Wealth

Why Kevin O’Leary makes his life and money decisions the same way: ‘I live life with a portfolio approach’

Everyone has bad days. Even Mr. Wonderful.

Kevin O’Leary says that every difficult situation in his life is often counterbalanced with something else. O’Leary, who is 67, says that this is because he lives life with a portfolio approach. “I don’t take on too much risk in any one thing.”

The star of ABC’s “Shark Tank” and chairman of O’Shares ETFs says he approaches his life — both personally and professionally — the same way he approaches building a successful financial portfolio, by engaging in many different pursuits at once. The same principles apply to choosing the right endeavors, he states.

He says, “I only pursue things today which mean something to me.”

This theory has shaped O’Leary’s entire career. O’Leary’s choice to be a largely entrepreneur, starting with founding a software company that was eventually sold for $4.2B to investing in a variety of start-ups, is deeply meaningful. It allows him to pursue his “pursuit to personal freedom.”

Since he was fired as an ice cream scooper in a mall store called Magoo’s Ice Cream Parlour’s Ice Cream Parlour’s, he said that he has strived for freedom. O’Leary relates the story: When the owner of Magoo’s Ice Cream Parlour asked him to remove gum from the floor, O’Leary declined and was quickly dismissed. He says that the experience taught him how to “control my destiny.”

“The whole idea behind entrepreneurship doesn’t involve greed for money,” he says. “You put in a lot of effort so that you don’t have the phone to answer one day.”

O’Leary claims that at any given time, he may be notified at 5 a.m. by someone saying that an investment is about to go bankrupt, or face a financial disaster. “But that call can be interrupted when somebody says we just received an offer for $100 million in capital,” he said, noting that good news always outweighs bad news every day.

The key, he warns, is to avoid getting too caught up in the lows or the highs — which can be difficult when everything you pursue is personally meaningful to you. He says that some things will work out. Others won’t.

“But, I keep moving forward,” he said.

Disclosure: CNBC holds the exclusive off-network rights to “Shark Tank”

Don’t miss:

Kevin O’Leary on being dyslexic, where he got his financial chops and why he isn’t really that mean

Why Mark Cuban offered $500,000 in cash to a Shark Tank’ CEO that almost went bankrupt: ‘We’ve been all negative’ before

Source: CNBC

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