Shark Tank star Kevin O’Leary blasts ‘idiot’ workers for buying daily coffee

Canadian multimillionaire Kevin O'Leary has slammed “stupid” employees for “wasting” their money on a daily cup of coffee.

Reminiscent of Bernard Salt and Tim Gurner's infamous avocado toast comment, the Shark Tank investor and businessman — who has an estimated net worth of $593,460,000 — didn't mince his words when discussing the “stupid things” people spend their money on.

“Stop buying coffee for $5.50. You have to go to work and spend $15 on a sandwich – what are you, idiot?” Mr O'Leary said in a clip shared on Instagram.

“It costs you 99 cents to make a sandwich at home and bring it with you.

“You start adding it up every day, that's a lot of money. Most people, especially people in big cities who are just starting out in their jobs and making $60,000, waste about $15,000 a year on stupid things. And that's something they should stop doing.”

Many people in the comments agreed with Mr O’Leary, writing that it was “common sense” for people to cut down on takeaway coffee and eating out.

“Bringing my lunch to work for decades saved me countless thousands of dollars,” one person wrote.

“100 percent! $10 here, $7 there, $12 here, $9 there, it all adds up really fast,” another commented. “Before you know it, you're spending $357 a month, which adds up to $4,284 a year.”

However, others questioned Mr O'Leary's “absurd” advice, saying if he thinks people can make a sandwich at home for less than a dollar he has no idea about the real cost of groceries.

The “cost of working” research by McCrindle found Australians spend an average of $2436 on lunch each year – with those working in an office spending $6 more ($41) per week than those working from home – with recent data revealing many people are cutting back on discretionary purchases.

In June, transaction data from digital payments platform Square revealed a significant number of Australians are ditching takeaway coffee before work, driven by hybrid work arrangements and the higher cost of living.

The number of shoppers at food and beverage businesses between 7am and 11am on weekdays in Sydney, Melbourne and Brisbane has fallen below pre-pandemic levels.

Also, there has been an increase in transaction volumes during weekend brunch time, a sign that people are shifting the way they prioritise their spending.

According to Square's analysis, breakfast transactions in Melbourne have fallen by more than five per cent on weekdays, but increased by four per cent on Saturdays and Sundays.

The situation is similar in Sydney, albeit to a lesser extent: transaction volumes fell by 2.4 per cent at breakfast time on weekdays, but increased by 1.6 per cent at breakfast time on weekends.

Square Australia’s head of business development Colin Birnie told The Guardian that venues catering to professional workers are trying to make adjustments — launching evening service to take advantage of the after-work economy, opting to close an extra day, or selling groceries and other items to boost revenue.

Mr Birnie said most employees were working from home and packing their lunches when they went to the office, and “there does seem to be a reduction in demand for breakfast on weekdays”.

“We're often told that making breakfast at home or eating cereal at the office are some of the easiest ways to save some money,” he said.

Mr O'Leary's Coffee Spray has hit the headlines after Australia's new coffee spray was described as rubbish. Right to disconnect This law has come into effect from 26 August.

These laws give employees working in a business with 15 or more employees the right to refuse contact outside of their work hours, as well as the right to refuse to monitor, read, or respond to contact from the employer or a third party.

The new rules apply logically and there are a number of factors to consider before sending your boss to voicemail — but, ultimately, any call, text, or email that's deemed “inappropriate” contact can now officially be ignored.

Mr O'Leary questioned “why … someone would propose such a stupid idea”, declaring he would “fire” staff who went into “silent mode” towards him during his appearance on the Fox News programme, Outnumbered.

He said, “What if you have an event at your office and it's closed? Or you have an emergency room somewhere and you have to contact them at 2 in the morning because it affects their job?”

“This kind of stuff drives me crazy. It's so stupid. Who dreams up this kind of nonsense?”