If you’re spending $5 on a coffee, Kevin O’Leary says it’s time to rethink your financial priorities

The outspoken "Shark Tank" judge Kevin O'Leary, popularly known as Mr. Wonderful, is known for his brutally honest style and doesn't mince words when he calls out a founder over a bad product or an unviable business idea. But in one of his social media tirades, workers who buy coffee and sandwiches at work were at the receiving end of O'Leary's sharp comments. Sharing financial advice on Instagram, O'Leary blasted people who buy the two items saying they are "pi***ng away their money".

Is Coffee Worth Your Money?

Taking to Instagram, O'Leary shared a piece of his mind in a short clip, like he always does. In the reel, he says, "Stop buying coffee for $5.50. You got to work and spend $15 on a sandwich – what are you, an idiot?" O'Leary said. 

He further claimed that it costs only 99 cents to make a sandwich at home and take it to work. He explained that these small everyday costs add up and in the end, workers end up paying a ton of money. "Most people, particularly working in metropolitan cities, are just starting on their job, making their first $60,000, [and they] p** away about $15,000 a year on stupid stuff, and that's what they should stop doing."

O'Leary's post and claims do hold some weight as recent data from Balance Coffee shows that Americans are spending a huge amount at coffee shops every single day. According to the survey, 12% of the respondents said they visit coffee shops daily and 36% said they visit at least once a week. Furthermore, Americans spend an average of $21.32 at coffee shops every week, which according to the study is a considerably high per-visit cost compared to brewing coffee at home.

Another study conducted by OnePoll on behalf of multi-beverage system maker Flavia showed that on average Americans consume 146 billion cups of coffee in a year. Furthermore, the survey of 2,000 onsite workers found that it takes about 16 minutes for an employee to leave the desk buy a drink, and return. This means with only three trips per week, employees spend an entire workweek per year, just getting coffee.

However, for many workers, drinking coffee isn't about the money or time that they spend as it is not 'just a drink' for them. The survey indicated that it has become the favorite beverage for workers as it comes in handy for them to help kick-start their day. About 60% of the respondents said that they sip their coffee while they get organized for work. Another 59% had coffee while checking their emails. A hot cup of coffee was the favorite drink to start the day for about 66% of the respondents.

The survey also found that there is a clear link between coffee and productivity as well. About 70% of the respondents said they "need" two or more cups of coffee just to feel productive in a workday. Furthermore, about 60% of respondents said that a hot cup of coffee improves their mood as well. People even get creative with their order to stimulate their senses with two-thirds of the respondents mixing up the type of beverage they consume as the hours go by.