If you’re like many Americans, you enjoy a nice cup of coffee each morning before work. And if you’re like me and you buy that coffee instead of brewing drinks at home, the habit can get pretty costly.
When I crunched the numbers, I realized I spent more than $2,300 this year at Starbucks.
Some experts think that’s a problem. But not all of them do. Here’s a round up of three — “Shark Tank” investor Kevin O’Leary , wealth manager and bestselling author David Bach and self-made millionaire Ramit Sethi — on the pros and cons of spending your money on daily coffee.
‘That is such a waste of money’
O’Leary is not a fan of buying coffee every day . He prefers to make it at home. “Do I pay $2.50 for a coffee? Never do I do that,” he tells CNBC Make It . “That is such a waste of money for something that costs 20 cents. I never buy a frape-latte-blah-blah-blah-woof-woof-woof.”
He still drinks one cup every morning: “It costs 18 cents to make it and I invest the rest.” Before making any purchase, in fact, he asks himself, “Do I really need this?” Because, he says, “if I don’t buy it, the money is going to be invested and make money every year while I’m sleeping.”