Kevin O’Leary, of “Shark Tank” fame, strongly advises against using debt to fund vacations. He believes it’s fundamentally unwise to accumulate debt for a fleeting experience like a vacation, which provides no tangible return on investment. O’Leary argues that vacations are purely discretionary spending and should only be funded with disposable income, not borrowed money.
He criticizes the common practice of using credit cards to finance vacations, especially when individuals lack the financial discipline to pay off the balance immediately. He emphasizes that high-interest rates on credit cards can quickly turn a relatively inexpensive vacation into a much larger financial burden.
O’Leary advocates for budgeting and saving specifically for vacations. He suggests setting financial goals and meticulously planning vacation expenses to avoid reliance on credit. He warns against the “instant gratification” mentality that drives impulsive spending on vacations, suggesting that delayed gratification through saving is a more responsible and financially sound approach.
He believes that accumulating debt for experiences can create a cycle of financial stress, hindering long-term financial stability. His advice is clear: save diligently and pay in cash to enjoy vacations without the looming burden of debt.
find the original article here: https://finance.yahoo.com/news/stupidest-idea-kevin-o-leary-173000709.html
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