"Solve big problems"— Shark Tank investor Kevin O'Leary's secret to becoming a millionaire

Shark Tank investor Kevin O'Leary addressed a frequently posed question in a December 21 Instagram post, "How to become a millionaire?" He began by sharing that people often ask him about his experience of becoming a millionaire, specifically if he recalls the exact day it happened. Kevin confessed that he doesn't remember and hasn't given it much thought.

According to Kevin, accumulating wealth isn't about pursuing riches or greed. Instead, he emphasized that becoming a multimillionaire is a natural consequence of solving significant problems for others, driven by passion. Kevin acknowledged that he eventually woke up to find himself wealthy, but his focus has always been on the freedom that comes with it rather than the wealth itself.

In his Instagram post, Kevin reiterated his long-held belief that personal freedom is the ultimate reward. He encouraged his followers to find solutions to pressing issues, assuring them that financial success and freedom would follow.

"'What did it feel like to become a millionaire?’ My answer? I don’t remember, and I don’t care. Chasing money isn’t the goal. Solve big problems, and the money will come. But here’s the real prize, personal freedom. That’s what it’s all about," the Shark Tank investor captioned.

---

Shark Tank's Kevin O'Leary got his first financial lesson from his mother

Shark Tank investor Kevin O'Leary also shared a financial lesson he learned from his mother at a young age. In an Instagram post on December 19, Kevin recounted how his mother would take him and his brother to the bank to purchase bonds when he was just seven years old. During these trips, she instilled in him a crucial principle, never spend the principal amount, only the interest earned.

"When I was seven and my brother was five, she would take us to the bank with her, because that's where you would buy bonds. Back in those days, you could actually buy the certificate with the coupons every six months, you clip them off," Kevin stated.

This lesson has had a lasting impact on the Shark Tank investor's investment strategy. He now adheres to a strict discipline of not touching his principal investments, instead relying on the interest generated to support his spending habits, charitable donations, and capital allocation.

Additionally, Kevin shared that he views his investment portfolio as a self-sustaining entity, where every asset must produce yield, whether through fixed income or equity. His investment approach is centered around generating consistent returns, which he then distributes to support his family and charitable commitments.

In a different post, Kevin emphasized the importance of accessibility in business, sharing his approach to maintaining open communication with employees and customers. He noted that many managers are hesitant to share their contact information for fear of an influx of calls. However, Kevin's experience has shown that the opposite is true.

By sharing his business phone number with employees, Kevin has found that it actually rings less frequently. He believes this is a result of the trust established by making himself accessible.

Kevin shared that he carries two phones, one for family and one for business, to ensure he is always available to address important issues. When his business phone does ring, it often signals a significant problem that requires immediate attention. This might include customer complaints or employee concerns, which Kevin takes as a sign to take swift action.

"As an entrepreneur or major shareholder, accessibility is non-negotiable. I carry two phones—one for family and one for business. Why? Because customers and employees need to know they can call me with bad news," Kevin stated.

In his experience, ignoring these warning signs can lead to losing touch with the market and ultimately losing business. By staying accessible and responsive, the Shark Tank investor found that he could address issues proactively and maintain a competitive edge.

---

Shark Tank is currently airing season 16 on ABC.