Kevin O’Leary of Shark Tank often speaks of his love of money. The millionaire investor – aka “Mr. Wonderful” – considers himself one of the most selective Sharks in the Tank due to his unwillingness to part with a penny unless he sees a potential profit.
When it comes to expenditures that are meant to enhance your appearance, O’Leary reveals why people should put their money in the bank rather than elusive beauty.
‘Shark Tank’ star recommends the doctor over a diet plan
While O’Leary believes in staying fit and healthy, he finds commercialized diet plans to be misleading and often more expensive than advertised. The Shark Tank investor warns consumers that many of these programs are a money-making racket.
“You’ve seen the ads,” Mr. Wonderful wrote in his 2012 book Cold Hard Truth On Men, Women, and Money: 50 Common Money Mistakes and How to Fix Them. “For as little as $25, you can lose 25 pounds. But what those ads fail to mention is that their program costs a little bit of money to join, but a fortune to lose the weight. That’s because you’re buying their food and their supplements, which is how those companies make their fortune.”
Stating that many of these programs can cost between $5,000 and $10,000, O’Leary advises a more conservative approach to wellness.
“People either never lose the weight or rarely keep it off, yet they all too readily sign up for the next new thing,” he remarked. “Instead, consult your family doctor about a personalized diet plan. It’s free, safe, and as effective as anything else.”
Kevin O’Leary pushes bank over Botox
In his book, O’Leary states that anti-aging services “have the best profit margins on the planet,” while they are also the “worsts wastes of money ever.” Revealing that the beauty industry rarely suffers a financial loss even during an economic downturn, Mr. Wonderful strongly encourages potential buyers to skip the silicone and save their cash.
“Botox and fillers probably won’t make you look younger,” the Shark Tank panelist said. “Just different, and in many cases, they actually make you look worse … and that’s also just my opinion.”
Breaking down the numbers, O’Leary warns that consumers of these type of products are lured into a lifetime of spending with less-than-stellar outcomes. With Botox costing in the neighborhood of $400 per treatment with the recommendation of getting injections three times a year for $1,200, you can end up spending tens of thousands of dollars.
“These companies will do everything in their power to make you continually chase results that will remain elusive,” O’Leary wrote in his book. “And in many cases, you have to keep injecting hundreds of dollars of chemicals into your face every few months until you die … They’re lifetime financial commitments, results not guaranteed. … if you start in your 40s and stop in your 60s, you’re blowing up to $24,000 on procedures that haven’t actually added much value to your life.”
Mr. Wonderful gives his opinion as a TV personality
Suggesting that people focus more on their finances than their faces, O’Leary believes in forgoing any type of media that push these kinds of services.
“Save a dime and stop buying beauty magazines,” he commented in his book. “They’re brainwashing you into thinking that beauty is only about youth and thinness. According to online consumer guides and many honest experts, the cream you buy at the local pharmacy is often as effective as the high-end product.”
With several years of being on camera, O’Leary revealed he’s never been impressed with the outcome of cosmetic injections.
“In my TV work, I have yet to see a face filled with chemicals that looks great,” the Shark Tank investor wrote. “Instead, be graceful about getting old, because when it comes to feeling youthful, vital, and energized, no amount of Botox beats money in the bank.”