Latest news with #MrWonderful
Entrepreneur
15-07-2025
- Business
- Entrepreneur
Kevin O'Leary: How to Be a Millionaire By Retirement
"Shark Tank" investor Kevin O'Leary said he gives his children the same advice he tells his social media followers: "Don't buy crap you don't need." Kevin O'Leary has been vocal about saving money for years. In 2024, he said people who spend $5 on coffee are "idiots" and doubled down on his disdain for wasteful spending earlier this month — "I can't stand it when I see kids that are making 70 grand a year spending $28 for lunch," he said on the "Diary of a CEO" podcast. Now, in a post on X on Monday, the longtime "Shark Tank" investor explained why he feels this way, noting that his children received the same advice at a very young age. Related: 'Can Make a Ton of Money': Kevin O'Leary Says This Is the Most Overlooked Startup Opportunity Right Now "What's the first piece of advice I gave my kids about money, and the last piece of advice, and the advice I always give them? Don't spend it," O'Leary said. "Save it. Invest it. Let it compound." O'Leary said that the market gives 8% to 10% interest, so take a set amount from every paycheck, gift, or income of any kind, and invest it. Save. Invest. Compound. It's that simple. I don't care if it's a gift from grandma or your paycheck, 15% of everything goes to work. Do it long enough? You'll be rich. — Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) July 14, 2025 "Take 15% of every paycheck, I don't care how big it is. Or any gift Granny gives you. Or anything you get in a side hustle, and invest it," O'Leary said in the video. With this system, O'Leary says that by the time you are 65, you'll have "millions in the bank, even if you only have a salary of $65,000." However, there is one caveat to it all: "Just don't buy crap you don't need," he said. (And we know he means $5 coffee and $15 desk salads.) Related: Here's How to Get an Investment for Your Business, According to 'Sharks' Kevin O'Leary, Barbara Corcoran, and Daniel Lubetzky
Yahoo
15-07-2025
- Business
- Yahoo
Kevin O'Leary: This One Common Habit Is Keeping You Poor
Kevin O'Leary, the self-made millionaire and 'Shark Tank' investor known as 'Mr. Wonderful,' doesn't mince words when it comes to financial habits that destroy wealth. After decades of building and selling companies for billions, O'Leary has identified one common habit he believes is keeping millions of Americans poor. Find Out: Read Next: 'I can't stand it when I see kids that are making 70 grand a year spending $28 for lunch,' O'Leary said in a recent interview with 'The Diary of a CEO.' 'I mean that's just stupid.' But this isn't just about expensive lunches. O'Leary's criticism goes much deeper than a single meal — it's about a fundamental lack of financial discipline that he sees destroying people's long-term wealth-building potential. O'Leary's frustration stems from watching people miss the bigger picture of compound growth. When he sees someone spending $28 on lunch, he's not just seeing one expensive meal. He's calculating what that money could become over time. 'Think about that in the context of that being put into an index and making 8% to 10% a year for the next 50 years,' he explained. That $28 lunch, invested instead, could grow to hundreds of dollars by retirement. This perspective comes from lessons O'Leary learned from his mother, who built substantial wealth through disciplined saving and investing. She would take 20% of her weekly cash earnings and put it into dividend-paying stocks and bonds, maintaining this habit for 55 years. Learn More: O'Leary has a simple exercise he recommended to illustrate how wasteful spending habits develop: 'Go into a closet. Go into your closet and look at how much stuff you have you don't wear because you either bought it because you thought you were going to wear it and never wore it or wore it once and you end up wearing 20% of your portfolio all of the time and 80% you pissed away.' This closet test reveals a broader pattern of poor financial decision-making. People buy things impulsively, use them rarely and then repeat the cycle. Meanwhile, that money could have been working for them in investments. 'Wealth creation comes down to one word: discipline,' he said. 'The ability to look at something and say 'I'm not going to buy that. I'm going to keep that money working for me.'' This discipline isn't just about avoiding expensive lunches or unnecessary clothing purchases. It's about developing the mental framework to consistently choose long-term wealth building over short-term gratification. 'Not many people have that discipline,' O'Leary shared. 'Wealthy people have that discipline. You meet them later in life, you realize when they were young and had nothing, even the ones that were employees their whole lives that are now financially free had the discipline to say no.' O'Leary's solution is straightforward: automatically invest 15% of your salary before you have a chance to spend it. He's even built an app called Beanstocks specifically for this purpose, though he says there are many similar tools available. 'If you're making $70,000 a year and you put 15% aside from when you're 25, you'll have over a million and a half dollars if you just invested it in the stock index in the S&P 500,' he explained. 'That's what history has told you.' The key is automation. Removing the temptation to spend that money by having it invested before you ever see it. O'Leary's investment philosophy comes directly from watching his mother's success. She followed simple rules that anyone can implement: Never more than 5% in any one stock Never more than 20% in any one sector Focus on dividend-paying stocks and bonds Never spend the principal, only the dividends and interest 'When I saw the results, I said 'That's it. That's how I'm going to invest for the rest of my life,'' O'Leary recalled. Her performance over 55 years 'was extraordinary' and 'beyond any hedge fund.' What makes O'Leary's criticism so pointed is that he understands that the compound effect works both ways. Just as money invested early can grow dramatically over decades, money wasted on unnecessary purchases represents not just the immediate cost, but all the growth that money could have generated. Someone spending $28 on lunch regularly isn't just losing that money — they're losing decades of potential compound returns. Over a 40-year career, those lunch splurges could easily cost hundreds of thousands in lost wealth. O'Leary's message isn't about living like a miser or never enjoying life. It's about being intentional with money and understanding the real cost of spending decisions. Every dollar spent on something unnecessary is a dollar that can't compound and grow over time. 'There's so much stuff you don't need,' he said. The wealthy understand this principle and act on it consistently, while others remain trapped in cycles of consumption that prevent them from building real wealth. For O'Leary, the path to financial freedom is clear: Develop the discipline to say no to unnecessary purchases, automate your investing and let compound growth do the heavy lifting. Those who master this habit build wealth. Those who don't stay poor. It's that simple (and also that difficult). More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Hybrid Vehicles To Stay Away From in Retirement The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on Kevin O'Leary: This One Common Habit Is Keeping You Poor
Yahoo
03-07-2025
- Business
- Yahoo
Kevin O'Leary Slams Gen Z's $28 Habit That Could Cost Them A Huge Sum 50 Years Later: 'Can't Stand When I See Kids Making $70,000 A Year Spending...'
Kevin O'Leary, the renowned investor and TV personality, criticized the spending habits of Gen Z, calling them potentially detrimental to their future financial security. What Happened: O'Leary, also known as 'Mr. Wonderful' on the show 'Shark Tank,' highlighted the financial implications of small, habitual expenses. He urged Gen Z to be mindful of their spending and not outspend what they earn. On The Diary of a CEO podcast, he criticized the trend of young people earning $70,000 a year spending $28 on lunch. He suggested that their preference for high-priced lunches and day-to-day luxuries could be hindering significant wealth accumulation in the long run. Trending: GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — O'Leary expressed his annoyance, stating, 'I can't stand when I see kids making $70,000 a year spending $28 for lunch. I mean, that's just stupid.' He proposed that such money could be more wisely invested in an index fund, potentially yielding an 8% to 10% annual return for the next 50 years. The Shark Tank star's message highlighted the potential long-term effects of small, habitual expenses on wealth accumulation It Matters: This is not the first time O'Leary has spoken out about the impact of small daily expenses. Previously, he highlighted the danger of small, frequent expenses, such as takeout or souvenirs, which can quietly drain a person's finances. O'Leary's recent comments echo his previous warnings about the long-term financial impact of seemingly insignificant daily expenses. Despite criticism, O'Leary has remained steadfast in his stance. In 2024, when he advised people to stop wasting money on daily expenses like coffee and sandwiches, he drew immediate backlash from personal finance experts like Ramit Sethi. However, O'Leary has continued to advocate for financial prudence, emphasizing the potential long-term benefits of cutting back on daily luxuries. Read Next: Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's how you can earn passive income with just $100. Image via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Kevin O'Leary Slams Gen Z's $28 Habit That Could Cost Them A Huge Sum 50 Years Later: 'Can't Stand When I See Kids Making $70,000 A Year Spending...' originally appeared on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
15-06-2025
- Business
- Yahoo
'I Worked Nonstop While My Kids Were Growing Up,' Says Kevin O'Leary. He Credits His Marriage's Survival To Eliminating Financial Stress
Investor and entrepreneur Kevin O'Leary, also known as 'Mr. Wonderful' on 'Shark Tank,' recently opened up about the cost of building wealth while raising a family. In a post on X, O'Leary admitted that while he was constantly working during his children's younger years, he believes his role as a provider was equally important. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to 'I worked nonstop while my kids were growing up. My wife did the heavy lifting at home,' he wrote. 'But I was a provider, and that matters.'In the video, he expanded on this, saying, 'It's always a really tough decision ... you're often not there for your kids while they're growing up, because during those formative years, you're just working. That was my case. So my wife did a great job in raising my kids, but I was a great provider.' O'Leary emphasized that financial contribution plays a major role in family stability. 'That's key too. I mean, part of the whole financial issue of marriage is you got to provide, you have to take care of your family. That's mandate number one.' Trending: Maximize saving for your retirement and cut down on taxes: . He also made it known what he believes is the biggest threat to a marriage. 'If you have financial stress in a marriage, you're going to get divorced. It's the No. 1 reason people get divorced, not infidelity. It's financial stress.' When rating himself, O'Leary said, 'I would say when my kids were young, I was probably a six out of 10, but as a provider, I'm taking 10 out of 10 for that.' In a separate YouTube video from last year, O'Leary shared his philosophy on building wealth. According to him, the fastest way to make a million dollars is to earn your first $10,000. After that, things become more scalable. But O'Leary says it's not just about money. 'People get wealthy not by pursuing money out of greed, but by pursuing a passion around a problem-solving exercise. That's what business is all about.'He encourages aspiring entrepreneurs to focus on real needs. 'Think about that. Try and find something that's a pain point that you know everybody has and then provide the product or service that solves for that.' He says the model works at every scale: 'That's how you make a million. That's how you make 5 million. That's how you make 100 million. That's how you make a billion.' O'Leary also pointed out that social media is a powerful tool for building a business today, even if the work remains hard. Read Next:Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'I Worked Nonstop While My Kids Were Growing Up,' Says Kevin O'Leary. He Credits His Marriage's Survival To Eliminating Financial Stress originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
15-06-2025
- Business
- Yahoo
'I Worked Nonstop While My Kids Were Growing Up,' Says Kevin O'Leary. He Credits His Marriage's Survival To Eliminating Financial Stress
Investor and entrepreneur Kevin O'Leary, also known as 'Mr. Wonderful' on 'Shark Tank,' recently opened up about the cost of building wealth while raising a family. In a post on X, O'Leary admitted that while he was constantly working during his children's younger years, he believes his role as a provider was equally important. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to 'I worked nonstop while my kids were growing up. My wife did the heavy lifting at home,' he wrote. 'But I was a provider, and that matters.'In the video, he expanded on this, saying, 'It's always a really tough decision ... you're often not there for your kids while they're growing up, because during those formative years, you're just working. That was my case. So my wife did a great job in raising my kids, but I was a great provider.' O'Leary emphasized that financial contribution plays a major role in family stability. 'That's key too. I mean, part of the whole financial issue of marriage is you got to provide, you have to take care of your family. That's mandate number one.' Trending: Maximize saving for your retirement and cut down on taxes: . He also made it known what he believes is the biggest threat to a marriage. 'If you have financial stress in a marriage, you're going to get divorced. It's the No. 1 reason people get divorced, not infidelity. It's financial stress.' When rating himself, O'Leary said, 'I would say when my kids were young, I was probably a six out of 10, but as a provider, I'm taking 10 out of 10 for that.' In a separate YouTube video from last year, O'Leary shared his philosophy on building wealth. According to him, the fastest way to make a million dollars is to earn your first $10,000. After that, things become more scalable. But O'Leary says it's not just about money. 'People get wealthy not by pursuing money out of greed, but by pursuing a passion around a problem-solving exercise. That's what business is all about.'He encourages aspiring entrepreneurs to focus on real needs. 'Think about that. Try and find something that's a pain point that you know everybody has and then provide the product or service that solves for that.' He says the model works at every scale: 'That's how you make a million. That's how you make 5 million. That's how you make 100 million. That's how you make a billion.' O'Leary also pointed out that social media is a powerful tool for building a business today, even if the work remains hard. Read Next:Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'I Worked Nonstop While My Kids Were Growing Up,' Says Kevin O'Leary. He Credits His Marriage's Survival To Eliminating Financial Stress originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
