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Kevin O’Leary Blasts 9 Money Mistakes That Can Wreck You After 50

Small spending, debt, and emotional habits can derail your finances.

By Stacy Garrels , Edited by Kristy DeSmit

Updated April 6, 2026

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By the time you hit 50, financial mistakes cost a lot more than they did in your 30s. There's less time to recover before retirement, and fewer chances to course-correct.

Kevin O'Leary, the blunt "Shark Tank" investor, says people are bad with money due to "minor" financial mistakes. In particular, O'Leary blasts these nine everyday habits that prevent people from achieving wealth.

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Stop wasting money on small, recurring expenses

That $5 coffee or $28 lunch might feel harmless, but O'Leary says these habits can cost you thousands. One $28 weekly lunch could grow to a ripe nest egg if invested over decades at typical market returns.

After 50, you don't have decades left to recover those missed gains, which makes every dollar more important.

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Avoid using credit cards for things you can't afford

O'Leary warns that using credit for lifestyle spending creates long-term financial damage because interest keeps accumulating long after the excitement of the initial purchase fades.

After 50, carrying high-interest debt can eat into retirement savings and limit your ability to live on a fixed income.

Don't let emotions drive your spending

Many people overspend because it feels good in the moment, not because they actually need what they're buying.

O'Leary says mixing emotions with money is an impulsive cocktail that leads to poor financial decisions. He warns against letting emotional spending derail long-term plans.

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Stop buying things that create ongoing costs

O'Leary draws a sharp line between money and "stuff," noting that possessions often come with hidden, ongoing expenses like storage, maintenance, repairs, and upgrades.

These recurring costs can erode your budget as you near the home stretch toward retirement, when incomes often decrease.

Don't ignore how quickly small habits add up

O'Leary estimates that many people earning $60,000 a year can waste up to $15,000 annually on unnecessary spending.

Losing that kind of money each year becomes far more damaging later in life, when you have fewer earning years left to make up for any savings shortfall.

It's not just dining out and monthly subscriptions. Small habits, like maintaining a wardrobe too large (a sin he thinks we're basically all guilty of), wasting groceries (tossing out moldy produce), or foregoing free resources, all take a toll.

Avoid locking yourself into long-term payments

From subscriptions to financing plans, O'Leary warns that many purchases cost you long after the excitement fades — like being stuck paying for something you no longer care about.

O'Leary may have a point. Will you still be as excited to pay $488 a month for a used 2022 SUV, six years from now, as you are today?

Asking myself that question stopped me from financing a car and deciding to save up and pay cash.

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Stop confusing lifestyle upgrades with financial progress

Buying bigger homes, nicer cars, or more expensive clothes often feels like success, but O'Leary says these choices drain wealth rather than build it.

At this stage of life, he says, preserving wealth matters more than signaling it. O'Leary discourages lifestyle creep that comes with increased earning power.

Don't underestimate the power of consistent investing

O'Leary recommends investing about 15% of your income consistently. He says that long-term discipline, not income level, is what builds real wealth.

After 50, consistency becomes even more critical, since you're relying on what you've built rather than what you can still earn.

Avoid impulse spending by adding friction

One of O'Leary's more practical tips is to "freeze" your credit cards — literally putting them in the icebox — to create a pause before spending.

That delay can help you decide whether a purchase is truly worth it.

I get it. I've deleted my credit card numbers from DoorDash to make it harder to order takeout. When I'm too lazy to dig out my Discover and punch the numbers into my phone, I wind up cruising the pantry instead and cooking the easiest thing I can find.

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Bottom line

Kevin O'Leary's advice boils down to one idea: Small decisions matter more than you think, and they matter all the more after 50.

With less time to recover from mistakes, avoiding debt, controlling spending, and staying disciplined with investing can make the difference between financial stress and long-term security. Even modest changes today can help protect the life you've spent decades building.

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