Shark Tank's Barbara Corcoran On Two Problems With Being Rich

The celebrity investor said that being wealthy doesn't necessarily make everything better.

Jun 21, 2023 - 02:30

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Shark Tank's Barbara Corcoran On Two Problems With Being Rich

Celebrity investor and "Shark Tank" star Barbara Corcoran is well-known for a bunch of things. Beyond serving for more than a decade as a Shark on "Shark Tank," Corcoran is an author and a podcaster, though she is perhaps best known for founding the real estate company The Corcoran Group in 1973 and turning it into a $6 billion business.

The multi-millionaire, who has invested in more than 80 businesses on "Shark Tank," sold the Corcoran Group for $66 million in 2001.

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But she said in a recent interview with CNBC Make It that money, as the cliche goes, isn't everything.

"People are wrong about two things when it comes to getting rich. I know because I've been poor and I've been rich and I've been in between," Corcoran said. "The problem with being rich is you could get richer, so you start looking toward the next thing that money's going to buy."

She added that money, in her experience, has not served as a cure for misery.

"Money has nothing to do with being happier," Corcoran said. "I'm no happier today than I was when I was dirt poor. I'm still insecure about the same things."

Corcoran's second big problem with being wealthy comes down to relationships and the ways in which money can make things really complicated.

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"Money complicates relationships," Corcoran said. "Your kids, wills. It just complicates things. When you don't have a lot of money, things run smoother."

"But," she added, "I'm still happy I have a lot of money, ironically. I don't know why that is."

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