Barbara Corcoran: A $320 coat was the 'best investment I ever made' at age 23—'it changed my life' | Canada News Media
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Barbara Corcoran: A $320 coat was the ‘best investment I ever made’ at age 23—’it changed my life’

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When Barbara Corcoran started her real estate firm at age 23, she quickly noticed a difference between herself and her competitors.

“I realized that everyone successful looked the part,” Corcoran, now a 74-year-old millionaire investor, said in a recent TikTok video. “At the time, I was still wearing my old navy blue pea coat from New Jersey, and knew it was going to be a while before I could afford a new one.”

When she managed to rent an apartment to someone during her “first week in business,” she knew exactly what to do with the money, she added: “I put the $340 dollar commission check right in my pocket. I ran right over to Bergdorf Goodman to buy the fanciest coat in the store.”

Corcoran bought a wool coat with a brown and white print, high collar and a $320 price tag before tax, she said. Adjusted for inflation, it would cost about $2,235 today. Despite its hefty price, Corcoran says the coat gave her the one thing she “desperately” needed at the time: confidence.

“My new coat made me feel just like the big deal I hoped to become,” she said. “I wore my coat for the next four years, and it was the best investment I ever made. In my coat, I worked like crazy to become as successful as I already looked.”

Corcoran’s heightened self-esteem points to a larger psychological influence that clothes can have on a person called “enclothed cognition,” a term coined by psychologists Adam Galinsky and Hajo Adam.

Their 2012 study of 58 students found that the subjects were more attentive and completed tasks with fewer mistakes when they were given a lab coat to wear, which, for most people, “signifies a scientific focus and an emphasis on being careful and attentive,” the pair wrote.

It’s always worth considering whether or not you will wear something frequently enough to justify the price tag before making a splashy clothing purchase, as opposed to renting it. In Corcoran’s case, she seems to have gotten good value out of the pricey purchase by wearing it regularly for several years.

The confidence boost clearly worked for her, too. Nearly three decades after founding her firm, Corcoran sold it to brokerage firm NRT for $66 million.

“The lesson I learned, and I never forgot, was that perception created reality,” she said. “Not the other way around. You’ve got to look the part of who you want to become.”

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Barbara Corcoran as a panelist.

 

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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