicken. Why am I paying 40% more? I’d rather drive to Walmart and buy it there.”
He says that he sees the most “egregious” waste of money on clothing and shoes. Though he’s fine with spending more money on well-made clothing, such as “a Chanel jacket, which is going to last your whole lifetime,” he says that paying a lot for basics like t-shirts and jeans is “nuts.”
“I’m wearing my $20 jeans [from Walmart] right now and they feel pretty good to me,” he says.
O’Leary has tried to pass down his philosophy to his children, saying that chasing good values in the short term can pay off in the long run.
“That to me is showing that you understand the value of money and you’re not stupid about it,” O’Leary says. “And you’re also saving a ton of money that you can invest and make 6, 7, 8% a year on and use it later in your life.”
But there’s one clothing item you won’t find O’Leary picking up at Walmart: underwear.
“My underwear cost $120 each,” O’Leary
O’Leary said he buys his boxers from Zimmerli of Switzerland, a company that has been hand-crafting underwear since 1871.
So what we learn from this article save money because its very hard to make money in this challenging era.