Kevin O'Leary: Every Time You Get Paid, Do This! It 10xs Your Income Without Having To Work Harder!

(instrumental music plays) That is the stupidest thing you can ever do.

Well, what is the most important thing for someone who's just trying to grow their money?

So, I learned this from my mother, and I actually built a whole company around it. Yeah, there she is. So...

(instrumental music plays)

I haven't seen that picture in a while. (laughs) Damn. I mean, what she did, the performance was extraordinary. And with that, she put my brother and I through college, she took care of her family when they fell on hard times. When I saw the results, I said, "That's it. That's how I'm gonna invest for the rest of my life."

So, talk me through this. I want as much detail as possible.

Okay. Let's start with this.

Kevin O'Leary, a.k.a. Mr. Wonderful, is the self-made millionaire and investor... Who's built and sold companies for billions.

There's a lot of people who don't like me for my bluntness. I don't care, because there's people that don't think ahead and find themselves mired in debt, but then pissing away money spending $28 for lunch. I mean, that's just stupid.

What about the house?

The mistake that people make is they buy too much house. Never let the mortgage and the cost of maintaining the house be more than one third of your income.

How much does the person that you fall in love with have an impact?

Are you kidding? It's everything. And I did some research, and most marriages can survive infidelity. They can't survive financial stress. But if everybody that's listening does this one thing, you will have over a million and a half dollars.

Kevin, can anybody be an entrepreneur?

No. Only a third of people can become successful entrepreneurs, because there's a couple of things that you must achieve to be successful. First...

(instrumental music plays)

Kevin, I'm gonna ask you to do something which is quite difficult, because I'd find it quite hard if someone asked me to do this. But before we get into the detail, can you give me a 30,000-foot view on your entrepreneurship and investing career? Just the, just the three bullet points that are most pertinent before we dig into those specifics.

Every entrepreneur I've ever talked to, um, that finds himself where I am today has, has a defining moment where they are pushed into this path. It's, it's something they can remember, and they remember it in perpetuity. And I'll remember my moment, getting fired in an ice cream store. That simple. First day on the job, asked to serve and scoop ice cream, and, um, I did that all day, but when people sample ice cream, they get a taster and they take their gum out and they throw it on the floor. Somebody's gotta scrape the gum off the floor at the end of the day. I only took that job because I was very interested in a girl who was working in the shoe store, and I figured I could, you know, hang out with her afterwards. And, uh, I saw her waiting for me, and the woman who owned the store said, "You've gotta scrape the gum off the floor." And I didn't want her to see me on my knees with a scraper. Bad for my brand. (laughs) I was in high school. And, uh, she said, "No, no, you have to do it." And I said, "You know, you hired me as a scooper, not a scraper." She said, um, "How about you're fired?" And I didn't re- even know what that meant. And it was the defining moment for me, because I realized there's two kinds of people in the world. There's people that own the store and there's people that scrape the shit off the floor, and you have to decide who you are. And I'm not saying being an employee is a bad thing, not at all, but for me, um, it, it hit me. It just hit me.