Yahoo Finance Young Aussie CEO's wild weekly spending habits revealed: 'Buy back your time'
Oodie founder David Fogarty has built up an impressive net worth and has opened up about the lavish items he likes to pay for.
An Aussie CEO and Shark Tank judge has revealed some of the things he'll spend his millions on every single week. While some Aussies might be scrimping and saving every cent, there are people on the other side of the financial spectrum who can fork out big bucks for lavish luxuries.
David Fogarty is the man behind wearable blanket company Oodie, which launched back in 2018 and has sold to four million customers around the world since. According to Medium, Fogarty had a net worth of $500 million last year.
When you have that many zeroes next to your wealth, you'll splash out on a few things that others could only dream about.
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What David Fogarty spends in a week
While he didn't go into specifics like his groceries, mortgage, utilities or other boring expenses, he opened up in a recent video about the things he likes to buy and the things he needs.
Gardeners: $1,000 a week for two people to ensure his landscaping is kept perfect
Personal trainer: $300 per week
Cleaner: $150 per week
Performance or spirituality coach or hypnotist: $1,000 per week
Masseuse: $300 per week
Travel: $500 per week
He admitted that he also might buy a fancy car or some photography equipment when he feels like it, which can be far more expensive than the above.
Why would you spend all that money?
Fogarty agreed that his weekly expenses would look far different to many Aussies', but he said there is a huge benefit to having all those outgoings.
"So the way we've structured it, once you have a set amount of income, you use that money to buy back your time," he explained.
If he was spending his time cleaning his house or pruning his garden, he wouldn't have much room for looking into other business opportunities that could grow his wealth.
It's a sentiment that a lot of people agree with.
"Every cost in this video is buying you time and investing in yourself," wrote one person.
"Love it! Time is freedom to keep creating and focus on new goals," said another.
"1,000% agree with buying back time," added a third.
How getting rich might not make you feel rich
Many people might be dreaming of the moment they get a bump up in their pay because it could mean they could finally be able to afford some finer things.
But there's a common trap that people fall into when climbing the income ladder and it's called lifestyle creep.
Finder personal finance expert Sarah Megginson told Yahoo Finance that this habit can make you feel like you're not really rich even though you could be pulling in mega bucks.
"That's what happens as your lifestyle gets bigger, your expenses and your obligations get bigger," she said.
"There's not necessarily a correlation between earning more and feeling more financially secure. Most people think the more I earn the better I'm going to feel and the more financially secure I'll feel.
"But that lifestyle creep can mean you just upgrade your expenses. You get the more expensive car, you move into a bigger house, and then you need all the things to fill it, the bigger the fancier fridge and the bigger TV and all of that kind of stuff.
"It all costs money, and you can end up in just as much of a precarious situation as you would with less income."
Fogarty's secret to success
After finishing school, Fogarty built up an impressive social media presence and was making a decent amount of money by selling advertising space to several brands, according to Medium.
He tried his hand at a bunch of business ventures, like selling personalised nutrition plans and coaching services, a phone case marketplace, a Vietnamese roll restaurant service, a weighted toy, and even a seasoning business.
While few of these ideas survived, the young entrepreneur said failure was a part of business success.
“Success is not about avoiding failure, but about learning from it, growing stronger, and persevering in the face of adversity," he said.
He only had $500 when he launched Oodie more than half a decade ago and it's grown massively since then. Oodie is one of several brands under the umbrella company of Davie Group.
While full-length weighted blankets had been around in various countries before Oodie, Fogarty said few knew how to market it properly.
“I was familiar with their effectiveness for people with sensory issues, so we started selling those,” he told the Australian Financial Review.
“Nobody really understood its effectiveness and commercialised it. We are constantly looking for next trends and products, but trying to use software to find those trends, to customise them and to make them better.”
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