Kevin O'Leary's 5 Tips For 20 Year Olds

[Music] it's about gold-digging yeah and I experienced that myself I love women that are honest about why they're after you and very often its money particular if the 30 years younger than you are saying George they're just saying Woody's Kanye all of a sudden right I think it's pragmatic and I know that my money do that work at CBC you know you look at life and 50% of my friends and more of them are divorced and examining that process very often is the result of bad financial management in both ways too much of it too little of it it's a very toxic potion if it's not managed probably when you when you in life the number one thing that people screw up on is this they buy stuff they don't need it's that simple go look at your closet sometime 80% of the crap at the bottom of your claws that are closed you don't wear anymore and you pay for them cuz you thought you needed them and you wanted them imagine if you could turn all that stuff back to cash or it better still you never bought it that cash to be in the bank right now making interest for you or an investment that pays interest or dividend but no it's sitting at the bottom of the closet dad money that's what that is that's a huge problem so think about this let's say you actually owe 200 bucks on your credit card and you're passing a hot little coffee spot and you're thinking about getting up the cappuccino for two hours and 30 cents don't do it pay off the 20 bucks first don't spend money on stuff you can't afford it costs 15 cents to make coffee you're paying somebody two dollars and thirty cents the rest of that could have been used to reduce your debt that's the whole deal don't buy stuff you don't need make sure you go through every single month in a way that you respect money that you somehow pay back here's an idea for you something a little different when you set out your holiday season instead of using a credit card I want try something completely different I want you to take out from your account all the cash you're gonna spend on gifts in other words make your list decide who you're going to give to and let's say you decide you're gonna spend a thousand dollars go get a thousand dollars real cash it's a little bit more but you get the idea and you say to yourself to put this in an envelope this is what I'm gonna spend I'm not gonna put any gift purchase on a credit card and the reason I like this strategy and I've used it all through my life is it's finite this bundle of cash is all you've got to spend and it makes you think how should I allocate it properly what should I buy and so when you go through your list let's say you're married you think about your wife you're probably gonna spend most there if you have kids you're gonna spend there too then you get into your relatives and friends not everybody deserves to have a whole lot of dollar spent on them very often it's the thought that counts well my problem with this new Jen issue is all these condos are what I call shoebox condoms 440 square feet two-bedroom or studio and a half two tiny bathrooms no parking pure commodities square box of cement there is no value in it to me anyways as an investor other than it's like every other shoebox condo so why would you make an assumption that to me it's a depreciating asset the building in ten years is an old shoebox condo or heads and so I think it's worth less so why does nobody understand that why do these condos keep getting sold and I'm looking at the sign because I you know I just moved back from the states a couple years ago and I'm looking at them and they're saying they're 90 percent sold why are they still sold who's buying them because I as I've learned with my own staff in many many of these companies if these you know Gen X or millenium kids whatever you want to call them is they don't want to own a car so that makes a lot of sense they want to walk to where they work they want to be part of what's hip downtown in any city and then Coover calgary montreal montreal condo scene has never been more boring than it is prices are as high as a thousand bucks a square foot I was just looking at some metrics yesterday and so I think the trend is is your friend if your condo developer I questioned the value long-term because to me a condo is just a piece of cement that gets old Krusty right you know that bathtubs old and crusty and the sink is old and crusty so why do you just rent it and get a new one Krusty condo in five years when rates rise is what you're saying when rets rates are rising the value of your Krusty condo is definitely gonna go down so I don't like that scenario but you know I think the best education will be for these these people they'll realize ouch that hurt once you get stung once and let's say you lose 20% of shoebox condo I won't be doing a shoebox condo again you'll be renting can I want to you know education is very important because it gives you a chance to do several things first of all test your skills in a competitive environment because that's what's happening in education you're with other students you're changing ideas you're you're working together and it's a first for many kids and how to actually work within society and secondly it's the contacts you make into throughout your entire career whether it's just high school whether it's college or you go on to postgraduate work these are lifelong relationships you may not remember what you study but you remember who you met and for me I look back and I think of my MBA at Ivy these are some of my most important contacts in business today I can call them up they'll always take my call they know who I am we know each other who we are and what we do in different sectors education is very important but I stress it's not a pre-wet prerequisite for success it's just part of the journey

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Views: 1,073,611

Rating: 4.8755126 out of 5

Keywords: kevin, o'leary, tips, advice, kids

Id: rAUFVjjO1tQ

Length: 5min 37sec (337 seconds)

Published: Sat Mar 25 2017

Reddit Comments

[u/tk4087]

It's funny because these concepts are not surprising and so simple, yet easy to not think about. In my early 20s I wouldn't think about any of this stuff and as I got older was like "no duh" what was a I doing? lol Def good tips for anyone in the late teens/early 20s.