‘Shark Tank’ Star Kevin O’Leary on His Mom’s Money Advice That Stuck With Him
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Gabrielle Olya
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Rebekah Evans
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As a Shark on “Shark Tank” and influential money expert, Kevin O’Leary has dispensed plenty of financial advice over the years. But when it comes to the advice that he himself follows, O’Leary has often leaned on the wisdom of a source very close to home — his mother.
While appearing on the “5 Questions With Dan Schawbel” podcast, O’Leary shared the financial advice he received from his mother that still influences your investment decisions today.
O’Leary Shares His Mom’s Best Money Advice
O’Leary said that he still follows a financial rule of thumb his mother taught him growing up.
“She told me to always save 10% of everything you bring in, whether it’s a gift from your grandmother or whether you make it at the ice cream store or cutting lawn,” he said on the podcast. “This was really early advice, but it stuck in my head. It was all about saving each week and the idea that everybody can do it.”
O’Leary believes that everyone should follow this advice.
“It’s a mantra of mine, that everybody can save because there’s just so much stuff you buy that you don’t need,” he said. “And if you put that money into the market, which generally is giving 6% to 8% a year for the last 100 years, you’ll end up quite wealthy when you retire. It’s the secret to success.”
Save Even More If You Can
While O’Leary’s mother advised saving 10%, O’Leary has suggested contributing 15% of your income to retirement savings.
“The average salary in America is $60,000,” he said during a “Good Morning America” appearance. “If you invest 15%, you’ll end up with $1.5 million in the bank after a career, because it compounds with market returns of 6% to 8%. And you can do it with anything — all these apps you’ve got that are available out there, fintech apps, you could download and do this. You must invest 15% — minimum.”
