Kevin O'Leary Reveals The Secret Mantra From His Mom That Paved His Way To Financial Success: It's Something We Can All Adopt In Our Lives

"Shark Tank" host Kevin O'Leary revealed the secret recipe to success that his mother taught him while growing up. Like another one of the trademark O'Leary qualities of being blunt, this secret recipe is quite simple and easy to understand, too.

In an episode of the Dan Schawbel podcast, O'Leary revealed that his investment philosophies and many other things he has done in his life have been things he learned and picked up from his mother.

O'Leary's net worth is estimated to be $400 million and he is a believer in an age-old mantra of making wealth – the power of compounding. The first place to start following that path, according to O'Leary, is to start saving.

O'Leary's Homemade Money Advice

Representational image of a mother teaching her child how to save money | Image generated using Dall-E

Speaking to Schawbel, O'Leary said his mother's financial advice is simple but has stuck with him.

"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 told Schawbel, adding that the primary idea is to save whatever you can. "Everybody can do it."

"There's just so much stuff you buy that you don't need. If you put that money in the market… you'll end up quite wealthy when you retire."

"It's the secret to success."

The Power Of Compounding

Representational image of a professor in a class | Image generated using Dall-E

Like most wealthy people, O'Leary is also a believer in the power of compounding. During a "Good Morning America" episode, O'Leary explained how to save up for your retirement.

Assuming an average salary of $60,000 a year and savings of 15%, O'Leary estimated that at the end of a career, a person would have $1.5 million in the bank, thanks to compounding returns. But there's a catch.

"You must invest 15% — minimum."

Having $1.5 million in the bank could be enough to retire comfortably, according to a Benzinga analysis. However, you should still consult a financial adviser to help you plan for your specific needs.

Photo courtesy: Flickr

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