by Robin Hartill, CFP® Senior Editor
“Shark Tank” star and entrepreneur Kevin O’Leary learned the value of investing early from his mother, Georgette, who invested 20% of every single paycheck from the time she was a teen working in a clothing factory. She insisted that he save 10% of the birthday checks he got from his grandmother, as well.
She invested conservatively in bonds and dividend-paying stocks. She kept the same portfolio for 55 years and never touched the principal. O’Leary was shocked to discover what a wealthy woman she was by the time she died.
But O’Leary got another shocker earlier this year during the pandemic when he realized just how little many of his employees had in savings and investments.
“The reason I learned this is because they were panicking,” he told The Penny Hoarder.
Now the man known as “Mr. Wonderful” is on a mission to teach financial literacy and the importance of investing early. He’s the chairman of an investment app called Beanstox, available in the Apple app store and Google Play store. It automatically invests you in exchange-traded funds, or ETFs, based on your investing goals. The app charges $5 a month, though if you sign up in December, you’ll get three months free.
O’Leary’s message: Find $100 a week to invest, and make it part of your DNA. By the time you’re 65, you could easily be a millionaire.
Kevin O’Leary, best known as Mr. Wonderful on NBC’s Shark Tank, is very concerned about the state of retirement savings and financial literacy in the United States.
Everyone approaches retirement differently, but there’s only one way they should really prepare for it: by investing, said Kevin O’Leary, a host of ABC’s DIS, 0.51% television series “Shark Tank.”
Beanstox, Inc. recently released a new mobile app for personalized, automated saving and investing. The Beanstox investment approach is based on Kevin O’Leary’s investing philosophy, keep it simple, keep investing, and keep portfolios diversified.