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ABC’s hit series Shark Tank is a must watch not only for entrepreneurs, but also for those who want to know how to become rich. But of all the Shark’s, none is more fierce than billion-dollar investor Kevin O’Leary. O’ Leary is your typical rags-to-riches success story, and when it comes to making billions – he knows a thing or two. So if you’re into money, then listen to his 10 simple keys to success.
When it comes to making money, lots of money, you can’t have it both ways. You can’t make your money and expect to spend lots of time with the wife and kids, along with your rec league basketball on Monday nights. You’re going to have to give up a lot of what you love now, to enjoy even more of it later.
Trust Your Gut
If an investment doesn’t feel right, don’t do it. Everything must pass the “gut test” first. More often than not, our intuition about something is right.
Never put all your eggs in one basket. Especially when it comes to investing in stocks. As a rule, never put more than 20% of your money into one stock, or even sector. For example, if you like gold, no more than 20% of your portfolio should be in gold or gold companies.
Have A Back-Up Plan
Again with the whole not putting all your eggs in one basket thingy – make sure if you’re starting a business that you have a back-up plan. Far too many entrepreneurs dump all their money into a venture, only to fail and end up bankrupt at the end.
Be A Leader
Followers don’t become rich. This is just one of those hard-and-fast rules. If you want great success, you’re going to have to carve your own path and get / hire others to follow you as a leader.
Know Your Weaknesses
Kevin always mentions how he hates doing logistics. That’s because he’s weak at it. Knowing your weaknesses is a person’s biggest strength. So be honest, identify it, and hire someone else to do it.
Buy Stocks With Dividends
Kevin always mentions how his mother pounded it into his head that he should never buy a stock that doesn’t pay you cash. A stock without a dividend is purely speculation, and that’s a risk not worth taking with your hard earned money.
Money And Family
Those with lots of money quickly learn that all sorts of friends and family will come out of the woodwork looking for a loan or a handout. Kevin suggests skipping all that. If friends or family come looking for you to invest in them, tell them that you’ll just give them the money instead – but to never come back asking for money again.
Get Out Of North America
Kevin is big on investing in emerging markets. Too many stocks are overvalued here in North America. But countries like Brazil for example are growing, giving investors lots of opportunity to grow with them.
Kevin likes to tell the story of Oprah’s hairdresser who came up with a new kind of tea. After he gave it to her, sure enough, she promoted it on her show and the next day, he got orders in excess of 500,000. The point is it’s tea, it’s simple – unlike many of today’s apps and other complicated technologies.