Shark Tank's Kevin O'Leary sez: save 100k by 33, buy a house and pay it off by 45

...or you're just a loser

https://www.cnbc.com/2019/08/14/kevi...000-saved.html

“You have to start in your 20s. You just have to, because you want to end up in your 60s with a boatload of cash sitting in investments, so you can kick back and relax a little bit,” O’Leary says.

“If you want to find financial freedom, you need to retire all debt — and yes that includes your mortgage,” O’Leary told CNBC Make It last year.

“The reason I say 45 is the turning point, or in your 40s, is because, think about a career: Most careers start in early 20s and end in the mid-60s,” O’Leary said.

“So, when you’re 45 years old, the game is more than half over, and you better be out of debt, because you’re going to use the rest of the innings in that game to accrue capital.”

Good advice.

Where does he say buy a house? O'Leary prefers renting homes compared to owning in most cases... from video interviews I have seen

You can't buy time. Waste your best years so you can be rich when your old. Travel the World on a cane. Most that wealth will be passed on anyway.

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Originally Posted by FrostKing

You can't buy time. Waste your best years so you can be rich when your old. Travel the World on a cane. Most that wealth will be passed on anyway.

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That's very true. Life is short. This notion that we have to ONLY enjoy our nestegg when we are old is flawed. I think it should be we should save enough where we can comfortably live when we are old.

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Originally Posted by InRareForm

That's very true. Life is short. This notion that we have to ONLY enjoy our nestegg when we are old is flawed. I think it should be we should save enough where we can comfortably live when we are old.

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I didn't read the article, but I'm pretty sure he's not suggesting having no life. Even Dave Ramsey recommends enjoying your money while you're investing, paying off your home, etc. The only time he suggests that you have no life is when you are deep in consumer debt and have no savings to fall back on.

My career as an employee ends at 35. Fuck Dave Ramsey's uber conservatard shit.

I'm buyin' a house with cash at the height of this next coming recession, and a big apartment complex with a low interest loan since I can get it at a discount because of the recession. I'm payin' that shit off with the rent money in <5 years. Fuck working into your 50s or 60s, hell even 40s.

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Originally Posted by InRareForm

That's very true. Life is short. This notion that we have to ONLY enjoy our nestegg when we are old is flawed. I think it should be we should save enough where we can comfortably live when we are old.

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Yep. I'm going to live my life like an NFL second tier star. Retire at 35 and enjoy life and travel and take pictures of me everywhere doing everything when I can still run a 4.6ish forty.

Fuck being rich and too fuckin' old to enjoy it.

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Originally Posted by FrostKing

You can't buy time. Waste your best years so you can be rich when your old. Travel the World on a cane. Most that wealth will be passed on anyway.

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++. And I would never "pass on" any wealth. My plan is to never die, but if that earth shattering incident ever did happen, I'd probably want it to go to the IRS. I hate snobs, spoiled kids, and trust fund babies and believe that each individual should be responsible for their own wealth.

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Originally Posted by Millennial_Messiah

Fuck working into your 50s or 60s, hell even 40s.

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As an employee, your 40s are likely your prime earning years (35-45 or so). Not sure I'd want to give that up unless I have an uber successful business. Most of that money can be banked if you're living within your means, then you'll be set for years to come

Shit grade nursing homes are full of old fucks who thought life was short. Now neither they nor their kin can afford them a modicum of dignity as they meet their end.

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Originally Posted by Millennial_Messiah

++. And I would never "pass on" any wealth. My plan is to never die, but if that earth shattering incident ever did happen, I'd probably want it to go to the IRS. I hate snobs, spoiled kids, and trust fund babies and believe that each individual should be responsible for their own wealth.

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No one will want the bags of ramen you dropped behind the pantry, or your common baseball card collection. Pretty sure you won't have to worry about a Brewster's Millions sort of scenario. Maybe a Barista's Dozens sort.

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Originally Posted by phxspurfan

As an employee, your 40s are likely your prime earning years (35-45 or so). Not sure I'd want to give that up unless I have an uber successful business. Most of that money can be banked if you're living within your means, then you'll be set for years to come

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Then get an uber successful business. Because once you're past 45 you've got to constantly worry about cancer X, heart disease Y, other disease Z, etc. I.e., too old to enjoy life. And you're probably saddled with kids at that point, too.

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Originally Posted by DMC

Shit grade nursing homes are full of old fucks who thought life was short. Now neither they nor their kin can afford them a modicum of dignity as they meet their end.

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This. Nobody knows when they're going to die unless you pick a random date and kill yourself. Medicare and social security don't pay for shit.

And god fucking help you if you take financial advice from MM.

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Originally Posted by Xevious

And god fucking help you if you take financial advice from MM.

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:lmao tbh

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Originally Posted by DMC

No one will want the bags of ramen you dropped behind the pantry, or your common baseball card collection. Pretty sure you won't have to worry about a Brewster's Millions sort of scenario. Maybe a Barista's Dozens sort.

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:lol

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Originally Posted by Xevious

And god fucking help you if you take financial advice from MM.

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But even you know I'm dead right on this scenario.

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Originally Posted by Xevious

This. Nobody knows when they're going to die unless you pick a random date and kill yourself. Medicare and social security don't pay for shit.

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exactly. W2 earners should have the power to choose, but not whine about it if they reach a decrepit old age and don't get their 80/20 coinsurance and paltry-ass paychecks that don't even cover their ballooning mortgage that goes up $300/month every year, not because of the banks, but because the property taxes and HOI premiums skyrocket every year

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Originally Posted by Millennial_Messiah

Then get an uber successful business.

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no problem ill get right on that

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Originally Posted by spurraider21

no problem ill get right on that

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As long as you have at least $100k cash on hand to start with, it's not super hard

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Originally Posted by DMC

No one will want the bags of ramen you dropped behind the pantry, or your common baseball card collection. Pretty sure you won't have to worry about a Brewster's Millions sort of scenario. Maybe a Barista's Dozens sort.

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Damn, I'm pretty decent when I'm in my DMC acct., tbh.

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Originally Posted by Millennial_Messiah

As long as you have at least $100k cash on hand to start with, it's not super hard

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LOL, $100k isn't shit in seed money if you want an honest-to-God legitimate business. Otherwise, you're just self-employed. There's a major difference. Andy, your best days will probably be hustling old ladies with fucking vacuum cleaners with door-to-door sales.

i just love the simplicity of it... oh you're struggling? all you need to do is have an uber successful business! problem solved

reminds me of spoiled kids in LA: why are you renting? its so much cheaper in the long run if you just buy a house!"