Shark Tank star Kevin O'Leary has slammed office workers for spending money on takeout coffee and lunches.
'Stop buying coffee for $5.50. You got to work and spend $15 on a sandwich – what are you, an idiot?,' O'Leary said in a video on his Instagram page.
The businessman, who is estimated to have a net worth of around $400 million, urged workers to kick the habit and save thousands of dollars.
'It costs 99 cents to make a sandwich at home and bring it with you,' he said. 'You start to add that up every day, it's a ton of money.
'Most people, particularly working in metropolitan cities, are just starting on their job, making their first $60,000, [and they] piss away about $15,000 a year on stupid stuff, and that's what they should stop doing.'
O'Leary's comments echo statements made by personal finance expert Suze Orman about how much Americans can save by ditching their overpriced daily coffee.
In particular, she stressed how young people can start putting money toward retirement instead - and begin building up a healthy pot of savings.
The financial advisor and former CNBC host said Gen Z Americans could amass a staggering $1 million in savings for later life simply by foregoing their daily $6 Starbucks.
Speaking to MSNBC host Mika Brzezinski, Orman emphasized the power of small investments over daily discretionary spending.
If a 25-year-old puts a small amount away each month in a retirement account, compound interest will cause this to snowball over the course of 40 years, she explained.
'All of you are paying $1 million down the drain. I've never bought a Starbucks in my life,' she said.
In the interview in March, Orman recounted what she had said to Oprah on her show when she had asked what people were wasting their money on.
She told Brzezinski: 'I said, Oprah, do you know if you were 25 years of age and you bought a Starbucks every single day and rather than doing that, you put $100 a month into a Roth IRA, a retirement account, and you did that every single day until you were 65.
'You averaged 12 percent on your money over all those years. Do you know how at the age of 65, you'd have $1 million? So all of you are paying $1 million down the drain?'
DailyMail.com analysis shows that foregoing a $6 coffee would save $180 a month.
By putting those savings into a retirement account with a 10 percent average rate of return instead, the funds would grow to $14,070.91 over five years and to $130,497.61 over 20 years.
With the help of compound interest, this pot would balloon to a huge $1,007,209.33 over the course of 40 years.
Investment advisor Patrick Donnelly previously told DailyMail.com how resisting the temptation to buy a cold brew or latte, and making it at home instead, could mean you have more to fall back on in later years.
Donnelly, of Donnelly financial services, said: 'That is real money that can drastically change your timeline toward retirement, and it can drastically change your retirement stability.'
He pointed out, however, that it can be difficult for people to give up all their discretionary spending.
The key, he said, is to consider your 'guilty-pleasure' spending habits and pick one thing that you could live without which is detrimental to your long-term savings.
