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Kevin O’ Leary says investing $100 a week will make you a millionaire by retirement

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Ernman

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Keep in mind that a very small portion of the population thinks like we do. Kevin is not addressing us... he is talking to people that don't have it in themselves to build businesses.
A very good point SteveO. I wrestle with this frequently. I know a lot of people who want to do better but are not ready to go Fastlane. I know if I push Fastlane too hard they will shut down or ignore me. So I try to help them "do better" in the slow lane AND keep exposing them to Fastlane principles in the hope that they will decide to make the change or at least know there is another option if they have an FTE. I don't believe there's anything inherently wrong with this.
 

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TheCj

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Also he is answering the questions being asked. The interviewer didn't ask how to do what he did, or followup on that success when he briefly mentions it. When he's on Shark Tank etc.. he has no problem on talking about how to grow a business and make more money etc..

So the lesson I'll take is, try to ask the right questions! The interviewer has a multi millionaire that retired early and you are asking them how to make 1 million in 40+ years.

I know when I have improved aspects of my life, there is a moment of why isn't everyone doing this! and I would want to share with others around me how worth it the change was and how they could do the same etc... I learned quick people don't want to hear about change until they are forced to. So am sure O'Leary has experienced that on a magnitude much higher and sticks to appeasing people.
 

Kak

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Keeping spending in check is never going to be something you regret later. Whether I think this $100 per week thing is stupid or not... Meh...

I think setting up an automatic withdrawal from my checking account to my investment account when it gets above a certain threshold was one of the best things I ever did to grow my net worth. Every penny over my threshold goes to net worth.

Then, if I want to buy something outside of my threshold... Which is rare... It forces me to seriously weigh the opportunity cost of making money flow the other way.

As @MJ DeMarco said, you are also fighting inflation. At least 70% of my holdings are not dollar denominated. I am certainly not advocating for a traditional portfolio managed by a 23 year old at Edward Jones.

I just got used to living on way less than I make. The cool part, investments are now responsible for a very large part of my annual income and it never even flows through the checking account.

Value I created years ago is not only still in my possession, but has also grown... I think that is super cool.
 
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dennisgerik

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I wonder if Kevin would be willing to donate his entire fortune and start over with $100 bucks, follow his strategy.

I bet the Snake Oil Salesman is afraid to take his own potion?!?
 

thechosen1

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There was a local businessman from my town who owned an electrical services company. A friend of my parents manages investments, he’s one of the typical “financial planner” guys - the electrical business guy was one of his clients (far wealthier than the financial planner).

He said this electrical business owner used to deposit a $100,000 check per week. That’s $5.2 million per year.

I’m not sure how accurate this is, and I don’t think this was something he compounded and did every year (some of it was just in CD’s and bonds) but this business owner ended up starting his own nonprofit organization after he retired.

So he had a business system (with many employees) but he was also investing regularly... but far more than “$100 per week.”

This guy also sat on the boards of a number of small banks in Texas.
 
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MJ DeMarco

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He said this electrical business owner used to deposit a $100,000 check per week. That’s $5.2 million per year.

Exactly. Saving $100 a month is a futile exercise in reality, but it is a great exercise in principle. When you start earning the big money, then saving $50,000 a month won't seem so unusual. And don't forget the taxes on earning $100K/mo comes out to about $125,000 EVERY QUARTER. So if you aren't saving a lot of it (and instead are blowing it on cars and boats) you'll find yourself in deep doo-doo.
 

Ernman

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Exactly. Saving $100 a month is a futile exercise in reality, but it is a great exercise in principle. When you start earning the big money, then saving $50,000 a month won't seem so unusual. And don't forget the taxes on earning $100K/mo comes out to about $125,000 EVERY QUARTER. So if you aren't saving a lot of it (and instead are blowing it on cars and boats) you'll find yourself in deep doo-doo.
Spot on MJ. I've seen many a good company, of all sizes, falter/fail because the didn't save and weren't able to survive - or were severely crippled by - the inevitable hits: fire, hurricane, down turns, taxes, pandemic, etc. Saving is an important discipline no matter how much you're raking in.
 

socaldude

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To be fair there is a section in Kevin’s book “Cold hard truth” titled “Don’t take advice from dilettantes” and says don’t listen to people unless they are self made millionaires. And his book does center around entrepreneurship.
 

thechosen1

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Spot on MJ. I've seen many a good company, of all sizes, falter/fail because the didn't save and weren't able to survive - or were severely crippled by - the inevitable hits: fire, hurricane, down turns, taxes, pandemic, etc. Saving is an important discipline no matter how much you're raking in.
For sure. I think people really underestimate how much cash a business needs in the bank in case of emergencies, shortfalls and slow periods. Of course, even the best businesses couldn’t have enough saved for months of lockdowns due to Covid (except for the biggest companies in the world like FAANG).

Cash savings are vital to a business.
 

LloydVII

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I think it’s also helpful to think about WHY so much BS is pushed through financial headlines. One of those reasons in my opinion is that of the central banking corporate partnership. Almost all media companies are private and it’s in their interest to push dumb headlines like: “Click here to read how this couple retired off credit card airline points!”

You wanna build wealth, copy the modus operandi of the institutions that push this stuff. And that’s to own and control infrastructure. You wanna participate in the infrastructure of any economy to build massive income. It can be digital or physical.

The funny thing is most central banks don’t give a crap about the money they loan out because it’s created out of nothing lol. Well they do, but they care more about the asset or infrastructure. That’s why they love long-term-asset-backed securities.
Pure facts, they want to keep the populous average or "in the rat race". The key is to learn what the %1 do, not what they say they do or tell us to do.
 

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