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Shark Tank mentor Daniel Lubetzky shared an Instagram reel on March 26, where he opened up about frugal mentality and how one can be "smart" with money. In a discussion with Taylor Larned, Daniel shared his views on the difference between being "wasteful" and "cheap."
The Shark Tank mentor, in the caption of the video clip, shared something that his maternal grandfather used to tell him. He stated:
"To be smart with money you need to find the sweet spot between being wasteful and being cheap. The key? Be RESOURCEFUL. 'If you are too arrogant to bend over and pick up a penny, you are not worth a penny,' is paraphrasing my maternal grandfather, Don Marquitos Americus, who was a big role model of humility and hard work to all our family."
Shark Tank's Daniel Lubetzky opens up about "frugal mentality" and how he shifted his mindset after starting his healthy snack brand - KIND
As the Shark Tank mentor faced the question regarding "attention to detail" and how money spent for a particular purpose "could have gone" to something else, he responded:
"I mean a frugal mentality is what I developed at PeaceWorks because I was making ends meet and I could barely pay for payroll, and so I had to watch every cent, but you don't want a frugal mentality when you're really building a business because then you're missing the opportunities to invest in growth."
He recalled his inability to "give away" free samples when setting up his healthy snack brand, KIND. The reason behind that was a frugal mentality. The Shark Tank mentor didn't want those samples to go to waste. He referred to it as a "wasteful mentality." It was when people "throw around money", and they want to:
"Let a wasteful culture, that gluttonous culture is going to kill you, but being a frugal mindset is not going to help you fulfil your potential, you want to be in the middle, you want a resourceful mindset when you are not wasting."
However, he supported "investing" and doing what was needed while "stretching" those dollars. Why? As Daniel stated, if someone is "too arrogant" to bend over and pick up a penny, they are not "worth" a penny.
He shared more about his healthy snack bar, KIND, and how it almost "didn't start." For that, he shared a video clip on February 14 via his Instagram revealing the hardships. Daniel spent 10 years where he faced multiple failures and setbacks. In 2003, his business had a hard time, and he could not make a payroll for those working for him.
After he almost gave up, someone from his team stated they would give it a "last chance", which "changed everything" for Daniel. For fans who might not know, KIND has become a "multi-billion dollar enterprise."
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Fans can catch Daniel Lubetzky on Shark Tank Season 16 streaming on ABC Network.
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