“Shark Tank”‘s Kevin O’Leary has given out some good business advice in the past, but don’t look to him for food budget suggestions.
On a recent episode of “Make It“, the Canadian investor revealed that he spends $1,000 on food a day.
“I’m on the road all week, five days a week. I’m spending about $1,000 a day on food,” or $5,000 a week said O’Leary. “For example, today’s breakfast cost me about $200,” he added. “It was a very important meeting with somebody I have to do business with.”
That adds up to $260,000 a year.
Mr. Wonderful said he will always pick up the check because he doesn’t “want to owe anybody anything.”
Yet O’Leary understands that he is a “bad example” and suggests that people create a budget for eating out based on their salary.
“Look at your paycheck and do not spend more than 20% of your after-tax paycheck on dining out,” he suggested. O’Leary also thinks that most people should eat at home at least four days a week.
“If you really want to save money, make it six days [a week] and splurge only one night a week,” he advised. But he also said that you should never go cheap on grocery shopping.
“Food is the engine of the body. You should think about what you’re putting into your mouth every day.”