/images/2023/09/14/woman_using_laptop.jpg)
/images/2019/12/06/smart_strategies_to_save_money_on_car_insurance.jpg)
:format(webp)/images/2024/09/18/kevin-oleary-desk-1200x628.jpg)
/authors/chris-lewis-headshot.jpg)
/authors/laura_hohenstein_headshot.jpg)
Add Us On Google
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 building real wealth.
Set up direct deposit - pocket $400
Set up an eligible direct deposit with SoFi Checking and Savings and you could pocket a bonus of up to $400. Make the switch, set up direct deposit, earn the bonus. It basically takes no extra work at all other than following these steps.
Why people are switching: This account earns up to an insane 4.00% APY1 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> on savings for up to six months (3.10% APY standard + 0.90% APY boost) on top of that $50 or $400 bonus.2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> That's way better than the measly 0.38% APY (as of 06/15/26)3 <p>Based on <a href="https://www.fdic.gov/national-rates-and-rate-caps">this</a> FDIC data, as of 6/15/26.</p> national average savings accounts offer.
No monthly fees and no surprises. Open your account and earn up to a $400 bonus
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.
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.
Resolve $10,000 or more of your debt
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.4 <p>Please note that all calls with the company may be recorded or monitored for quality assurance and training purposes. Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating. "Debt-Free" applies only to enrolled credit cards, personal loans, and medical bills. Not mortgages, car loans, or other debts. Results vary.</p>
Sign up for a free debt assessment here.
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.
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.
Earn $100 cash rewards bonus with this incredible card
The Wells Fargo Active Cash® Card (Rates and fees) has no annual fee and you can earn a $100 cash rewards bonus after spending $500 in purchases in the first 3 months.
Cardholders can also earn unlimited 2% cash rewards on purchases.
The best part? There's no annual fee.
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 wasting money, 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.
This article is for informational purposes only and should not be considered investment advice.
More from FinanceBuzz:
- Retire like the rich: 14 ways you could build wealth in your 50s.
- Find out if you could pay less for car insurance in just a few clicks.
- Make these 7 savvy moves when you have $1,000 in the bank.
- 14 moves seniors could benefit from but often forget about.
/images/2021/04/21/adobestock_192812280_1200x628.jpg)
/images/2019/12/06/smart_strategies_to_save_money_on_car_insurance.jpg)
/images/2025/01/28/adobestock_628402894_1.jpeg)
/images/2024/09/04/adobestock_669069249_editorial_use_only_1.jpeg)
/images/2020/03/02/tattoo-woman-bar.jpeg)
/images/2020/12/21/smiling-couple-looking-at-laptop-screen.jpeg)
Intro Offer
INTRO OFFER: Unlimited Cashback Match for all new cardmembers. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300
Annual Fee $0 Why we like it
/images/2025/01/23/discover_it_cash_back_card_art_gold.png)
/images/2025/02/04/person_using_card_in_atm.jpg)
/images/2020/06/29/pensive-woman-looking-at-laptop-screen.jpeg)
/images/2026/05/27/senior-parents-adult-daughter-embrace.jpg)
/images/2024/10/04/bonds_next_to_american_dollars.jpg)
/images/2023/07/17/kroger_exterior_grocery_store.jpg)
/images/2026/09/10/woman_filling_up_car_at_gas_pump.png)
/images/2026/07/20/trump-medicare-drug-plan.png)
/images/2024/03/03/woman-with-money.jpg)
/images/2026/03/31/cfpb-paper-american-flag.jpg)
/images/2026/07/14/mark-cuban-health-care-costs.png)
/images/2026/02/11/mark-cuban_1.jpg)
