'Your Bank Account Isn't Broken,' Says Kevin O'Leary, Your Habits Are The Problem—'You're Leaking Money And Don't Even Know It'

Investor Kevin O'Leary, also known as “Mr. Wonderful” from “Shark Tank,” has a straightforward message for people wondering why they can't seem to save money: The issue isn't your income. It's your spending habits.

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Cutting Costs Starts With Awareness

“Your bank account isn't broken—your habits are,” O'Leary posted recently on X. “Subscriptions, cable bills, random fees… you’re leaking money and don't even know it.”

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In a video attached to the post, he broke down how he regularly audits his own finances to plug those leaks. “Generally, a third of [your subscriptions] you’re not using, so you get rid of them,” he said. His advice is to scroll through your phone and take a hard look at every recurring charge. If you're not using it, cancel it.

Beyond subscriptions, O'Leary also targets household bills, especially cable. He says U.S. customers should call the retention department, not regular customer service, when bills go up. “Threaten to leave and be ready to do it,” he said. In many cases, companies offer retention bonuses like a free month or discounted service just to keep you.

O'Leary emphasized he's been doing this for decades. “Every time a bill goes up, I call. Not customer service—retention. That's where the real deals are,” he wrote in another post. “I negotiate like it's sport. I've been doing it for decades, and I never pay retail. I don't do charity for telecoms.”

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The Subscription Trap

O'Leary's warnings about recurring fees are echoed by growing consumer backlash against aggressive subscription models, especially those tied to physical products. A video last year from the “More Perfect Union” YouTube channel featured a woman named Maggie, who discovered her new HP HPQ printer stopped working because her payment method for HP's Instant Ink subscription had expired.

“The ink is completely full,” she said. “But the reason it’s not printing [is that] payment method needs updating. Cannot print with the installed cartridge.”

Maggie later found out that HP remotely disables printer cartridges if you cancel or miss a payment on their subscription plan. “I have two full cartridges that I don’t have access to because I canceled HP's Instant Ink monthly service,” another person featured in the video said.

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This tactic, known as software tethering, is becoming increasingly common. It allows companies to restrict or disable products unless users keep paying. Critics argue it's a way of turning ownership into rental. “Buying an expensive physical thing and then also having to keep paying for something every month—it's kind of frustrating,” Maggie explained.

As More Perfect Union pointed out, federal regulators have started cracking down. The Federal Trade Commission introduced a “Click-to-Cancel” rule last year and has filed lawsuits against some major companies for predatory subscription practices. Meanwhile, public pressure forced HP to start phasing out Instant Ink, and BMW backed off its plan to charge for heated seats.

The broader issue remains. As O'Leary pointed out, staying vigilant about subscriptions and recurring charges isn't just smart budgeting—it's now essential. “If you're not negotiating your bills,” he said, “you're just giving money away.”

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