"End goal": Shark Tank mentor Robert Herjavec opens up about how he used to think about "making of money"

Shark Tank mentor Robert Herjavec discussed how he used to think about "making of money" via a video on his YouTube channel. The video titled Why Charlie Munger is My Greatest Mentor! released on December 8, 2024, featured Robert talking about money, Charlie Munger, investments, and more.

In one of the segments featured in the video, the Shark Tank mentor stated the second point (of a total of ten) which was: "Use money as a resource not as an end goal." Robert Herjavec mentioned:

"In all our discussions about wealth and money, I never remember him (Charlie Munger) saying about how he wanted to make a lot of money in the sense of who I wanted to be rich. It took me a while to figure that out."

He added:

"He (Charlie Munger) always talked about the making of money as part of a larger goal. One business would make money that would use that money to buy another business and so on. I realized that I talked about money as an end goal, not as a process. I wanted to get rich."

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Shark Tank's Robert Herjavec talked about his thought process and how his mindset about being "rich" has evolved over the years

The video clip features Robert Herjavec opening up about Charlie Munger, who wanted to buy an insurance company. The motive was to "disrupt" the insurance business and later on buy another business. While Robert wanted to make money and be "rich," he was thinking about money as the "end goal."

However, it was later on when Robert learned that it was not the end goal. The lesson he learned was:

"It has nothing to do with being rich or wealthy or any of that. It's about how you think about money."

Recalling his childhood days as an immigrant, Shark Tank mentor stated that his family members "never ever" discussed finances.

Whenever he used to ask his parents about money, they would tell him not to ask about that, because it was "rude."

"Honestly, I think my parents would have rather talked about s*x at the dinner table than money. It messed me up for many years and my relationship with money," stated Robert.

Sharing more about how money is a "tool" similar to "a hammer or a saw," Robert stated that to build your dream house, one needs to know, "how to use the tools."

Similarly, money, being a tool, needs to be "mastered" which will help individuals to build the life they want.

He then shared an example with some stats:

"If I gave you a million dollars and told you to spend a thousand dollars a day, you would run out of money in three years. If I gave you a billion dollars, it would take you 2,740 years to run out of money. Or think of it this way, you could have spent a thousand dollars a day since the day Christ was born and still have money."

In the latter part of the segment, Shark Tank mentor talked about how many billionaires were there in the world. By that time, there were 3,194 in the world. From that, America had 813 and China had 400.

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Fans can follow Shark Tank mentor Robert Herjavec via his Instagram (@robertherjavec) and stay updated with all the tips and insights he releases there daily.