Kevin O’Leary says investing $100 a week will make you a millionaire by retirement
MarketWatch
By: Alessandra Malito
The FIRE movement is a ‘motivational platform’ to get people thinking about their future financial stability, he says.
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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.
Kevin O’Leary:
“…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.”
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Saving for the future might seem daunting, but there’s a simple and tax-efficient way to grow your wealth—Individual Retirement Accounts (IRAs). These accounts offer tax advantages designed to help you build a strong retirement savings plan over time while minimizing your taxable income.
Saving for the future might seem daunting, but there’s a simple and tax-efficient way to grow your wealth—Individual Retirement Accounts (IRAs). These accounts offer tax advantages designed to help you build a strong retirement savings plan over time while minimizing your taxable income.
Saving for the future might seem daunting, but there’s a simple and tax-efficient way to grow your wealth—Individual Retirement Accounts (IRAs). These accounts offer tax advantages designed to help you build a strong retirement savings plan over time while minimizing your taxable income.
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Investing in some of the world's most influential companies is now easier than ever.
Investing in some of the world's most influential companies is now easier than ever.
Want to do better with your money this coming year? Start with these three simple goals.
Want to do better with your money this coming year? Start with these three simple goals.
Want to do better with your money this coming year? Start with these three simple goals.
Legal
Developers
Unless indicated differently, data is as of 12/31/2024.
*Disclosures
Beanstox does not provide tax, legal, accounting, budgeting, credit score, or banking advice. The information provided is for informational purposes only and is not intended to constitute such advice. Readers are encouraged to consult with their personal tax, legal, and accounting professionals for specific guidance.
Beanstox has partnered with April Tax Solutions Inc. to offer helpful tax-related tools to Beanstox Clients. Beanstox does not provide tax advice. Please consult your tax advisor for additional information regarding tax matters. April Tax Solutions Inc. is a third-party service provider and is not affiliated with Beanstox.
* Open a Traditional IRA with Beanstox and boost your federal tax refund by up to $22 for every $100 you contribute by April 15, 2025 (or up to $1,540 assuming 22% on the maximum contribution of $7,000). Then file your taxes effortlessly with the easy-to-use tax tool powered by april and claim the IRA deduction.
ᶿ Maximum refund guarantee is provided by April Tax Solutions Inc.. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws.
If April Tax Solutions Inc.'s tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the Internal Revenue Service (“IRS”) that you would otherwise not have been required to pay, April Tax Solutions Inc. will reimburse you up to a maximum of $10,000.
1. Pricing: Learn About Pricing.
2. Power Savings: As of December 31, 2024: traditional US Savings Account Rate: 0.42% (YCharts); T-Bill yield: 5% (YCharts); 4.4% based on the 30-day SEC yield of the Beanstox short-duration bond portfolio ETF constituents; the 30-day SEC yield is a standard metric defined by the U.S. Securities and Exchange Commission (SEC) and reflects the dividends and interest earned during the period after the deduction of the ETF’s expenses. There are no assurances that this yield will be sustainable in the future. This product invests in one or more ETFs. Results may vary due to expenses and other factors,
3. Stocks 500: Where applicable, as of December 31, 2024, S&P 500 return assumes an initial $1,000 investment, 40-year annualized return of 10% (Source: Bloomberg Finance LP). It is not possible to invest directly in an index. This product invests in an ETF aiming to track the S&P 500’s performance. Results may vary due to expenses and other factors. Returns before ETF fees. Diversification is not a guarantee of profit or protection against loss.
4. Wealth Builder: Saving $400/month over 40 years, but not investing and assuming no interest accrual, would accumulate $192,000; however, investing the same $400/month, could add up to over $1 million over the same period of time. This projection illustrates a hypothetical example of compounding over time, based on an investment of $400 per month for 40 years with an assumed annualized returns of 7% or more, compounded monthly, assuming the funds stay invested throughout the investment period.
5. All corporate logos are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.
6. App store rating is as of December 31, 2024, and is based upon all ratings and reviews received by Apple App Store and Google Play Store (collectively, the “App Stores”) submitted since the Beanstox app was available on each App Store. Current rating can be found on Beanstox’s app preview in each App Store and is subject to change. App Store rating is generally calculated and generated by each App Stores based on the average of all total Beanstox app ratings. No compensation was exchanged for reviews or ratings. Rating may not be representative of the Beanstox client experience, advisory services, or investment performance. For more information, see more reviews at the App Store and Google Play Store.
** New Products: We are excited about the development of new products, although there are no assurances that these products will be implemented or offered to Beanstox App users, or that final details on how the products will be offered will not differ from those currently contemplated.
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.
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.
Our site uses cookies and other similar technologies so that we can remember you and understand how you and other visitors use our site. Please see Beanstox Privacy Policy for more information.
© 2025 Beanstox Inc.
Copyright © 2025 Beanstox. All Rights Reserved
Legal
Developers
Unless indicated differently, data is as of 12/31/2024.
*Disclosures
Beanstox does not provide tax, legal, accounting, budgeting, credit score, or banking advice. The information provided is for informational purposes only and is not intended to constitute such advice. Readers are encouraged to consult with their personal tax, legal, and accounting professionals for specific guidance.
Beanstox has partnered with April Tax Solutions Inc. to offer helpful tax-related tools to Beanstox Clients. Beanstox does not provide tax advice. Please consult your tax advisor for additional information regarding tax matters. April Tax Solutions Inc. is a third-party service provider and is not affiliated with Beanstox.
* Open a Traditional IRA with Beanstox and boost your federal tax refund by up to $22 for every $100 you contribute by April 15, 2025 (or up to $1,540 assuming 22% on the maximum contribution of $7,000). Then file your taxes effortlessly with the easy-to-use tax tool powered by april and claim the IRA deduction.
ᶿ Maximum refund guarantee is provided by April Tax Solutions Inc.. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws.
If April Tax Solutions Inc.'s tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the Internal Revenue Service (“IRS”) that you would otherwise not have been required to pay, April Tax Solutions Inc. will reimburse you up to a maximum of $10,000.
1. Pricing: Learn About Pricing.
2. Power Savings: As of December 31, 2024: traditional US Savings Account Rate: 0.42% (YCharts); T-Bill yield: 5% (YCharts); 4.4% based on the 30-day SEC yield of the Beanstox short-duration bond portfolio ETF constituents; the 30-day SEC yield is a standard metric defined by the U.S. Securities and Exchange Commission (SEC) and reflects the dividends and interest earned during the period after the deduction of the ETF’s expenses. There are no assurances that this yield will be sustainable in the future. This product invests in one or more ETFs. Results may vary due to expenses and other factors,
3. Stocks 500: Where applicable, as of December 31, 2024, S&P 500 return assumes an initial $1,000 investment, 40-year annualized return of 10% (Source: Bloomberg Finance LP). It is not possible to invest directly in an index. This product invests in an ETF aiming to track the S&P 500’s performance. Results may vary due to expenses and other factors. Returns before ETF fees. Diversification is not a guarantee of profit or protection against loss.
4. Wealth Builder: Saving $400/month over 40 years, but not investing and assuming no interest accrual, would accumulate $192,000; however, investing the same $400/month, could add up to over $1 million over the same period of time. This projection illustrates a hypothetical example of compounding over time, based on an investment of $400 per month for 40 years with an assumed annualized returns of 7% or more, compounded monthly, assuming the funds stay invested throughout the investment period.
5. All corporate logos are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.
6. App store rating is as of December 31, 2024, and is based upon all ratings and reviews received by Apple App Store and Google Play Store (collectively, the “App Stores”) submitted since the Beanstox app was available on each App Store. Current rating can be found on Beanstox’s app preview in each App Store and is subject to change. App Store rating is generally calculated and generated by each App Stores based on the average of all total Beanstox app ratings. No compensation was exchanged for reviews or ratings. Rating may not be representative of the Beanstox client experience, advisory services, or investment performance. For more information, see more reviews at the App Store and Google Play Store.
** New Products: We are excited about the development of new products, although there are no assurances that these products will be implemented or offered to Beanstox App users, or that final details on how the products will be offered will not differ from those currently contemplated.
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.
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.
Our site uses cookies and other similar technologies so that we can remember you and understand how you and other visitors use our site. Please see Beanstox Privacy Policy for more information.
© 2025 Beanstox Inc.
Copyright © 2025 Beanstox. All Rights Reserved
Legal
Developers
Unless indicated differently, data is as of 12/31/2024.
*Disclosures
Beanstox does not provide tax, legal, accounting, budgeting, credit score, or banking advice. The information provided is for informational purposes only and is not intended to constitute such advice. Readers are encouraged to consult with their personal tax, legal, and accounting professionals for specific guidance.
Beanstox has partnered with April Tax Solutions Inc. to offer helpful tax-related tools to Beanstox Clients. Beanstox does not provide tax advice. Please consult your tax advisor for additional information regarding tax matters. April Tax Solutions Inc. is a third-party service provider and is not affiliated with Beanstox.
* Open a Traditional IRA with Beanstox and boost your federal tax refund by up to $22 for every $100 you contribute by April 15, 2025 (or up to $1,540 assuming 22% on the maximum contribution of $7,000). Then file your taxes effortlessly with the easy-to-use tax tool powered by april and claim the IRA deduction.
ᶿ Maximum refund guarantee is provided by April Tax Solutions Inc.. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws.
If April Tax Solutions Inc.'s tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the Internal Revenue Service (“IRS”) that you would otherwise not have been required to pay, April Tax Solutions Inc. will reimburse you up to a maximum of $10,000.
1. Pricing: Learn About Pricing.
2. Power Savings: As of December 31, 2024: traditional US Savings Account Rate: 0.42% (YCharts); T-Bill yield: 5% (YCharts); 4.4% based on the 30-day SEC yield of the Beanstox short-duration bond portfolio ETF constituents; the 30-day SEC yield is a standard metric defined by the U.S. Securities and Exchange Commission (SEC) and reflects the dividends and interest earned during the period after the deduction of the ETF’s expenses. There are no assurances that this yield will be sustainable in the future. This product invests in one or more ETFs. Results may vary due to expenses and other factors,
3. Stocks 500: Where applicable, as of December 31, 2024, S&P 500 return assumes an initial $1,000 investment, 40-year annualized return of 10% (Source: Bloomberg Finance LP). It is not possible to invest directly in an index. This product invests in an ETF aiming to track the S&P 500’s performance. Results may vary due to expenses and other factors. Returns before ETF fees. Diversification is not a guarantee of profit or protection against loss.
4. Wealth Builder: Saving $400/month over 40 years, but not investing and assuming no interest accrual, would accumulate $192,000; however, investing the same $400/month, could add up to over $1 million over the same period of time. This projection illustrates a hypothetical example of compounding over time, based on an investment of $400 per month for 40 years with an assumed annualized returns of 7% or more, compounded monthly, assuming the funds stay invested throughout the investment period.
5. All corporate logos are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.
6. App store rating is as of December 31, 2024, and is based upon all ratings and reviews received by Apple App Store and Google Play Store (collectively, the “App Stores”) submitted since the Beanstox app was available on each App Store. Current rating can be found on Beanstox’s app preview in each App Store and is subject to change. App Store rating is generally calculated and generated by each App Stores based on the average of all total Beanstox app ratings. No compensation was exchanged for reviews or ratings. Rating may not be representative of the Beanstox client experience, advisory services, or investment performance. For more information, see more reviews at the App Store and Google Play Store.
** New Products: We are excited about the development of new products, although there are no assurances that these products will be implemented or offered to Beanstox App users, or that final details on how the products will be offered will not differ from those currently contemplated.
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.
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.
Our site uses cookies and other similar technologies so that we can remember you and understand how you and other visitors use our site. Please see Beanstox Privacy Policy for more information.
© 2025 Beanstox Inc.
Copyright © 2025 Beanstox. All Rights Reserved