5 Tips for Retiring a Millionaire From ‘Shark Tank’ Star Kevin O’Leary

5 Tips for Retiring a Millionaire From ‘Shark Tank’ Star Kevin O’Leary

by Robin Hartill, CFP®

Ready to start investing your way to millionaire status? Follow these five investing tips from O’Leary.

1. Expect saving money to be really hard.

O’Leary believes that pretty much everyone is wasting money on something. But when you commit to saving and investing that money instead, keeping that commitment isn’t easy. “No matter what happens that week, no matter how bad that week was, you have to have the discipline of finding $100 and putting it to work,” he said.

The world wants to take money from you, the “Shark Tank” star says. You’re bombarded with the temptation to spend money, whether it’s on new jeans, sneakers, games or phones.

“For all the stuff that the rest of the world wants you to give them money for, you have to have discipline,” he said. “And it’s really hard to say, ‘No. This $100 is for me.’”

2. Have a long-term investment strategy.

O’Leary has made millions and lost millions. He admits he’s made some “really stupid choices along the way.” But he’s always taken a portion of the wins and put them aside in long-term investments to secure his family’s future. “If you have no long-term investment strategy, you’re naked in the wind, and you’re in a very bad place when you reach 65,” he said.

3. Use history as your guide.

Some years the market will be up, and some years it will be down. There are no guarantees in investing, of course, but history is a pretty good guide. If you trust the stock market to do what it’s done historically, which is deliver average annual returns of 6% to 8%, “you’ll retire at 65 to 68 with a million and a half bucks in the bank,” O’Leary said.

4. Understand the difference between speculation and investing.

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