Kevin O’Leary: Make These 2 Moves If You Want To Get Rich
You can get rich by making just two money moves — yes, really. This strategic advice courtesy of “Shark Tank” investor and entrepreneur Kevin O’Leary can help you become rich in the near future and build wealth in the long term, as he explained to CNBC.
Find Out: How Much Does the Average Middle-Class Person Have in Savings?
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Let’s see how making these two moves allows you to become rich.
Stop Spending Money on ‘Crap You Don’t Need’
The fastest way to save money, O’Leary said, is to stop buying items you don’t need.
Spending money on unnecessary stuff is especially prevalent among young professionals living in metropolitan areas. On TikTok, O’Leary said those just starting out in their jobs making $60,000 a year spend about $15,000 a year on extraneous purchases.
Common money pits, and O’Leary’s tips for cutting back so you can save this money, include the following:
Buying coffee and lattes at coffee shops. O’Leary said he brews his own coffee at home and recommends everyone else do the same.
Ordering lunch out at work. Instead of spending $15+ every day on lunch, O’Leary recommends making your lunch at home and bringing it to work with you.
Shopping for clothes. Did you know O’Leary only wears four pairs of shoes? Rather than go into credit card debt shopping for a new wardrobe every couple of months, he recommends shopping only for wardrobe staples you know you will wear often.
What if you’re in a situation where you want to buy something, but aren’t sure if it’s worth buying? O’Leary recommends asking yourself if you really need it before making the purchase.
Read Next: Top Money Moves for Boomers, Gen X, Millennials and Gen Z
Take 10% of Your Paycheck Every 2 Weeks and Invest It
Making the decision not to spend your money on things you don’t need allows you to quickly build up some savings. O’Leary recommends taking this money — or more specifically, 10% of your paycheck every two weeks — and putting it into investments.
Ideally, your investments should grow over time and be diverse enough to ensure you’re not investing all of your money in one asset class alone.
O’Leary personally recommends exchange-traded funds (ETFs) for investors who don’t have a lot of money. He also acknowledges the importance of conducting due diligence to determine which investments are right for you.
The sooner you can stop buying “crap you don’t need” and start putting 10% of your earnings toward investing, you will be on the path to gaining wealth. Thanks to compound interest, O’Leary points out that you will be well on your way to becoming a millionaire and securing your retirement plans.
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