She insisted that he save 10% of the birthday checks he got from his grandmother, as well.
She invested conservatively inbondsanddividend-paying stocks.
She kept the same portfolio for 55 years and never touched the principal.
OLeary was shocked to discover what a wealthy woman she was by the time she died.
The reason I learned this is because they were panicking, he told The Penny Hoarder.
Now the man known as Mr.
Wonderful is on a mission to teach financial literacy and the importance ofinvesting early.
Hes the chairman of an investment app called Beanstox, available in theApple app storeandGoogle Play store.
It automatically invests you inexchange-traded funds, or ETFs, based on your investing goals.
OLearys message: Find $100 a week to invest, and make it part of your DNA.
By the time youre 65, you could easily be a millionaire.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Expect saving money to be really hard.
OLeary believes that pretty much everyone is wasting money on something.
But when you commit to saving and investing that money instead, keeping that commitment isnt easy.
The world wants to take money from you, the Shark Tank star says.
And its really hard to say, No.
This $100 is for me.
Did you know?
Have a long-term investment strategy.
OLeary has made millions and lost millions.
He admits hes made some really stupid choices along the way.
Use history as your guide.
Some years the market will be up, and some years it will be down.
There are no guarantees in investing, of course, but history is a pretty good guide.
Understand the difference between speculation and investing.
OLeary takes a page from his late mother on investment strategy.
My style is to put money aside for my whole life and leave it invested, he said.
Wonderful has no problem with people day trading if they enjoy it.
He just wants people to understand that its not investing.
With Beanstox, hes promoting long-term investing as building a baseline for your future.
Do that and you’re free to spend whatever extra money you have however you want.
Never feel selfish for investing in yourself.
Its not selfish to think about you.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
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