Money Kevin O'Leary: Do this instead of buying an engagement ring

21:06  11 january  2018
21:06  11 january  2018 Source:   cnbc.com

Shark Tank's Kevin O'Leary: Do this simple exercise to be financially successful in 2018

  Shark Tank's Kevin O'Leary: Do this simple exercise to be financially successful in 2018 <p>If you hope to see more money in your bank account in 2018 than you did last year, you'll need a strategy to get there.</p>In fact, it can be as simple as doing this exercise — all you need is a piece of paper and a pen, "Shark Tank" investor Kevin O'Leary tells CNBC Make It.

Here's how much 'Shark Tank's' Kevin O ' Leary says you should spend on an engagement ring . Don't buy one!" Courtesy of Kevin O ' Leary . Investing the money instead will help ensure you don't start your marriage further in the hole.

Kevin O ' Leary : Don ' t buy an engagement ring — do this instead - www.cnbc.com. With Valentines' Day quickly approaching, engagement season is in full swing. For all of the lovebirds swooning over the idea of proposing to their significant other.

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With Valentines' Day quickly approaching, engagement season is in full swing.

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"Shark Tank" investor Kevin O ' Leary explains why he doesn't think you should spend money on buying an engagement ring if it will put you into debt.

Instead of spending thousands of dollars on a wedding, Kevin O ' Leary , an Let's invite our friends over, let's buy a few cases of beer and I'll order some pizza," O ' Leary tells CNBC Make It. Don't miss: Here's how much 'Shark Tank's' Kevin O ' Leary says you should spend on an engagement ring .

For all of the lovebirds swooning over the idea of proposing to their significant other — and planning to shell out big bucks to do it — Kevin O'Leary has a dose of reality for you.

"From the day you're born, there is a whole industry of people trying to figure out how to extract money from you," O'Leary tells CNBC Make It. "One of the best at doing it are the guys that make wedding rings."

Indeed, conventional wisdom holds that you should spend one to three months' salary on an engagement ring — but that idea actually began as part of a campaign by a diamond retailer in the 1930s.

So ditch that rule, says O'Leary.

"[Ring retailers] tell you ... you should go into debt, you should put it on your credit card," he says.

"How about this idea? Don't buy one!"

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"Shark Tank" investor Kevin O ' Leary explains why he doesn't think you should spend money on a diamond if it will put you into debt. According to a 2017 report from WeddingWire.com, survey respondents spent ,000 on an engagement ring on average.

Kevin O ' Leary has invested hundreds of thousands of dollars in small businesses over the course of his tenure as a star and investor on ABC's "Shark Tank." I never buy a frape-latte-blah-blah-blah-woof-woof-woof for .50." Instead , he makes it at home.

a person posing for the camera © Provided by CNBC

"Diamond rings are really expensive, and they don't produce any dividends or any interest," he explains.

According to a 2017 report from WeddingWire.com, survey respondents spent $5,000 on an engagement ring on average. And 36 percent of people said they spent two months salary.

O'Leary proposed to his wife Linda with a tiny diamond — no setting — which he got from a wholesaler. It saved him 70 percent of what a regular ring would have cost. They later had it mounted on a band. And for his 25-year wedding anniversary, he bought his wife a much bigger 5.5 carat rock.

Why? "Frankly, there are better places to put your money until you have the luxury of being able to splurge on one, so don't buy one for your wedding," O'Leary says.

"I know its controversial, but you know what? You'll feel much better about it when it's making 6 percent [in returns] in the market every year," referring to an average rate of return in the stock market.

Investing the money instead will help ensure you don't start your marriage further in the hole.

"When ... you're starting out, the worst thing you can do is put yourself in debt for your wedding," O'Leary says. "I know it sounds romantic to spend a lot of money — it's crazy to do that.

"Tell your girlfriend/fiance/soon-to-be-wife when you have the money to invest in a ring, you'll do that," he says.

"The whole idea is to remember you're building for your future. Don't get into debt, save, save save and invest," he suggests. "It's a fantastic way to protect yourself down the road."


'Shark Tank' investor Kevin O'Leary: Here's how to get rich .
"Shark Tank" investor Kevin O'Leary explains how anyone can improve their financial situation by saving more money and investing."When you're 21 years old, or 20 or 18 or 19 and you start putting aside 10 percent of what you make, you'll [have] over $1,000,000 by the time you're 65," O'Leary tells CNBC Make It. "If no one else going to worry about your retirement, I want you to worry about it.

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