"Buy the best" – When Shark Tank mentor Kevin O'Leary shared his advice for money management

Shark Tank fame Kevin O'Leary recently shared advice on money management. During his appearance on the Full Send Podcast on September 21, 2024. O’Leary talked about the importance of prioritizing quality over quantity in both personal and financial decisions. He said:

"Buy good sh**. Instead of more crap. Buy the best. Buy the best suit you can buy."

O’Leary shared career and life lessons, discussing the value of investing in high-quality assets for better returns and reduced costs. He advised avoiding unnecessary expenses like pricey coffee, and instead focusing on long-term wealth building, planned spending, and investments in business.

Throughout the podcast, Kevin O'Leary also shared personal stories, such as how his passion for watches opened doors to global business connections. With insights ranging from saving tips for the average earner to the role of passion in achieving success, O’Leary’s adviced both aspiring entrepreneurs and everyday listeners seeking financial clarity.

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Shark Tank mentor Kevin O'Leary on spending habits

Kevin O'Leary stressed the importance of mindful spending and saving during his podcast appearance.

“If you save 10–15% of your income and invest it, you’ll likely retire a millionaire,” he explained, encouraging listeners to adopt a disciplined approach to money.

He criticized unnecessary expenditures, such as buying expensive coffee or items that rarely get used.

“Why pay $5.50 for coffee when it costs 15 cents to make at home?” he asked.

O’Leary highlighted the impact of overconsumption, citing clothing as an example. He mentioned that most individuals tend to wear only two pairs of jeans while neglecting the rest of their collection.

“Buy less, but buy the best,” he said, a lesson he learned from his mother, who prioritized timeless fashion by buying Chanel clothes every year.

For those looking to build wealth, O’Leary advised starting small and investing consistently. He said that one does not need a big brokerage account. Emphasizing that financial growth is within reach for everyone, he said that people should "use apps to save and invest whatever" they can.

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Kevin O'Leary’s advice for achieving financial success

During the podcast, Kevin O'Leary further shared his belief that financial success stems from passion and a focus on quality.

“You don’t get rich by chasing money. You get rich because you’re passionate about something,” he stated.

He emphasized that dedication to meaningful work, rather than financial greed, leads to wealth and personal fulfillment.

“When you work hard on something you love, the financial rewards naturally follow,” he added.

O’Leary shared a story about how his passion for watches introduced him to a UAE royal, which later opened business opportunities in the Middle East. He explained that watches serve as more than just collectibles; they offer a way to connect with others who share similar interests.

He encouraged listeners to extend the principle of quality to every aspect of their lives. He advised that whether it’s investments, relationships, or any other products, one should always "focus on the best."

Kevin O'Leary noted that with financial security comes the ability to make choices without constraints, be it’s traveling, spending time with family, or investing in personal interests. He urged listeners to adopt a mindset where financial planning becomes a tool to enhance life’s possibilities rather than an end goal in itself.

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