What To Focus On To Make $1 Million Dollars in 90 days | Grant Cardone

Summary

In this engaging conversation, Kevin O'Leary shares his insights on wealth creation and investment strategies. He emphasizes the importance of diversification, especially for those starting with nothing, and suggests focusing on areas of expertise. O'Leary also discusses the risks of concentrating wealth in real estate and advises on managing personal debt. He touches on the potential of cryptocurrency, his preference for stablecoins, and the value of investing in oneself. O'Leary's advice for those looking to grow wealth includes saving a percentage of income, seeking promotions, and understanding the power of passive income through real estate or other investments.

Takeaways

• 🌟 Diversification is key in investment strategies, spreading investments across 11 sectors including real estate to minimize risk.
• 💡 Importance of paying off high-interest debts such as credit card debts before focusing on investments.
• 🏠 For those starting late in life, consider focusing on income-generating real estate properties as a stable investment.
• 💰 Personal development should be invested in, but only after paying off personal debts, with a suggested 3% of earned income allocated for this.
• 📈 Entrepreneurs should consider the risks and rewards of investing heavily in their own companies, especially when they are the primary source of wealth.
• 🔄 In managing personal wealth, it's advised to not put more than 5% in any one stock and to sell down investments that exceed this threshold.
• 🤝 For those with limited funds, partnering with experienced investors in real estate can be a viable strategy for passive income.
• 🚀 Equity crowdfunding is a modern approach for startups to raise capital, especially for projects that align with the interests of like-minded investors.
• 📊 Cryptocurrency investments should be approached with caution, focusing on stable coins and lending out crypto for steady returns rather than speculative investments.
• 📈 The shift towards remote work has increased the demand for residential real estate, making it a potentially profitable area of focus for investors.

Q & A

What is Kevin O'Leary's strategy for someone starting with nothing to make a million dollars in 90 days?

Kevin O'Leary suggests leveraging one's sales skills to find a job in sales, use the earned money to invest, and focus on diversification to protect against market volatility.

How does Kevin O'Leary's mother's portfolio theory influence his investment strategy?

Kevin's mother's portfolio theory emphasizes diversification by not investing more than 20% in any one sector and not more than 5% in any one stock, which has influenced Kevin to maintain a diversified portfolio.

What advice does Kevin O'Leary give to someone in their 60s just starting to invest?

Kevin advises focusing on paying off debt first, especially high-interest debts like credit card debt, and then investing in diversified funds or income-generating real estate properties.

How much of one's earned income should be invested in personal development according to Kevin O'Leary?

Kevin suggests investing up to 3% of one's earned income in personal development, but only after paying down debt.

What is Kevin O'Leary's stance on personal debt?

Kevin views personal debt as evil and emphasizes the importance of paying it off before focusing on investments or personal development.

How does Kevin O'Leary approach investing in real estate?

Kevin prefers residential real estate over commercial and retail, recognizing the changing needs for residential and office spaces due to remote work trends.

What does Kevin O'Leary recommend for raising capital for a self-sustaining energy project in the R&D stage?

Kevin recommends equity crowdfunding as a way to raise capital, as it allows like-minded individuals to invest in the project without relying on traditional venture capital.

How does Kevin O'Leary feel about investing in cryptocurrencies?

Kevin has a cautious approach to cryptocurrencies, investing only 7% of his operating companies portfolio in crypto, mostly in stablecoins, and avoiding high-risk strategies.

What is Kevin O'Leary's perspective on investing in one's own company versus diversifying investments?

Kevin acknowledges the potential for high rewards in going all-in on one's own company, especially for entrepreneurs, but emphasizes the importance of diversification for long-term financial stability.

What advice does Kevin O'Leary give for increasing income in one's current job?

Kevin suggests focusing on making one's boss's job easier and more successful, as this can lead to promotions and increased income.

How does Kevin O'Leary prioritize paying off debt versus investing?

Kevin prioritizes paying off personal debt, especially high-interest debt like credit card debt, before investing, as the cost of the debt often exceeds potential market returns.