Shark Tank investor Kevin O'Leary sets his record straight when it comes to lending money, especially to family members. He has set some ground rules and he adheres to them in order to stop getting his "Thanksgiving dinner ruined". The Shark Tank judge is famous for his strategic investments in the show, focusing on the market viability and profitability of any product.
Kevin believes that money can get a person into a complicated relationship with friends and family and therefore, he sticks to "gifting" instead of lending the money. In a YouTube video uploaded by Kevin on his official channel in September 2024, he shared with the audience how they can solve the problem of family members asking for money.
Kevin emphasized through his video to keep business and family separate to avoid any kind of issues in the personal relationship. He said in the video:
"More Money More Problems yes. I'll tell you something about money. It's a fantastic thing because it buys you freedom but it makes your life complicated because a lot of people want some of it from you for free, particularly family members. This is a huge issue."
Kevin O'Leary, Shark Tank investor suggests a way to deal with family members asking for money
Kevin O'Leary has been featuring on the Shark Tank since its first season. The Canadian Businessman and investor is popularly known as Mr. Wonderful on the show and has locked in various deals with products like Boost Oxygen, Snarky Tea, Chalkless, and many more. His tactical and calculated risk-taking approach allows him to invest in the most profitable and viable products.
Kevin O'Leary is known for his prudent approach to investing, particularly when it involves lending money to family and close friends. In a discussion as part of a YouTube video, he openly shared his philosophy on this matter. He stated that he refrains from lending money to family members, as he believes it can complicate personal relationships.
Instead, he prefers to offer them alternative solutions that he considers to be more effective and sustainable. O'Leary highlighted the importance of maintaining family harmony, noting that either saying no to a loan request or providing the loan itself can lead to tension and misunderstandings within relationships.
By avoiding direct financial transactions, he aims to protect his family bonds while still being supportive in other ways. In the video, he mentioned that he has found a solution for those who come across such issues, and told the audience that it has worked in his favor till now. He said:
"Now here's how you solve that problem and I've been doing this for years. I'm not saying this is good or bad or what you should do. I'm telling you what I do. okay?"
He then elaborated on the solution and said:
"I don't want to go into partnership with somebody in my extended family that ruins Thanksgiving dinner so what I say to them is look you've never asked me for money before. I'm going to give you in that case $50,000, it's not a loan, it's a gift.
I never want it back from you on one condition and one condition only you never ask me for money again ever. You never come to me again for money and we never talk about this again ever", said the Shark Tank Investor Kevin.
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Shark Tank Season 16 airs on ABC on Wednesdays.
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