Expert Describes the Biggest Mistake Women Make with Money

By: Beth Moreton | Published: Mar 27, 2024

Barbara Corcoran has been a leading expert for many years when it comes to money and finances.

Corcoran has stated the one big mistake that many women are making with their money, and it is one that many might find intriguing.

Barbara Corcoran Is a Leading Investor on Shark Tank

The Barbara Corcoran website states that she is a business owner, investor, and executive producer on “Shark Tank.”

Barbara Corcoran. She is standing in an office hallway in a nude dress and yellow jacket. There is an office room behind her with a man sitting inside, along with two cameras on tripods.

Source: Jacqueline Zaccor/Wikimedia Commons

She was able to turn a $1,000 loan into a billion-dollar business, so it’s safe to say that she knows what she’s talking about when it comes to money. 


Barbara Corcoran Shares the Biggest Mistake Women Make with Money

As a leading investor and businessperson, Barbara Corcoran shares how to increase money and the mistakes people are making with it.

A woman sat at a wooden table with her laptop and phone on top. There are a couple of piles of dollar notes on the table and she is calculating the amount of money she has.

Source: Tima Miroshnichenko/Pexels

According to Corcoran, one of these mistakes is that women save money rather than spending it, as reported by BuzzFeed News

Barbara Corcoran Doesn’t Believe in Saving Money

For centuries, people from all over the world have been constantly being told to save their money, either for big spending like a house or car or just in case of a rainy day.

A woman sat at a white table using a calculator. There is some money in a briefcase to the side of her, as well as some $100 notes scattered across the table.

Source: Tima Miroshnichenko/Pexels

However, Corcoran doesn’t believe in that. She says that she instead believes in spending money. She just believes that more money will come.

Barbara Corcoran Got This Belief from Her Mother

The belief of spending money fast as opposed to saving it had to come from somewhere, and Corcoran said that she got this belief from her mother.

Barbara Corcoran. She is standing against a black background, smiling and looking slightly off to the side.

Source: Philip Romano/Wikimedia Commons

Corcoran said that her mother often struggled to make ends meet but was a firm believer that everything would eventually work out, something Corcoran has carried with her throughout her whole life. 

Barbara Corcoran Has Never Saved Any Money

Many people might believe that one of the world’s leading businesspeople has some money saved up, but she doesn’t.

A person holding a silver coin between their thumb and forefinger.

Source: Vergil Cayasa/Unsplash

CNBC has reported that Corcoran has “never saved a dime” her “whole life,” the opposite of the advice others have given over the years. 


Barbara Corcoran Also Hates Women with a 'Victim Mentality'

In addition to telling them to spend instead of save, Corcoran hates it when women display a victim mentality about money and business.

A woman looking sad. She is holding her hand next to her face, with her forefinger directly beneath her nose.

Source: Mart Production/Pexels

She will tell them that they need to act like the woman that their daughter would be proud of. Sometimes, she even goes so far as to say that they should be ashamed of themselves for displaying a victim mentality.


Barbara Corcoran Sold Her Business and Immediately Spent the Money

CNBC reported in May 2023 that Corcoran struggled to negotiate a sale price for her business, which was eventually sold for $66 million.

Two men in suits shaking hands with a woman standing next to them. There is a laptop in the foreground with a piece of paper on top. Both the laptop and the piece of paper have various charts on them.

Source: pressfoto/Freepik

While most people would probably save at least some of this money, Corcoran said that once she knew the sale price, she immediately thought of what she could spend it on.


You Have to Spend Your Money on the 'Right Things'

While Corcoran has said that people should spend instead of save, she has also said that people need to be spending their money on the right things, according to Yahoo! Finance

A woman sitting at a wooden table. She is holding a credit card and is smiling. She is surrounded by different colored shopping bags.

Source: Andrea Piacquadio/Pexels

One of these things that Corcoran spends her money on is startup businesses, as she believes that spending her money on these businesses will result in her making a profit.


There Is a Psychology Behind Saving vs. Spending Money

CNBC has said that there is a psychological difference between people who save money vs. people who spend it.

A man holding his wallet in his hands. There are some dollar notes inside and he is pulling out a $50 and a £20 note.

Source: Karolina Grabowska/Pexels

The difference between the two is essentially how you feel when you have to part with money, with spenders tending to be happier about spending their money, while the thought of having to spend money can stress savers out.


Mark Cuban Suggests a Different Approach to Money

Whilst one “Shark Tank” investor is saying to spend your money and not bother saving, another states the opposite.

Mark Cuban. He is wearing a suit and is holding a microphone. There is a round table to the side of him with a bottle of water on top.

Source: Gage Skidmore/Wikimedia Commons

Mark Cuban, who works alongside Corcoran, has said that the best way for people to get rich is to save money, according to The Mark Cuban Weblog


Barbara Corcoran’s Method Works … For Her

It is always important to base any financial advice on what works best for you, and that is exactly what Corcoran has done.

A woman sitting at a wooden table. She has a pile of dollar notes and a pen in her hands. A notebook and calculator are on the table.

Source: Karolina Grabowska/Pexels

She has said that having this carefree attitude and that sharing and spending money makes money has worked really well for her, and she truly believes that this will work really well for other people too.