"On both sides of the equation, shoes," O'Leary says emphatically.
"You don't need more than four pairs of shoes. You need flip flops, something to work out in, and two pairs of dress shoes — everything else, you're an idiot if you're buying more shoes. Because you'll never wear them, and they'll be sitting there for years."
In this area, women appear to be the worst offenders — shoe retailer DSW found last year that 75 percent of women in the U.S. own more than 20 pairs of shoes, while the average man reportedly owns 12 pairs. Credit card comparison app CreditDonkey reports that the average person buys 7.8 pairs of shoes per year.
And a report by Psychology Today found that, indeed, of all the pairs of shoes owned, most people regularly wear only three to four.