Barbara Corcoran's 8 Riskiest Money Tips That Could Make You Richer

Barbara Corcoran didn't come into her wealth through cautious investing or careful planning. Before she became one of the most recognizable investors on Shark Tank, she was hustling in New York real estate, taking chances when she didn't have much of a safety net at all. Some of the money advice she gives today still makes traditional financial planners cringe, because it sounds risky on the surface.

But looking at those bold ideas can be useful if you're trying to move beyond living paycheck to paycheck and figure out whether playing it safe is actually helping you get ahead.

Skip diversification and focus on what you know

Corcoran has said she doesn't put much stock in spreading investments across dozens of areas. Her reasoning is that when you truly understand something, whether that's real estate, a business, or a specific industry, you're better positioned to spot opportunity and act confidently.

Of course, concentrating investments also raises risk, because one bad turn can hurt more. Many people find that a middle ground works better, keeping some diversification while still putting more money into areas they actually understand instead of blindly following trends.

Buy when everyone else is nervous

Corcoran is so successful partially because she began purchasing in the real estate market when many other buyers were nervous and pulling out. When fear pushed prices down, she seized the opportunity and began purchasing when others were hesitating.

Of course, purchasing when everyone else is terrified is scary. Markets rarely bounce back on a schedule, which is exactly why so many people stop buying. Recovery takes patience. People who benefit most from this approach usually have enough cushion to ride out slow periods instead of being forced to sell too early.

Invest in yourself first

Corcoran often talks about investing in your own skills before obsessing over stock picks or property deals. Taking steps to improve your earning power or business abilities has a long-lasting impact on your financial success.

The challenge in this advice is that spending money on courses or certificates rarely pays off right away. It can feel like a gamble, especially when the markets are doing well. But over time, people who boost their income potential often find investing becomes easier simply because they have more cash flow to work with.

Use debt strategically instead of avoiding it

Early in her career, Corcoran used loans to grow her business rather than waiting until she had every dollar saved. Borrowing allowed her to expand faster than she otherwise could have.

At the same time, debt creates pressure, and things can go sideways if income slows or plans don't pan out. For most households, the takeaway isn't to load up on loans, but to understand that debt can sometimes be a tool when used carefully for growth, not just for everyday spending.

Bet on people more than perfect credentials

Corcoran often bets on people who show determination and hustle rather than those with perfect resumes. She is a strong believer that motivated individuals can perform better than their resumes often suggest when given the opportunity.

However, trusting people also comes with risk. Not everyone lives up to your expectations, and learning to read people is a skill in itself. Consider combining instinct with careful betting so enthusiasm over someone's potential doesn't override practical judgment.

Take career risks early

Corcoran took a big risk in her early life in the real estate market, which led to her success today. She commonly recommends that others do the same: take more risks in their early career when there is more time to recover from potential failures.

Of course, unstable income is stressful. However, it is a lot less stressful when you have fewer responsibilities rather than when you're trying to support a family and save for retirement.

Ignore conventional success timelines

Corcoran is not a big fan of conventional ideas of when success should happen. She emphasizes that opportunities can show up at any time and don't follow a particular schedule. Sometimes, success might show up later. Other times, opportunities come earlier than you might expect.

Career shifts can lead to huge breakthroughs, but they can also cause immediate financial strain. She recommends keeping your thinking long-term and making those big moves, even if it hurts in the short-term.

Use instinct, but back it up with facts

One of Corcoran's trademarks is her confidence in trusting her gut when making deals. Experience often gives people instincts that numbers alone don't capture.

Instincts aren't always right, though. Good instincts often develop through experience, which not everyone has. It's important to counteract pure instinct with preparation and research.

Bottom line

Barbara Corcoran's advice shows that building wealth sometimes involves stepping outside traditional financial rules, but those risks tend to work best when paired with preparation and discipline. Bold moves can open doors, yet most people benefit from balancing opportunity with practical safeguards. Taking calculated risks can sometimes help lower your financial stress over time, especially when they lead to higher income or business growth.

Corcoran eventually sold The Corcoran Group for about $66 million in 2001, showing how years of risk-taking and reinvestment ultimately paid off when the right exit opportunity appeared.

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