According to the Federal Reserve, credit card debt in America surpassed $1 trillion in 2017. The average American aged 25 to 36 years old is in debt of about $42,000, and most of it isn't even from student loans â€” it's from credit card spending. So it's no more a secret that millennials are in debt too. Statistics show that millennials are still spending money on the things that experts say would constitute huge savings if they were avoided â€” things that Shark Tank personality and O'Shares ETFs chairman Kevin O'Leary says are utterly and totally stupid.
O'Leary's advice to millennials about the top spending habits that could change is:
The price of a cup of coffee varies wildly across the U.S. and the world. A 12-ounce cup of joe from Starbucks in the U.S. costs on average $2.75 whereas in New York City it is more expensive as it charges $3.25. With more expensive types of milk, flavoring or seasonal specials, it can set you back more than $5-$8 while a regular coffee costs around 18 cents.
Shoe retailer- DSW found last year that 75 percent of women in the U.S. own more than 20 pairs of shoes, while the average man reportedly owns 12 pairs. A report by Psychology Today found that, indeed, of all the pairs of shoes owned, most people regularly wear only three to four.
More than three pairs of jeans is a waste says O'Leary. Today, a pair of jeans costs about $60 on average, which means Americans spend about $38.5 million on denim pants every day, or $14 billion annually and women's jeans cost an average 10 percent more than men's. O'Leary believes 'You have too many, you don't need that.'
Wealth consists not in having great possessions, but in having few wants.