Money mistakes: Kevin O’Leary warns consumers; the biggest financial trap people fall into unnoticed

Shark Tank’s Kevin O’Leary warns homebuyers against purchasing oversized properties, calling it a significant financial pitfall. He advises keeping mortgage payments under a third of after-tax income to avoid becoming ‘house poor.’ O’Leary advocates for a staged approach, starting with a smaller home and upgrading later as finances strengthen, especially with current high mortgage rates.