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Shark Tank mentor Kevin O'Leary shared a discussion video alongside Grant Cardone via YouTube on October 22, 2021. The video featured a conversation between the two where Kevin revealed his thoughts on "earner" and "investor."
As the host, Grant Cardone asked the ABC show judge about his views and the difference between earner and investor, Kevin O'Leary replied:
"There's a few rules that I've observed over 30 years of investing where people make big mistakes and also are very successful because they avoid them. The earner learns how to take a portion of what they earn and invest it. I'll tell you a story that I like to tell that I learned from my mother. Way back, she was not an analyst or portfolio manager or anything like that."
He continued:
"She used to take 20% of her income when she worked in a clothing factory and she bought telco bonds and she bought S&P 500 stocks that paid dividends. She had that portfolio for 52 years. Back in those days, the bonds are in 6% to 7%. They like telco bonds because she thought people turn their heat off rather than not be able to talk to each other."
Shark Tank judge Kevin O'Leary reveals his thoughts on earner and investor while sharing his mother's investment strategy
In a discussion with Grant Cardone, Shark Tank's Kevin O'Leary recalled his mother's investment, which none of their family knew. After her demise, they learned that the Shark Tank judge got a phone call about her investments.
For 52 years, his mother kept a "secret" account, which was not even her two husbands' knowledge. After marrying twice, when she passed away, Kevin O'Leary and his brother learned about her investments from a lawyer.
"I'm the older brother and my younger brother, Shane. I got a call from the executor of the state and was passing that to me, a lawyer and said, you got to come down here. Your mother died a very wealthy woman. I said, no way. We're middle-class family."
Still in denial, the Shark Tank's mentor learned that his mother had kept a portfolio for many years. Additionally, she only "took out" interest/dividend. The principal amount had been there the whole time.
Sharing more about his mother's instincts and how most people do not have such instincts, Kevin O'Leary advised young entrepreneurs to keep "some portion" of their earnings into investment and savings.
Further in the interview, when the host asked the total amount that Shark Tank mentor's mother had left him, Kevin O'Leary responded:
"I won't say that because I've told the story so many times, but it was one poop load of money. And you know what I did with it because I'd already, I was very fortunate at that time. I'd already had some great liquidity, so I distributed it to some of my family members that had not learned the rule of, of saving and investing."
In the latter part, the host asked Kevin O'Leary to choose between being a "big earner" or a "small investor." Without any hesitation, Kevin chose to become a small investor. They talked more about the subject while the Shark Tank investor shared his thoughts on various other topics.
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