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Kevin O’Leary, the mentor from the reality show Shark Tank, compared his disciplined spending habits to a lesson taught by his mother, Georgette O'Leary. In a September 2020 episode of the Millennial Investing podcast, O’Leary revisited a story that shaped his financial philosophy, centered on a Chanel jacket his mother had purchased decades earlier.
"My mother taught me something you’ll find very interesting. A lot of my lessons in life came from her" - he said
During a Christmas dinner in the 1980s, O’Leary noticed the elegance of his mother’s classic Chanel blazer. Assuming it was a recent purchase, he expressed admiration for its design. To his surprise, Georgette revealed that she had bought the jacket 20 years earlier, in the 1960s, after saving for an entire year.
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She emphasized the importance of prioritizing quality over spending money on new trends. In his book Cold Hard Truth on Men, Women & Money and in various interviews, O’Leary has frequently highlighted this anecdote on how prioritizing durability and value can lead to long-term savings. According to him, Georgette’s financial discipline laid the foundation for the wealth-building principles he shares with audiences today.
The story behind the Chanel jacket of Kevin O’Leary's mother
The Chanel blazer Georgette bought in the 1960s shows her approach to spending. At a time, when $500 was a large amount, she saved for a whole year to buy the jacket. Kevin mentioned that she saw it as an investment in a durable, well-made item that she could use for many years instead of spending on short-term options.
In a 2020 episode of the Millennial Investing podcast, O’Leary explained how this differed from her other people's habits. They often spent money on cheaper, trendy clothing that wore out quickly and had to be replaced, costing more in the long run.
Kevin said,
"She bought stuff that lasted her whole life, classic Chanel outfits. That was her whole thing. And it taught me something so important. You don’t need a lot of stuff. You need good stuff that’s going to last. And so, I adopted her way of thinking."
In his book, O’Leary noted that his mother’s choice not only saved money but also made the jacket a valuable vintage item.
Kevin O’Leary’s views on debt and financial independence
Kevin O’Leary believes strongly in staying out of debt and being financially independent. On the Millennial Investing podcast, he shared a lesson he learned at 21 when his mother told him she had paid for his education and was done helping him financially.
From that point, he had to figure things out independently, which taught him the importance of making his own money. O’Leary spoke about his views on debt, especially credit card debt. He explained that credit cards charge high interest rates, making it very costly for people who don’t pay off their balances.
"If you use a credit card to pay for things you can’t afford, it’s a bad decision," he said.
While he invested in credit card companies because they were profitable, he warned people not to fall into the trap of carrying debt. Kevin O’Leary mentioned that the only good reason to take on debt was for something important, like buying a home with a mortgage. He advised against using debt to buy things you might not need.
Watch Kevin O’Leary in the latest season of Shark Tank, streaming on ABC.
