The real estate millionaire prefers to do things her way.
If you’re wading into the investing world for the first time, there is one thing you are likely to notice right away: advice from every direction.
From Joe Blow on Twitter to just about every high-profile millionaire, everyone wants to tell you how to strike it rich, which can make it very hard to know whose advice to take.
“Shark Tank” star and real estate millionaire Barbara Corcoran, however, says it’s quite all right to ignore even the most-repeated financial advice if it doesn’t feel right, which she herself does when it comes to the phrase “diversify.”
“One piece of advice people hear all the time, and I just don’t believe it, is: ‘Diversify, don’t put all your eggs in one basket,’” Corcoran said during a recent appearance on CNBC Make It. “I put all my money in the real estate basket, my brokerage firm, and everything in there went to buying properties.”
Corcoran goes on to explain that since she knows real estate well, she chose to focus her investments there rather than diversifying them.
“I spent every dollar I ever made and threw it back into the business,” she said.
Corcoran in 1973 founded the New York real estate brokerage Corcoran Group and sold it in 2001 for $66 million. She has appeared on every season of “Shark Tank” since the show’s inception in 2009.
Receive full access to real-time market analysis along with stock, commodities, and options trading recommendations. Sign up for Real Money Pro now.