Celebrity chef and restaurateur Mario Batali got his start in college at Stuff Yer Face, a pizza joint on the Rutgers University campus. Today, he co-owns a culinary empire worth hundreds of millions.
He took risks to get there, and yet Batali's best advice for financial success is conservative: Don't get into debt. "Live within your means," he tells Laurie Woolever of Wealthsimple. "Debt limits your freedom to make decisions. Debt's good for buying real estate; it's not good for paying for vacations."
However, hearkening back to this own experience, he points out that there's one occasion when consumer debt can be helpful: "A good investment that will eventually buy you freedom."