Kevin O’Leary (Shark Tank) says skipping lunch can make you rich . . .

Photo above - THIS is the reason we're all paupers? Say it ain't so . . .


Add to the list of stupid stuff we should stop buying: salads at lunch???? (see link below)

Shark Tank’s Kevin O’Leary (net worth $400 million, software entrepreneur) says lissen up: if “you’re too lazy to cook, you’ll never get rich”.

At first glance this seems straightforward enough. Cut out Door dash, Uber Eats, Starbucks, and Kevin’s top target (apparently) . . . salads at lunch. But there’s a problem. I don’t meet that many millionaire food service workers, who eat for free while on the job. WTH, Kevin?

I’m not saying Kevin’s advice is wrong. Just that there’s more to it. Like opening up a 401K or IRA if your employer doesn’t offer a 401K. Yes, if you spend EVERY PENNY you make on instant gratification, you’re doomed. Even Universal Basic Income won't save you. When UBI arrives recipients will be warehoused in military style Quonset huts, eat in a cafeteria, and ride a free bus to nowhere.

Other reminders from Kevin “Sharkey” O’Leary: new cars are a tool of the devil. And leasing is worse than buying. This is why all the EV owners can no longer afford their electric bills, apparently. And winning the Powerball will still be your foremost aspiration.

Kevin DOES sign up for some reality concerning home ownership, however. Paying rent is like flushing money down the toilet. But don’t reach for the sky to buy a great home. Instead, buy one which is only half the cost that the bank says you could qualify for a mortgage on. That’s going to be tough in places like New York and California, but intuitively it feels right.

Kevin O’Leary lives in Florida. Where housing prices are usually lower than Manhattan or San Francisco. But the main attraction of Miami is you never have to pay state income taxes. Kevin's YouTube clip is mute on whether we should all rent a U-Haul and flee the expensive coastal money pits.

Here’s the salad math, in case you don’t want to wade through the O’Leary link. Save $3,500 a year by packing a bag lunch for work. (Kevin assumes sack lunches are free. Evidently he doesn’t go to a grocery store.) Invest that $3,500 annual savings for 30 years. Be clever or lucky and get 10% annualized returns, much higher than the actual stock market averages. Now, you’re rich! Except for 2.7% annual inflation, which cuts your $600,000 ending windfall in half (cumulative inflation rate higher than 110%).

And then when you retire, you can finally afford a salad for lunch.

I’m just sayin’ . . .



Kevin O'Leary says broke people spend $15 on salads for lunch but say they can't invest — trading $500K in wealth because they're 'too lazy to cook'