6 Financial Tips from the Sharks of 'Shark Tank'

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ABC's
Kelsey McNeal/ABC/Getty ImagesThe sharks of "Shark Tank" are Mark Cuban, Barbara Corcoran, Daymond John, Kevin O'Leary, Lori Greiner and Robert Herjavec.
​Whether you love 'em or you hate 'em, the sharks of ABC's "Shark Tank" have earned their place as some of the most coveted investors and mentors for entrepreneurs. The sharks have all made their fortunes by building businesses from the ground up. And when an entrepreneur enters the shark tank, the sharks let loose with criticism, critiques and -- sometimes -- praise.

But what kind of financial advice do the sharks give when they're swimming outside of the tank? Here's what a few have to say:

Kevin O'Leary on Teaching Your Kids About Money

"There's nothing like family to help motivate people when it comes to being smart with money. It makes sense -- you're more driven to save and invest when you know that your savings will help your kids and grandkids -- not just yourself. And you'll be more careful about big risks when you know that a bad decision can affect your family.

"So, just as my mother taught me about money when I was young, I have done the same for my kids.

"If you haven't done the same yet, get started this year. It's easier than you think -- start by talking about money in general, so it's not a taboo subject. Have some conversations about the importance of saving over the long term. We all feel a responsibility to our families and there's no reason that shouldn't include financial literacy."

Daymond John on Setting Goals

"Five days a week, I read my goals before I go to sleep and when I wake up. There are 10 goals around health, family and business with expiration dates, and I update them every six months. I believe the last thing I read at night will likely manifest when I'm sleeping. You become what you think about the most."

Barbara Corcoran on Selling a Home

"The most influential factor in selling a home is always price. Don't build 'wiggle room' into the asking price. There's a price war out there and you have to win it from the get-go. Shop the competition to see what similar homes are selling for and price your home 10 percent to 15 percent lower so it's the first house shown. Or you can get price estimates from three good brokers and go with the lowest. If you've overpriced your home, then make one big reduction. The worst thing you can do is make a series of small price reductions along the way -- it's the equivalent of chasing the tide as it rolls out."

Mark Cuban on What to Do with $100,000

"First I pay off all my credit card debt and evaluate paying off any other debt I have. What I have left I put in the bank.

"Then I try to create as much transactional value as possible from that cash. I look at my annual budgets for everything and anything, and I look to see where I can save the most money on those items. Saving 30 percent to 50 percent buying in bulk -- replenishable items from toothpaste to soup, or whatever I use a lot of -- is the best guaranteed return on investment you can get anywhere. Then whatever I have left, I keep in the bank and let it earn nothing. Why? Because then it's available for when I get a good opportunity."

Lori Greiner on Not Giving Up

"Don't be afraid. Be confident in yourself and know that you can make anything happen if you put your mind to it, and I really believe that. I know the only failure in life is not trying. So be confident that you will make it happen no matter what. If you hit adversity, that's great –- learn from it, move around it, and go on."

Robert Herjavec on Dreaming Big

"I guess if I had to do it again, I would have dreamed bigger. I never dreamed I could build a $100 million company. I just happened to build a $1 million company that became a $5 million company, and so on. But I never dreamed bigger, because my dad worked in a factory, and my mom was a receptionist, and I didn't know anyone who had made a million, or anything at all like that."

​While we might not have the guts to swim with the sharks of "Shark Tank," we'll take any free advice from them we can get.

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16 Comments

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Pnkfldman

Oddly enough the only legit guy with money is Mark Cuban having the Mavericks. The internet money value can be gone in a day and many have lost 10x the value of "Mr.Wonderful" or Mr.H real estate drops like a bomb as witnessed to a pretty good investor Donald Trump.So, here is my suggestion and practice , don't invest with someone who feels they know everything (Mr.W) or is skiddish like the rest. Money , wealth, material goods come from belief in yourself and what you want to do. these guys are only a step above scam artists and really aren't that rich , ever seen any of them on Forbes? There is a reason: little fish in a big pond.

May 15 2014 at 2:33 PM Report abuse rate up rate down Reply
investorprotector

Mark Cuban is right. You need to save money before you can invest. Investors need a plan: first is debt reduction/elimination, then a budget to start saving, next an investment plan. Once you have a family or some wealth accumulated, you need a financial plan and possibly an estate plan. Always use a fee-only planner to eliminate commission driven product sales. Get a PLAN. Investors don't plan to fail, they fail to plan.

May 11 2014 at 9:05 AM Report abuse rate up rate down Reply
1 reply to investorprotector's comment
weilunion

One needs a job to save money. America is bleeding jobs day after day.

May 11 2014 at 6:02 PM Report abuse +1 rate up rate down Reply
alfredschrader

Want to have more money ? Don't spend it.
Money and wisedom are directly proportional: Make wise decisions and make more money, make foolish decisions and kiss it goodbye.
Best source for wisedom ? The Proverbs section of the Holy Bible.

May 10 2014 at 9:24 PM Report abuse -2 rate up rate down Reply
1 reply to alfredschrader's comment
weilunion

What are you a shill? How does one eat if they do not spend? You love inequality don't you?

May 11 2014 at 6:03 PM Report abuse rate up rate down Reply
weilunion

Sharks? They brought down the American economy and asset stripped the country.

Another corporate produced article trying to tell me I should tie my interests with the one percent.

Most people have no jobs or few. The amount of people on food stamps is incredible. Maybe we can use Food Stamps as the US currency when the dollar collapses.

May 10 2014 at 2:01 PM Report abuse -3 rate up rate down Reply
1 reply to weilunion's comment
analyst0042

And I bet with that lousy attitude you will continue to be poor and bitter.

May 11 2014 at 5:26 PM Report abuse +3 rate up rate down Reply
1 reply to analyst0042's comment
weilunion

Am I poor? How do you know. Take on the argument don't shoot the messenger. Americans are really dumb and have no reasoning ability at all. thanks for the evidence

May 11 2014 at 6:04 PM Report abuse rate up rate down
impactvqi

you have to have money to make money dream big

May 09 2014 at 7:03 PM Report abuse +2 rate up rate down Reply
1 reply to impactvqi's comment
weilunion

Just dream and then one day you will wake up and be dead. Why not dream of a social system that works?

May 11 2014 at 6:06 PM Report abuse rate up rate down Reply
Valerie

A very refreshing change from the usual tripe that DF serves up.

This article has so much good advice in it that I wish DF would make it a regular feature.

May 09 2014 at 1:47 PM Report abuse +1 rate up rate down Reply
3 replies to Valerie's comment
carriecm40

vvvvv

May 09 2014 at 11:46 AM Report abuse +1 rate up rate down Reply