Shark Tank's Kevin O'Leary has something to tell all of you.
You're not gonna like it.
According to him, you should have $100,000 saved by the time you are 33-years-old.
Shark Tank's Kevin O'Leary has something to tell all of you.
You're not gonna like it.
According to him, you should have $100,000 saved by the time you are 33-years-old.
He just became 10x more savage, because now he has let everyone know in a brief video that by 33 years old, you should have $100,000 saved somewhere.
When someone with a net worth of $400 million talks money, we should probably listen. The videos touched on all kinds of financial topics, including when you should talk money in a relationship.
"You finally get around to the third date, you think it could get serious, why not ask them what their credit score is?" Kevin advised.
I don't know about you, but credit scores haven't come up on any of my second or third dates.
"You don't want to marry somebody that's a chronic spender that you can't get in sync with about building your own nest egg," he said. It might be an awkward conversation, but it's one you should have!
It doesn't have to be so formal as asking them to do a credit check. "Just ask what people's aspirations are in terms of where they see themselves in five years," he said.
Saying that she took care of him from the day he was born to his last day of college, Kevin noted that his mother told him when he graduated, "The dead bird under the nest never learned how to fly."
Kevin had to fend for himself upon graduating college, but he says it taught him how to make money without having a safety net. Kevin gave the same advice to his kids, and their reaction was really relatable.
With that mentality in mind, Kevin's advice for how much money you should have saved by the age of 33 seems a lot less harsh.
It's a lot easier said than done.
But let's hear him out:
"But here's one for you to think about," he continued. "By the time you hit 33 years old, you should have $100,000 saved somewhere."
"33. $100,000. You can do it. I'll tell you how: You save 20% of your paycheck, and you let the market grow it five to seven percent a year."
"Everyone says 'oh, that's impossible, I can't do that,'" he went on. "Yes, you can. If you don't have it by 33, I'll give you 'till 35."
"Why 33?," he asked.
"33 is the tipping point. It's the point in your life when you really have to focus on saving money."
"Your goal should be to try and amass at least $500,000. So, you start to chop up the decades you're gonna work".
"Think about that," he concluded.
Last year, Kevin talked about this with told CNBC as well.
"Because you want to end up in your '60s with a boatload of cash sitting in investments, so you can kick back and relax a little bit."
"Most careers start in early 20s and end in the mid-60s."
"Because you’re going to use the rest of the innings in that game to accrue capitall.”
Let us know what you think!
Is it reasonable to say that everyone should have $100,000 saved up by the time they're 33 years old?