Top tips Kevin O’Leary gave us in 2021

Kevin O’Leary is never shy about giving advice. From his appearances on TV shows like CNBC’s “Money Court” to his popular social media accounts, the entrepreneur always has wisdom to share.

O’Leary spoke to CNBC Make It several times during the year on topics ranging from investing in dogecoin to buying a watch.

As 2021 draws to a close, here are four of the best entrepreneurial tips for the New Year.

1. Take care of yourself

At 67, O’Leary is as busy as ever with television appearances on shows like ABC’s “Money Court” and “Shark Tank,” as well as chairman of the O’Shares ETFs.

To help avoid burnout, which he says slows down his ability to make decisions and makes it difficult to “focus on anything,” O’Leary said, the best thing to do is take care. of your body. He recommended doing some type of movement for at least half an hour every day.

“Choose what it’s going to be – walk outside, ride a bike, run on a treadmill,” he said. “Some form of distraction so you can do something other than working out. Your body wants to exercise and it has to, and it has to be something that is done on a routine basis.”

In addition to regular exercise, O’Leary said it’s important to make sure you eat healthy and avoid junk food. When you’re overworked or feeling stressed out, it can be tempting to turn to unhealthy foods to cope.

“The tendency to eat poop when you work 18-20 hours a day is very, very high,” he said. “If you really want to perform well and not get caught up in burnout, food is the most important factor.”

2. If you are dating someone new, don’t wait to make money.

If you ask O’Leary, the best gift you can give a new romantic partner isn’t chocolate or flowers – it’s transparency about your finances.

By the time a new couple is on their third date, they should put their cards on the table and “discuss your financial goals for the rest of your life.” This, he said, can help avoid unpleasant surprises down the line.

“Do you have debt? Has your family gone bankrupt? Do you have a brother who has gone bankrupt? All of these tough conversations have to happen before the wedding, before people move in together,” said O’Leary. “Because in five to seven years, they will come forward as the reason for your separation.”

While it can be difficult and sometimes embarrassing to be honest about your finances early on with a romantic partner, O’Leary believes it will lead to stronger relationships.

“It’s a business, that’s what marriage is. It’s a personal business,” O’Leary said. “It’s a partnership, and what’s in the middle? Cash flow. Not very romantic, but it’s the truth.”

3. Teach Your Kids About Money When They Are Young

By age 6, kids should have a basic understanding of money, O’Leary said. By helping a child have a “positive connection” to money when they are young, “you are doing them the greatest favor in their life.”

“Having discussions about money and how it’s made at the table is really, really important,” O’Leary told CNBC Make It. “The concept of saving money and how the world works is something even a child can understand from a young age.”

The concept of saving money and how the world works is something even a child can grasp from an early age.

Kevin o’leary

Chairman, O’Shares ETF

Having a positive relationship with money is important, as is having a basic understanding of concepts like debt and interest. O’Leary said his own children were familiar with the concept of debt when they were little.

“When my son was 6 and my daughter was 6, they knew what debt meant,” he says. “These very simple concepts are important because they help counter the damage done by credit cards in the hands of young people who don’t understand what happens when they don’t pay off their debts.”

4. If you take a new job, be prepared to devote your time

The biggest “red flag” O’Leary sees on resumes are candidates “bouncing everywhere.”

If a candidate’s resume shows they’ve held multiple jobs in the past two years, “I’m just throwing it in the trash because we’re not going to look at that person,” O’Leary said. This is because companies invest money in training new hires and leaving an employee after just a few months is “a total waste of money for them”.

“Have a mental commitment, that you love [the job] or not, to stay there for at least two years, ”he said. “If you are applying to be part of a team as an employee and to represent this company, you must have at least 24 months of commitment.”

Disclosure: CNBC owns the exclusive rights to the off-grid cable of “Shark Tank”.

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