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Shark Tank's Kevin O'Leary speaks bluntly on divorce and stupidity

admin — Thu, 03 Jul 2025 07:11:41 +0000

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It is no secret that the emotional reality of divorce is painful.

It also has a huge impact on couples regarding the money involved, due to its complex redistribution of assets, obligations, and long-term economic implications.

Kevin O’Leary, an investor who appears on ABC’s “Shark Tank,” offers some blunt words on divorce, plainly stating exactly what he thinks about it from a financial viewpoint.

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Divorce often requires the division of property acquired during the marriage, including homes, vehicles, retirement accounts, and investments.

Determining equitable distribution can be complicated by varying state laws and the couple’s financial circumstances.

In addition to asset division, ongoing financial responsibilities such as alimony and child support may be mandated. These can significantly impact one or both parties’ budgets, particularly if income disparity exists.

There are big legal fees, mediation costs, and additional expenses related to establishing separate households that strain resources.

Both parties involved may face reduced living standards post-divorce, as the cost of maintaining two separate households tends to exceed that of a shared one.

Divorce can also negatively affect long-term financial planning. Retirement savings may be split, for example, and future contributions could be diminished. Investment strategies may need reconfiguration, and insurance policies often require revision.

Tax consequences also frequently arise, as filing status changes and some deductions may no longer be available.

In cases involving children, education and health care costs must be considered, often requiring ongoing coordination between both parties.

O’Leary explains his take on divorce that many people may not want to hear.

Shark Tank’s Kevin O’Leary talks with TheStreet about personal finances. The investor and businessman explains reasons that getting a divorce is “the stupidest thing you could ever do.”

Image source: TheStreet

Kevin O’Leary says getting a divorce is ‘stupid’

In a post on Instagram, O’Leary spells out in no uncertain terms how he feels about the decision to get a divorce.

“Think of the geometric loss of wealth every time you get divorced,” O’Leary said. “You pay the woman that you divorced, or man, and you pay the government a third — often through capital gains liquidation — because you can’t separate all the assets without liquidating them sometimes.”

“So you’ve got government sitting there, you’ve got the other spouse sitting there,” he continued.

“This is the stupidest thing you could ever do.”

More on personal finance:

O’Leary describes his view on the background involved in many divorce cases.

“You’ve spent your whole life to actually create this nest egg,” O’Leary explained. “It could be, you know, you’re 45, or whatever. You’ve got a comfortable life and all of a sudden you don’t like your wife or husband.”

“Think about that for a while,” he said. “Because you are going to wipe out up to two-thirds of your wealth.”

Kevin O’Leary explains a reality of divorce some may not want to hear

O’Leary emphasizes his blunt opinion on one aspect about the decision to get a divorce that many people would seemingly not wish to confront.

“You better really like somebody else a lot,” he said. “And frankly, sometimes it’s not the other person you’re divorcing. It’s you. You’re the problem.”

“If you’re getting married for the third time, you’re a guy or a woman, it’s not them. It’s you,” O’Leary continued. “There’s something wrong with you. And you should probably not get into another economic union.”

O’Leary further explains his perception that ending a marriage can be one of the most financially damaging experiences in a person’s life.

When you marry, you’re forming a joint economic venture — every dollar, asset, and liability is shared, he says. That partnership carries high stakes, so selecting a compatible financial partner is vital.

O’Leary advises couples to discuss money habits early, align their long-term financial aspirations, and build safeguards to maintain stability.

A well-matched union isn’t just about love; it’s also a strategic alliance, he explains. Without shared financial values, the costs of separation can be devastating.

O’Leary suggest that people consider not just the emotional side of commitment, but also the financial blueprint they are crafting together.

If you are the type of person that repeatedly faces divorce, he has a frank word of advice.

“You should probably just date till you drop dead, because it’s stupid,” he said.

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Shark Tank's Kevin O'Leary warns Americans on 401(k)s

admin — Thu, 12 Jun 2025 08:22:17 +0000

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Most American workers generally understand that Social Security monthly paychecks will one day significantly contribute to their future retirement income.

But because those Social Security benefits are not by themselves enough to provide people with the financial resources they need to live on comfortably, most also recognize that 401(k) plans and IRAs (Individual Retirement Accounts) are additional tools necessary for securing their financial future.

However, finding the extra money to contribute to these accounts can be a significant challenge.

Kevin O’Leary, a prominent entrepreneur and investor widely known for his appearances on ABC’s “Shark Tank,” shares a method that enables workers to cut expenses and direct more money toward their 401(k) and IRA savings.

He also offers a stark financial warning.

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Participating in an employer-sponsored 401(k) plan is a dependable way to build retirement savings, especially when employers offer matching contributions.

With automatic payroll deductions, this method allows employees to invest in their future effortlessly, making it both practical and efficient.

IRAs, on the other hand, provide a wider selection of investment options not typically available through 401(k) plans. However, they require more hands-on management, as individuals must open an account and set up automatic contributions independently.

In addition to a major warning, O’Leary offers valuable advice on how individuals can cut costs and increase their retirement contributions, which for many Americans primarily consist of 401(k) plans.

Shark Tank’s Kevin O’Leary talks with TheStreet at the New York Stock Exchange. The investor and television personality has a financial warning for Americans on 401(k)s and retirement savings.

Image source: TheStreet

Kevin O’Leary warns Americans on money for 401(k) plans

Many workers who are committed to contributing as much money as they can toward their 401(k) plans find it difficult to do so because their spending habits leave little left to put away for the future.

In fact, O’Leary emphasizes, many people spend more than they make —
and are working in large part to finance their debts and pay their bills.

“You are in constant fear of losing your job, or of your assets losing their value. You worry that one big, unexpected bill might put you under for good, and then you avoid that thought,” described O’Leary in his book, “Cold Hard Truth on Men, Women and Money.”

“You’re avoiding the phone and people to whom you owe money. Maybe you’re retreating from friends and family out of fear or shame,” O’Leary continued. “You’re steeped in magical thinking about money — for example, believing you’re one lottery ticket, inheritance, or windfall away from total financial transformation.”

“You wake up in despair and you go to bed defeated. You don’t live within your means because you don’t even know what they are.”

More on retirement:

O’Leary explains that people who feel this describes them to any degree should correct it immediately. He offers a first step people can take to get a handle on where they stand financially.

Kevin O’Leary explains one way for Americans to increase 401(k) contributions

In order to increase retirement savings and add a larger percentage of their income to 401(k) plans, people first need to get a good feel for where they are financially.

O’Leary suggests simplifying money management down to a single figure — either positive or negative. He encourages individuals to calculate their total earnings over three months, calling this their 90-Day Number.

The process starts with identifying income. If pay stubs aren’t easily accessible, reviewing bank statements can help track all incoming funds, including salaries, side jobs, and other sources of cash flow.

Next, he recommends listing all expenses separately — small purchases such as coffee, clothing, and snacks, as well as major costs such as bills, debt payments, rent, and car loans.

The key step is subtracting total expenses from total income.

If the result is positive, the individual is in good financial shape and can immediately consider increasing their 401(k) contributions.

A negative outcome signals a need for adjustments. The extent of necessary changes depends on how much spending exceeds earnings, requiring smarter budgeting to create space for investments in long-term financial security, O’Leary explains.

In the latter instance — after some planning, budgeting and hard work — a person can still reach the point of increasing investments in their 401(k) plans.

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Shark Tank's Kevin O'Leary sends strong message on Social Security, 'Ghost Money'

admin — Wed, 04 Jun 2025 23:29:21 +0000

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As Americans juggle everyday expenses such as rent or mortgage payments, transportation costs, phone bills, and groceries, many also reflect on how much they should set aside for savings and investments to ensure a stable retirement.

Kevin O’Leary, a well-known entrepreneur and investor from ABC’s “Shark Tank,” has made a strong statement about retirement planning and Social Security. He stresses that Social Security alone is insufficient for a comfortable retirement and urges Americans to reconsider their financial strategies.

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O’Leary advises retirees to aim for replacing about 65% of their pre-retirement income to maintain financial security in their later years. He is a firm advocate of 401(k) plans and IRAs, emphasizing their tax benefits and the value of employer-matching contributions.

His financial guidance revolves around disciplined saving, minimizing debt, and adjusting lifestyle expectations to build a sustainable and secure retirement.

One of the most critical points he underscores is that Social Security was never intended to serve as a retiree’s primary financial safety net. Currently, the average monthly benefit sits around $1,900, translating to roughly $23,000 annually—an amount that often falls short of what retirees need for financial stability.

To strengthen their financial future, many workers turn to employer-sponsored 401(k) plans, which frequently offer company matching contributions — a valuable incentive for saving.

For individuals seeking tax advantages, traditional IRAs allow pre-tax contributions, postponing taxes until withdrawals begin in retirement. Alternatively, Roth IRAs require taxes to be paid upfront but provide the benefit of tax-free withdrawals later in life.

But O’Leary also offers his take on ways people can resist the urge to spend money and invest it instead.

Shark Tank’s Kevin O’Leary talks with TheStreet about entrepreneurship. The notable investor offers advice for Americans on saving money with the intention of investing in a secure retirement future.

Image source: TheStreet

Kevin O’Leary explains how to supplement Social Security by saving money

In his book, “Cold Hard Truth on Men, Women and Money,” O’Leary explains his view on compound interest and what he calls “Ghost Money.”

“I love compound-interest charts almost as much as I love compound interest,” O’Leary wrote. “There’s no more tangible way to see money grow. Those charts are also a chilling way to watch money die.”

He then clarifies his view on Ghost Money.

“Ghost Money is dead money, money wasted on stupid things, money that should have been invested instead,” he wrote. “Let’s put a cost on that kind of wasted money, and learn new ways to save a fortune for your retirement.”

More on retirement:

O’Leary expands on his opinion about how Americans can save money to invest in their future retirement plans without relying exclusively on Social Security.

“The average American regularly spends money automatically, unconsciously, on four common purchases: coffee, magazines, lunches, and alcohol,” O’Leary explained. “What I’m going to show you is how casually money is flushed down the toilet.”

O’Leary highlights how small, unconscious spending habits can add up significantly over time. He points to common expenses such as purchasing two magazines per month for $10, buying coffee twice a week for $6, grabbing lunch once a week for $10, and indulging in a couple of happy hour drinks on Fridays for another $10 — all seemingly minor costs.

However, O’Leary emphasizes that when these purchases are examined over a decade, assuming the costs remain constant, the financial impact becomes substantial.

With 4% compounded interest factored in, the total amount spent grows considerably, illustrating how seemingly harmless spending choices can significantly affect long-term financial security.

Kevin O’Leary reveals spending habits to avoid, making Social Security less vital in retirement

Here is how O’Leary breaks down the lost financial opportunity on these expenses:

Ten years of unconscious spending on just those four items killed $18,420 — money that should have been invested, which even at a conservative interest rate would have generated a small fortune. I look at that total and actually feel sad about the loss. Ghost Money is a sad thing. If this looks familiar to you and you can see in this your own poor spending habits, I hope the loss is haunting you. It should be. But maybe $18,420 isn’t a sig- nificant enough figure to scare you awake.

“I want you to start being haunted by Ghost Money, to feel its loss when you spend on unnecessary items,” O’Leary added. “I want this lost money to stand by your bed at night, like Marley over Ebenezer Scrooge, and shake its chains at your financial folly.”

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