Some splurges are completely worth it.
For John Paul DeJoria, who went from cash-strapped to building two billion-dollar businesses — Patrón tequila and John Paul Mitchell Systems hair products — that one worthwhile splurge is private jets.
He owns three.
“For him, time is a precious commodity and he’ll do what he must to preserve it, even if it means spending millions of dollars on his own aeroplanes,” writes Farnoosh Torabi, who recently shadowed the self-made billionaire on her new CNBC show, “Follow the Leader.”
“His jets allow him to conduct meetings on the go and around the country without wasting hours at the airport.”
Plus, it makes it easier for DeJoria to meet face-to-face with his team, a critical component to his business success, Torabi explains on the show: “He values the personal touch so much that he travels hundreds of thousands of miles a year just to meet one-on-one with his management teams — and that builds loyalty.”
DeJoria isn’t the only one to splurge on private jets for convenience.
On Torabi’s So Money podcast, she asked author and self-made millionaire Tony Robbins about the one thing he buys to make his life easier or better: “Private jets. Private flight. Extraordinary,” he said. “There’s nothing that changes quality of life when you travel as much as I do, as that.”
He was persuaded to give private flights a try after a simple three-hour trip from San Diego to Aspen turned into a 13-hour ordeal, thanks to delays and lost luggage.
When Robbins finally arrived, the billionaire friend he was visiting in Aspen asked, “Why would you spend 12 hours of your time travelling? You could have been here in 90 minutes.”
He suggested chartering a plane next time. “It will change your productivity more than anything on earth,” he told Robbins.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.