Kevin O'Leary emphasizes the importance of saving and investing money rather than spending it on unnecessary items. He criticizes wasteful spending habits, suggesting that individuals, especially those earning good salaries, should prioritize savings. O'Leary instructs people to take 15% from every paycheck or gift and invest it, enabling wealth accumulation. He believes that solving financial dilemmas comes from avoiding frivolous purchases, claiming that following his advice could lead to millions saved by retirement age, even for average earners.
"What's the first piece of advice I gave my kids about money, and the last piece of advice, and the advice I always give them? Don't spend it. Save it. Invest it. Let it compound."
"Take 15% of every paycheck, I don't care how big it is. Or any gift Granny gives you. Or anything you get in a side hustle, and invest it."
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