Kevin O’Leary’s Top 4 Tips for Getting Richer
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If you are one of the many people out there trying to get rich, or at least trying to push past living paycheck to paycheck, you’ll be able to find thousands of different pieces of advice with a quick online search of varying financial educators. Even though many people have opinions on what you need to do to make more money and build wealth, few have the credibility that Kevin O’Leary has.
With an estimated net worth of $400 million, O’Leary, aka Mr. Wonderful, is a Canadian businessman and TV personality on the hit show “Shark Tank.” He’s one of those credible rich people who made a lot of money through his business ventures over the years and has given a lot of financial tips. Here is some of his best advice for getting and staying rich.
Get Rich Tip #1: Stop Wasting Your Money
O’Leary advises against spending money on things you can make at home. Buying a coffee for $5 or a $15 sandwich each day is a terrible financial decision when you can make those yourself for a fraction of the price, and use any extra money you save to pay off debt or pad your retirement account.
He says many people starting their careers end up wasting $15,000 a year on these types of products they don’t need. Putting that money toward your savings or investing it will have a much better effect on your financial health over time.
O’Leary adds that most people spend too much money on clothing. He says if you look in your closet, you’ve most likely got too many pairs of jeans, sneakers and tops that you aren’t wearing. According to him, most people wear only 20% of what they own. Getting this under control means you could cut 15% of your expenses and put it toward a better financial future.
Up Next: I’m a Self-Made Millionaire: 6 Steps I Took To Become Rich on an Average Salary
Get Rich Tip #2: Respect Money
No matter your long-term investment strategy or financial plan, no one wants to lose money, but O’Leary doesn’t even want to lose a single dollar. On a podcast with YouTube star Logan Paul, he explained that his mother taught him a simple financial lesson at a young age: “If you ever disrespect money, you won’t have any.”
O’Leary’s cold, hard truth is that he goes out of his way to keep every dollar he makes because he works hard for each one. For example, he told a story about how one of his flight tickets didn’t have the frequent flier miles added to it. He spent two hours on the phone with the airline to make sure he received the $400 value of those miles. He also explained that he only buys objects like watches that he expects will appreciate in value.
To some, worrying about keeping every dollar may seem inconsequential, but for O’Leary, this is simply respecting the value of money.
Get Rich Tip #3: Don’t Fear Failure
When asked to advise entrepreneurs fresh out of high school, O’Leary said, “Get ready for failure.”
Business isn’t an easy pursuit and comes with a lot of hard work and ups and downs. O’Leary highlights the fact that it’s impossible to be successful at anything without failing a few times. Failure allows you to grow and motivates you to be successful. He also points out that you only need to be right once to succeed as an entrepreneur.
Get Rich Tip #4: Tune Out the Noise
If you have big dreams of starting a business or making millions from investing, many people will tell you that you won’t be able to do it or that you’re wrong. To this, O’Leary advises you to put your blinders on and focus on what you’re trying to achieve.
If you succumb to all of the outside noise, it will eat at you, and you will lose your focus. To succeed, he says, you must focus on your main goal and continue striving for it no matter what happens or what others say.
Caitlyn Moorhead contributed to the reporting for this article.
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