Watch Kevin O'Leary react to 30-year-old YouTube millionaire GrahamStephan, who refuses to spend money on coffee. (via CNBCMakeIt)
. "He's very, very conscious of not wasting a single cent." And he's figured out how to earn a lot of money through various income streams, which O'Leary respects.episode featuring Stephan. "He's smart, he's a hustler and he stays focused on what he has to achieve. Those are attributes of a great entrepreneur."
While Stephan does a good job earning and saving, he could work on diversifying his investments, says the "Shark Tank" star. Stephan's main focus is real estate. He owns and rents out six properties in L.A., including the duplex where he lives, and he is looking to buy more homes. "There's nothing wrong with doing what you're great at," says O'Leary, but "real estate is just one sector of the economy and it goes through cycles, too. ... It's very prudent to put something aside and just buy [into] the overall market, so you get diversification of your net worth."
It's very prudent to put something aside and just buy the overall market, so you get diversification of your net worth.Stephan can buy into the overall market by using index funds, which hold every stock in an index such as the S&P 500, including big-name companies like Apple and Amazon. That way, "when real estate slows down, you have other investments that can continue to perform," O'Leary says.
But overall, Stephan is on the right track: "On a scale of one to 10, with one being a horrible saver and 10 being brilliant, I'm going to give him an 8.234. He wasn't a 10 because he didn't diversify enough, but he's really good at staying focused on saving and making money."For more tactical advice from Mr. Wonderful, watch Money Disputes premiering today on
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