Learn how you can invest in the Beanstox business,
Alongside Kevin O’Leary, Chairman & co-owner.
By: Alessandra Malito
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.”
Some people plan for retirement over the course of their careers, while others wait to think about that next stage of their lives when it gets closer. Not all Americans save adequately for their old age, partially because they can’t afford to do so or because they have other, more present-day financial obligations, such as student loans, child care and high costs of living, to worry about.
Still, there’s a portion of the population, albeit small, that pursues retirement early — in some cases, by the time they’re in their 30s or 40s. They do so by living frugally and dedicating most of their income to the stock market. This movement is known as FIRE, short for “financial independence, retire early.” O’Leary, founder of the O’Leary Financial Group, originally spoke about the FIRE movement with Grant Sabatier, an early retiree and host of the Millennial Money podcast, where they also discussed the skills it takes to achieve such a feat.
The “Shark Tank” host, known as Mr. Wonderful on the show, spoke with MarketWatch about how feasible saving for retirement is for most Americans, how they can become millionaires by the time they retire and why Americans need to take the concept of financial independence so seriously. This interview was edited for clarity and length.
“…I make the point that the pandemic has exposed one of those classic “king has no clothes on” situations. When I was doing PPP [Paycheck Protection Program] loans with the companies I’m an investor of, I discovered a majority of them did not have anything saved or even invested for retirement. Some of these people are in their late 20s, some in their late 30s, some in their late 40s. That exposed a big problem to me and the more I dug into it, I found out more than 100 million Americans don’t even have any investment accounts. That’s over a third of the population who don’t have anything saved for retirement. So I like the idea of focusing on retirement because it is a wake-up call. But the truth is, when you come to that point in your life, a majority of the people don’t have enough to retire on, given how low interest rates are for savings accounts and they haven’t invested in the markets properly over their entire career. I founded a new app to help solve this problem, I’m the chairman of it — it’s called Beanstox — and it helps people pull small amounts of capital into a portfolio that invests for them over the next 20, 30, 40 years.”
How can the “Crowd” Invest with a Shark? Beanstox now has over 3,000 investors and $3,000,000 raised in two crowdfunding rounds (includes 1,900+ people and over $2,000,000 in the current round).
Round 1 sold out. Round 2 crowdfunding investment offering already over $1.2M.
Connor O’Brien, CEO and co-owner of Beanstox was a guest on PreMarketPrep, the Benzinga show hosted by Spencer Israel. Watch the interview here, just after the 1-hour mark.
Beanstox Inc. (“Beanstox”) is an SEC registered investment adviser and has arranged for brokerage services to be provided by DriveWealth LLC., a registered broker-dealer and member of FINRA/SIPC. DriveWealth is not affiliated with Beanstox.
Investments in securities: Not FDIC Insured • No Bank Guarantee • May Lose Value
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives and risk tolerance levels and Beanstox’s charges and expenses. The information provided herein is for illustrative purposes only and does not constitute personalized investment advice, recommendations or solicitations to hold, buy or sell any investment or security of any kind. Beanstox’s internet-based advisory services are designed to assist clients in achieving investment goals. They are not intended to provide comprehensive tax advice or financial planning with respect to every aspect of a client’s financial situation and do not incorporate specific investments that clients hold elsewhere. For more details, see our Form ADV Part 2A and Part 3 CRS and other disclosures.
All images and return figures shown are for illustrative purposes only and are not actual customer or model returns. Actual returns will vary greatly and depend on personal and market conditions. Past performance does not guarantee future results. Google Play and the Google Play logo are trademarks of Google, Inc. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S.
© 2022 Beanstox Inc.