• "Shark Tank" star Barbara Corcoran advises people on how to spend stimulus money wisely
  • Corcoran suggests saving rather than spending, emphasizing budget control
  • The businesswoman says to "focus on the solutions, not the problem"

For those looking for ways on spending their stimulus checks wisely, Barbara Corcoran has shared some advice. Both a self-made millionaire and investor, the “Shark Tank” star is definitely a financial virtuoso and is now offering professional tips for mindful expenditure.

In the duration of the week, the initial wave of IRS stimulus checks, officially known as economic impact payments, was extended in several homes all over America to aid U.S. citizens for the ongoing pandemic and lockdown.

According to TMZ, the businesswoman dished on some tips on how to use the stimulus cash. The government’s provided bonus, according to Corcoran, can be a tool to improve one’s financial level and standing.

Corcoran said that the most important thing to do first is to save rather than spend. “The most important thing to do with your stimulus check is to not spend it. It should be saved, because that’s exactly what it’s intended to do, to put you through a hard time,” she said during her interview with Grow.

The business tycoon also remarked that the cash serves as an emergency aid, a “fall back” when one is blown into sudden recession.

After fully assessing personal monetary concerns, Corcoran advised everyone to cut back on expenses and start by weathering down high-interest debts. This should be a priority as debts — especially interest-earning ones — can pose as an issue and may “eat you alive,” as per Corcoran.

This strategy may not apply to all though, since the shelled-out cash is immediately used by some people to feed their families. “Of course, if you’re a mother of three and you can’t put food on your table, you should be spending it on food,” the businesswoman pointed out on the interview.

barbara corcoran
Barbara Corcoran speaks on stage at NAPW 2014 Conference in New York City, April 25, 2014. Getty Images for National Association of Professional Women/Brian Ach

The next step, according to Corcoran, is a cue for taking on new investments, revealing the most important one of all: self-investment. Another wise way to take full advantage of one’s stimulus cash is to lay it out on new skills.

“Now’s the time to take the courses online, develop your skills and make yourself stronger, because what you really want to do here is repackage yourself for a new economy,” she suggested.

More on self-investing, Corcoran talked about a photographer she knows who has a good visual sense yet lost all of his photography work. She said that the photographer went on by educating himself to be a photo editor and offered his resume as an editor and no longer a photographer that he was before. Corcoran’s message here is that people can use this time to mold themselves into desirable candidates of the workforce.

The thriving businesswoman knows what she's talking about, having been able to develop her own multi-million dollar company, The Corcoran Group, right in the middle of an economic recession. Her most important advise is for everyone to keep calm and remain driven. According to Corcoran, if people only worry about money, it’s going to be a total waste of time no matter the situation. The most essential thing rather is to focus on solutions and not the problem at hand.

Barbara Corcoran
"Shark Tank” star Barbara Corcoran recently revealed that her brother, John Corcoran, died in the Dominican Republic last April under mysterious circumstances. Her brother joins 6 other American tourists who also died in the country under mysterious circumstances. PBC Pictures / Flickr