EVERYTHING You've Been Told About Making Money Is WRONG! | Kevin O'Leary

[Music] hey mr. wonderful here you know one of the things about doing television live television particularly earning more early morning television you got to get up early I mean this is live TV very often the show starts at 6:00 in the morning so let's work backwards let's say you're near the studio and you can maybe walk there in a few blocks so you got to get up it's sort of you know 4:00 4:15 you've got to read the notes because the news changes overnight I don't have to tell you that so here we are it's real early and just got out of the shower but also I got some fantastic ask mr. wonderful questions like they just keep getting better every week and so trying to find time to fit these puppies in because I want to answer them so we're gonna do it right now I got a shave so we're gonna do it while I'm shaving and then we're gonna boot it to the studio right afterwards so let's let's start with hold on one second there's our ears you know things you get out of a shower you don't want to let your beard go dry again this is much tougher to shave it yeah and that's you know TV you gotta look your best no question about it so what I really liked about this week is there's a lot of career or any questions in there and I think we've got to get into that because a lot of a lot of you in your 20s are trying to make a decision about direction you know you're at a college you're trying to pick a career maybe you did arts need engineering maybe something else in sciences but I got a question from a 20 year old 20-something year old named saffron now I love that me I really love that mousse I'll tell you why you probably don't remember this artist mmm his name was excuse me early morning his name was Donovan this guy was a huge hit psychedelic times and it's this is a classic iconic hit yes it's all just mad about saffron saffron zhmed about me bump bump bump huge hit future I don't know I get off that derivative but it reminded me a song when I heard saffron's question so let's listen to her question first of all let's get that done because I think it's a good one saffron what do you got let's hear it I'm nearly 22 I almost have to meet two people need some more advice regarding my career constant business idea I suffer from a lot of social anxiety so I struggle a lot to the point where I couldn't leave the house ideally I want to work from home I've nearly completed my bachelor's creative writing at university I've also always wanted to start a writing business as I enjoy copywriting editing and managing social media content I've had writing experience for a few businesses and I enjoyed writing to help others do you think my writing degree is valuable should I pursue a Master degree in the morning is it worth getting more certificates under my belt how do I go about my writing career and how should I start my writing business how do I go about getting experience so saffron there's a lot of issues there first of all anxiety now you may be able to go and get some help on that but great artists sometimes are afflicted by things like that anxiety attacks etc it's just sort of how some people's brains are wired but obviously the concern and uncertainty about your career because a writer is really not a nine-to-five gig and there are many many versions of what writers are in television and films screen.if screenwriters are different gig than writing jokes for let's say a nighttime show or even a ghost writer for books now I'm not going to discourage you in this career because initially I always used to think well the only thing you should do is engineering because you're guaranteed a job but I've learned that writing and I work with many different writers now including the ones the ghost writers that work with me on books the works of the people I work with doing television the scripted series is that sometimes I produce or whatever I'm invested there is a very big career in writing what matters about it is are you any good and unfortunately you can't determine that the market does writers that are good get paid for their work they actually have people that are saying that's so good I can't do it myself am willing to write you a check and find you to continue to write for me and it sounds like you might be that kind of person I mean but the only way to pursue this career is you gotta a get out of the house you got to get rid of that anxiety issue and you've got to go peddle you you're the brand you're the person you're the writer saffron is the whole deal and saffron I gotta be honest with you either you're going to make it or you're not it's very binary I know that sounds kind of you know callous but you'll know in about 36 months in about three years you'll either get gigs you'll get involved in the writing industry the word will get out about you I mean that's you know I think about the writers that I've actually written checks as much as $50,000 to $100,000 people would help me write my books luckily they've all been bestsellers so the royalties come streaming and I advance them fifty and then they recover that and I have to pay them more as the book sells but you'll know you'll just will and the market will know and people will talk about you I love that question because I can feel your angst and and the challenge of getting into the arts but it doesn't mean it can't be a career so saffron get out there and make it happen that's what it's all about just mad about saffron I love that song okay let's move on and you just little richer by the way the water here is very hard not easy to rinse okay next question what do we got oh I'm just I'm loving every week I keep the international aspect of this is absolutely fantastic oh here's Erin ready what do we got hey mr. wonderful Erin from Australia so I mean what you've cool public housing I guess I work for it be each which I can't as my business I got five hundred dollars saved in a girl somewhere I'm just wondering if it's a good idea to try and s that five hundred dollars into something or do I just I tried going into a bank account it's just too easy to access the savings you can't believe I gave you Chris from so I stopped doing that and I've just been hoarding money in my closet sir yeah that's a good idea or a bad idea I just want to notice what do I do with my $500 thank you all right I love that Erin is part of the gig economy he's making a living as an uber eats driver nothing wrong with that I mean it starts to you just you learn early when entrepreneurship is all about because you know you're making all the money based on your time you're moving around and it's not a bad thing it's a good starter position that's for sure because it really makes you appreciate stability but this idea of saving is important so Aaron's got $500 you know and he's debating what to do with it it's very important that he's even thinking about that that he's actually saying himself I've got to start saving no matter what I do I don't care for new bird driver whatever you do you've got to take ten if you can 15% and put it away now where you put it away it was very interesting because he's fighting with himself Heron you got to put the money where it can actually compound I don't you're in Australia there's you can definitely open a brokerage account you can put it in there and invest it probably at your age because you're young stick it in the stock market it's going to go up and it's going to go down but generally speaking over a long period of time you're going to make six to eight percent on average maybe seven which is much better than what you're gonna get in that savings account which is probably paying you less than one percent but what I love about your question is you're having a hard time keeping your fingers out of it so don't hide it under the mattress don't put it in your pocket put it in an account it's much harder to get it out of and that means you can open up a brokerage account with five hundred bucks you can do it but you're absolutely right and you brought up a great the biggest enemy about investing in yourself is yourself if you're weak you'll keep dipping into your savings to buy stuff that you shouldn't be buying because it's you should let that money sit there and compound in 30 years if it was compounding at six or seven percent Aaron's five hundred dollars plus all the money he's going to continue to put in there even if he stays as an uber a driver for the next twenty years it's going to be what you retire off that's basically what it is I love the question though but I Aaron's honest he knows that he's his own worst enemy let's take a quick toothpaste break here while we get our next question and I got to keep an eye on the time because I got to get to the studio by six we know that next question here is from Chris Chris what do you got [Music] mmm mmm good question now Chris is basically proven he's got a business because he's got revenue that's the first step anytime you can be it six figures you got something going on you're solving a problem somebody and they're willing to pay you for it how do you grow it that's basically his question this is a big decision and I'll tell you why growth involves leverage leverage means more people you have to start to manage people now some people are really good at it and others large this is a skill set that either you are born with or you have to learn very quickly because in growing a business you have to draw a new talent in particularly it sounds like in Chris's case to get more sales so you've got to find great salespeople you have to motivate them sales a very hard job and you have to manage them and you if the manage the business at the same time and that my friends is what entrepreneurship is all about I say to Chris because he's got a business and he's got six figures and he wants to get to seven he's go for it buddy go for it now is your life gonna be more fun and easier than last year no it's gonna get much harder but that's why they call it work is it worth it oh yeah yeah yeah yeah yeah yeah it's definitely worth it you'll learn so much about managing people and growing a business and helping others grow their careers too but the key to Chris's success is the original six-figure sales whatever you're doing Chris keep going because you've got a business there my friend let's take another question I like that all right here we go we've got Garnett Garnett what do you got for me I'm mr. wonderful my name is Garrett I'm an entrepreneur Gary seven years old I have two businesses that aren't really scalable but they make the money that I need and so for that reason I wanted to get into venture capital say my portfolio and maybe find something that is more shareable scalable my question to you is do you think that there's a type of field structure company or type of risk amount of risk I should be looking for for making my first investment in venture capital I know it's a very risky space so I am a bit scared going in or maybe is there a certain amount of my portfolio percentage-wise it I should have a great lesson like this any advice you have would be extreme enough thank you down Fang down Garret very stimuli risky venture capital is you know I invest in just from the shark tank thing in 3040 companies and maybe maybe a third of them work out and shark tanks a very powerful platform so we can help people acquire our customers so it's great in the adventure capital industry only one in ten survive that means you've got a 90 percent failure rate over a long period of time that's not good so I'm not in love with you investing in venture capital your young age when you have money to invest at all if you're going to do it Garet the only way is you're the operator you invest in yourself you invest in a business and you try and make it because you're gonna make a lot more money and solve for your own career then investing in a whole bunch you're going to need to invest in ten to get one to work out and you're going to lose money in 90% of them that's terrible why not invest in yourself at your age you know I remember when I started out I couldn't sleep at night as we're so worried you're always in fear failure but that's a great motivational aspect of being an entrepreneur you start spending your own money on yourself the best investment ever in your life will always be yourself particular if you understand what capitalist you know that you're taking a risk if you're going to take a risk the person to risk on is you so unless you're gonna invest in yourself I'd invest that money in the market on a broad-based diverse portfolio and let it make six or seven percent for you but I'm not hot to trot to stick money in the venture capital the time in your life when you invest in venture capital is when you're giving back after you've made a ton of money then you say I can put five to ten percent a whole bunch of deals and help out the next generation of entrepreneurs that's what I'm doing but the real dough is sitting in a very conservative portfolio that's how I buy toothpaste I gotta have cash that's how I eat and I get it for my portfolio but anyways thanks for that question let's take one more here you know I'm keeping an eye on the time for fifty by the way what are we wearing today I'm going to be wearing a grande Seiko red of course red band it's a beautiful watch you know one thing to understand about this thing is that a lot of people think the Swiss were the first to create the complications and watches back in the early 1900s say poverty it's not true it was the Japanese they were the very first to make very complicated movements and they still do today you know people think of a Seiko watch as an electric quartz watch no there are master artists within the grand Seiko organization that make these incredibly complex movements with beautiful this is actually poison oak lacquer this beautiful red you don't want to stick this on your tongue you want to paint it onto a dial like this and it's beautiful rose gold I love this watch obviously I wear today it'll be terrific on TV I'm getting you know distracted here I love talking about watches you know that let's get back to the questions because there are some great ones here this is from Michel Michel my bell great Beatles song here we go hello Kevin my husband we are preparing for his military retirement a few years ago terrible experience trusting a family member in the financial planning and investment space what is the best way to bets are verified legitimate financial advisors thanks much Michelle whoa that's an interesting one Michelle you know very often people make the mistake Michelle made and she'll never make it again you think the safest place to put your money is with another family member no you want an arm's length relationship with an accredited advisor now many of the services that are online provide advisory information for free to you so you can invest on your own but if you require an advisory very often you should have one particularly if you're investing in fixed income like bonds and Treasuries because they're not easy to do on your own make it somebody that has nothing to do with your family somebody you can hire if you don't like the work they're doing for you you can't fire your brother or your sister or your uncle they're still gonna be your family member are gonna have bad blood between them you don't want to do that now luckily online if you're registered representative if you're a broker for example there's many online services where you can go find out that person's past I'm not trying to be negative but obviously not everybody's great but 99% of advisors are but you can go online look up their name and find out who they work for and find out what their if there's ever been any complaints against them and that's part of it what you have to do to find an adviser I work with many different advisors particularly in fixed income there there have a long track record of success I've known them for years and years and years they work for accredited firms and I can monitor my county month but they are not my family and they never will be thanks for that question Michelle all right let's move on here I'm looking at the time you know one of the things you got you have to watch out for when you're just a little if you're a hair challenge like I am you don't you want to avoid the Bozo the Clown look where the hair sticking out on the sides so I have this little trimmer thing I could see a couple of errand hairs they're gonna show up on the camera so I just do a little yeah there you go probably need a haircut soon but anyways looking good on camera you better think about it but you don't want the bozo factor you want to nip those little guys in the bud you're sticking out there we go fantastic alright on to them another question here listen this is a personal grooming show you know last one which is good because we're now yeah I got it I got it I got to get going here this is Rosalee Rosalee can I think of a song for you Rosalee yes hello mr. wonderful my name is Rosalie Rivia and let me just say this you are mr. wonderful you've got very soft heart not not the wing it thank you Rosalie the television mr. wonderful was considered a hobby you guys use that word a lot what is considered a hobby also I had a patent I said to to Walmart Walmart wanted a million of them I sent them to the prototype they wanted a million I did not have that to give to them I thought they produce any license but they don't so I have to find a company and I really it's hard to it's hard to find that company thank you very much for this I truly appreciate it how can I find the company thank you alright Rosalie there's a bunch of questions in there but this is great there's many people in the in your situation first of all what is a hobby versus a business that's what the Rosalie's first question in my definition of that is if you start a company start a business you start a product you start something that you think should make money if it's not making money after three years that never was a business it was a hobby and you got to take it behind the barn you got to shoot it unless you want to just spend your time losing money because you know great entrepreneurs and and I'm telling you this happens to every entrepreneur it certainly happened to me not everything works out you got to try things the first two may not work the first three may not working then finally you get a winner you keep trying that's the whole idea that's the journey of entrepreneurship but when you get a product where Walmart a big-box retailer says you know I'd like to try that that sounds like a good product Rosalie but we're not manufacturers for Walmart we're retailer we'll sell it online we'll sell it in our stores you got to bring us the product here's the things you want to do if you're dealing with a big box like that you do not want to roll out your product to every store you can't afford the cost of the inventory and you don't know if it's going to sell yet you want Walmart buyer to help you with a test maybe 200 stores the way to go because you're a female entrepreneur that's a plus for you because we want to help more women get into business and certainly Walmart's a great corporate client and customer for that and great corporate supporter that way we do a lot of business with my certain companies with Walmart they're terrific they're wonderful because they pay their bills and they're very big and they can afford to pay you but you're probably actually getting into manufacturing is you're probably going to have to go out shore to build this to make it cheap enough to sell I'm not saying you have to but you may have to you need a partner Rosalie you need to find a partner that you trust that can help you actually go through the logistics of building a prototype getting a mold manufacturing the first I don't know thousand pieces and then sell them and once you find out what customers say about them tweak the product a little bit make it a little better go through the process if Walmart's gonna be your partner because they love the product they'll work with you and you'll slowly build this up but you're not going to do it sitting at the kitchen table unless you're doing everything yourself it sounds like you don't have the logistics skills and luck don't feel bad about it I never did either I found a partner early on that could do that manufacturing logistics inventory control I'm a sales guy I'm a marketing guy I went to Bentonville I met with buyers I've met with Walmart I know the journey you're going through and many other retailers to that matter but it sounds like Rosalie you're gonna need a partner look I loved the whole ask mr. wonderful this week I love the international aspect you know it's it's fantastic to talk to people all around the world it's a great tool a dialog and if you don't mind the whole shaving thing and everything but I just got to find time in the day that's the problem I'll answer these questions I want to do it every week so you're gonna have to bear with me as we do these journeys all around the country I don't know where I'll be next time but anyways it was fantastic and remember all those questions if you think about it we're about savings of a career about manufacturing it's they're all inspirational in the sense that someone wants to advance they want to start a business saffron wants to be a writer that's a career thing the human condition is to march forward not a destination remember this it's a journey not every day is great now I got to start my day you know this is I got to put this on and hit the road it's always I just love choosing the first watch of the day because it kind of sets the tone for the rest of the hours ahead once it goes on my business see you next time that's enough [Music] [Music] you

Channel: Kevin O'Leary

Views: 337,388

Keywords: kevin o'leary, shark tank, mr wonderful, business advice, ask mr wonderful, luxury lifestyle, ask kevin o'leary, kevin o'leary best advice, shark tank behind the scenes, kevin olery, best advice for entrepreneurs, how to make money with no money, how to start a business, shark tank best pitches, earn money, how to be successful entrepreneur, lori greiner, #1 key to success, how to be a successful entrepreneur with no money, entrepreneur (profession)

Id: QYGWJ1g_ipU

Length: 23min 22sec (1402 seconds)

Published: Mon Jan 13 2020