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Kevin OLeary, the investor known as Mr.
Wonderful on Shark Tank, knows a thing or two about what to do withmoney.
And since hes been in the game for such a long time, hes also learned whatnotto do.
After all, you cant become a top investor without learning some tough lessons along the way.
Lucky for you, we compiled his advice on what to avoid on your climb to the top.
Here are seven ofKevin OLearys top tipsto help you avoid financial trouble.
OLeary specifically recommends saving three months worth of your salary for emergencies.
This gives you a safety net without tying up too much money in low-interest savings accounts.
According to him, this strategy can help you retire as a multimillionaire.
His reasoning revolves around high interest rates on credit cards and how they can quickly derail your financial plans.
Of course, not all nonessential spending is crap.
In fact, some of it is essential to our mental health and wellbeing.
By the third date, OLeary suggested you should discuss financial matters with a potential partner.
He recommended asking questions like, Do you have any debt?
Has your family been bankrupt?
He said these conversations are important before a relationship gets serious.
He encourages parents to have discussions with their kids about money and how its made at the dinner table.
This will not only help them better understand money, but also teach them to take it seriously.
After all, many experts recommend you startsaving for retirementASAP.
What could be more ASAP than starting while theyre young?
Instead of impulse buying, make expensive purchases a celebration of your financial successes.
(But then get right back to saving!)
Remember, while OLearys advice can be helpful, its important to consider your own financial situation.
If youre unsure about major financial decisions, its always a good idea to consult with a financial advisor.
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