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Shark Tank's Kevin O'Leary attended Erika Kullberg's podcast episode 46 on August 22, 2023. The episode titled Lessons from the Shark: Kevin O'Leary's Top Tips for Business Success featured discussions including his "relationship with money," the "best path" towards making the first $100,000, entrepreneurial insights, and more.
Initiating the discussion about how most people think making the "first $100,000 is the hardest," the host asked Kevin O'Leary about the "best path" towards making the first hundred thousand dollars.
While answering that, the ABC reality series judge recalled what his mother used to do while investing:
"She never made sure that she had no more than 5% in anyone's stock and no more than 20% in anyone's sector, like energy or technology, whatever. So she had a lot of diversification."
He added:
"So if you really wanna make a hundred thousand dollars and do it, you know, relatively quickly, basically, say 15% of your paycheck and put it into an index in the market, sometimes it goes up, sometimes it goes down, but over time, you generally make six to eight percent, that compounds within seven years."
Shark Tank's Kevin O'Leary opens up about his mother's investment strategy and more insights about making the first $100,000
While on Erika Kullberg's podcast, Shark Tank mentor faced the question about making the first $100,000. He recalled his mother's investment strategy and mentioned:
"Saving 15% of your paycheck each week. That's the key. That is really the key."
Recalling what his mother did when he was young, Shark Tank's mentor shared an incident from the "fifties." He mentioned receiving a call after his mother's passing. Then, Kevin learned about how his mother kept her investment account secret.
"My mother did it back in the fifties. And when she died, she kept that account secret from both of her husbands. She was married twice, and I got called by the executor and said, you gotta come down here. I'm the older brother. And I said, what for?"
He mentioned that his mother had created an "immense amount" of wealth despite being a middle-class family. Kevin O'Leary recalled his mother buying 50% telco bonds. At the time, they were:
"Yielding between 6-7%, and 50% was in S and P stocks that paid dividends. And she kept that portfolio for thirty two years. So it just grew geometrically over time. It was really remarkable, and I learned that way, and that's sort of the way I invest."
Sharing more about his mother's strategy, the Shark Tank mentor noted that she didn't invest more than 5% in anyone's stock and didn't invest more than 20% in any one sector. The key to investment was a lot of "diversification."
Hence, for the individuals looking to make their hundred thousand dollars "relatively quickly," Kevin mentioned putting 15% of their paycheck in an index in the market. It might go up or down, but it would make "six to eight" percent over time within seven years.
Further in the podcast, they discussed Kevin O'Leary's current investment strategies.
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Fans can catch Mr Wonderful, aka Kevin O'Leary, on the ABC Network series Shark Tank Season 16.
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