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Shark Tank’s Kevin O’Leary has a simple formula for retiring as a multimillionaire — and he’s spilling his secrets with Us.
“Take 15 percent of your salary each week, or every two weeks when you get paid, and put it into an investment account, and never touch it until you turn 65,” O’Leary told Us Weekly exclusively ahead of the hit reality competition’s 15th season, sharing his best tips alongside costars Mark Cuban, Barbara Corcoran and Robert Herjavec. “That’s how you will retire a multimillionaire.”
O’Leary became a multimillionaire at 45 years old when he sold his software company SoftKey to Mattel. Now 69, the business mogul has an estimated net worth of $400 million with a diverse portfolio and a cutthroat reputation as a shark.
For those just starting out, however, O’Leary’s advice may not be feasible. Cuban shared wisdom for those in their 20s who may not be sure of their path. “You don’t have to have all the answers,” he told Us. “It’s OK to go get a job that’s not the perfect job, because you just want to experience new things.”
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Cuban, 65, did everything from selling garbage bags and working at a deli to selling software when he was first starting out. He even sold his stamp collection to pay for college before becoming a billionaire in 1999. “The goal is to find something you love to do and be great at it,” Cuban added. “Once you’re great at something, you can just pick your path and get a job in that.”
Kevin O’Leary Michael Tran/FilmMagic
Corcoran, 74, made her fortune by launching her own successful real estate firm and officially became a millionaire in 2001 with the $66 million sale of her business. Her best advice is to start a business and work for yourself. “If you’re so inclined, why do you want to work for somebody else?” Corcoran said. “You don’t have to get it right, you just have to get it going.”
While he agreed that it’s smart to “always save,” Herjavec echoed Corcoran’s advice about starting a business. “Start something that you can invest in, that you can grow, and start your own business,” he told Us. “It’s the only path to wealth.”
Herjavec founded his own internet security software company from his basement, ultimately joining the millionaire club with its sale in 2000. Now 61, Herjavec is a pioneer in global cybersecurity and technology.
While all of the sharks gave valuable advice, Cuban specifically emphasized the importance of adjusting financial strategies with age. For those in their 30s and 40s, Cuban said, “it’s more about saving.” He noted that “adulting” at this stage of life can look like saving for your children’s school and supporting your family.
By the time a person hits their 50s, he said, “You really gotta be careful with your investments. You probably have to be a little bit less adventurous when it comes to investing and start preparing for retirement.”
To hear more financial advice from the millionaire moguls of ABC’s Shark Tank, watch the exclusive video above.
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