Kevin O’Leary’s Rules for Avoiding Failure in Your 20s & 30s

The reason I invest in credit card companies is because I want some of those profits. Don't let me profit from you; that's crazy. I can't make 21% in the market every year.

Hi there! Chef Wonderful here again. I thought it'd be a great time of the year: family gathering, preparing food, getting together with friends and family to talk about the year and year ahead as well. So, I'd like to get into some planning for the new year.

Okay, I think you should think about this a little bit. The worst thing you can do, number one, is push off financial planning. That's a very bad idea. You don't want to cut that out of what you do. You should plan every quarter: what am I taking in? What am I spending? Am I going into debt? You do not want to go into debt. Debt is bad, 'cause most people put it on their credit cards at 21%, 22%, 23% interest.

The reason I invest in credit card companies is because I want some of those profits. Don't let me profit from you; that's crazy. I can't make 21% in the market every year, but the credit card companies do off your balances if you leave them on over the month. Do not do that! Pay off your credit cards. So, it's all about financial planning.

Remember, I've said this about watches too: don't buy a watch you can't afford. Don't go into debt for a watch. You should only buy watches you can afford, and that's part of financial planning. Just throwing that out there; very simple rule on financial planning.

Take two pieces of paper; you don't need a computer for this. On one side, over a 90-day period—that's 3 months—put all your sources of revenue: how you make money, your side hustle, whatever else you do to bring in cash. On the other side, note what you spend on rent, food, and everything else that goes out. In other words, what comes in, what goes out. You got to make sure that what goes out is not more than what comes in. All right? That's very important.

Now, number two: this is also very important. I don't want you neglecting your relationships, because you have to build your network. Friends and family are very important, but in life, it's also important to build social and business relationships and maintain them. It's not that hard to send someone a message every couple of days just so you stay on their radar screen.

You don't want to completely go off someone's radar screen for months and months, because then there's no bond anymore. Or give them a call, or go out for a drink somewhere, or meet them for a coffee. People that are important to you are important to you for many reasons. It's good to have a social network. You really only have 15 friends most of your life, but you could have hundreds of people you know, and at least 30 that are important to your career. So think about that. That's number two: never neglect building your relationships and maintaining them. Okay? Very, very important.

Now, something else I want you to think about—it's sort of something I've talked about quite a bit—is sort of underestimating the importance of your first impression. You know what this means? If I walk in a room and you've never seen me before, what are you going to see? I have a good haircut on. Usually, I'm wearing a suit, unless I'm chefing like I am today. And I make sure that I look great. Why? First impressions are everything.

I'm not unshaven; I'm not unclean. You know, I make sure I look good. What clothes am I wearing? I've talked about this with T shave because men's skincare really matters. This Dome of Desire—I don’t want it sunburned. I make sure it's got SPF 20 or 30 on it every day, because I live in Florida. I'm on the boardwalk, I'm walking around; I got to keep the Dome looking absolutely gorgeous. That's why it is the Dome of Desire.

Now, if you have a dome of desire, you have to maintain it too. Think about it: you only have one chance to make a first impression. That's number three on the Hit Parade.

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Stop comparing yourself to other people; you're not like other people. You know, I hear this all the time: "Oh, but I'm not like him; I'm not like her." Of course you're different; you're unique! You should focus on what makes you unique. That's number four. That's so important—to actually understand who you are and promote yourself. That's the whole idea!

What are my strengths? What are my weaknesses? Let's focus on my strengths. Let's not compare myself to some movie star or some social media dude—who cares? You're you! You have to build your own confidence up. I tell this to people all the time, young and old alike.

Look, there's always going to be someone richer than you. There's always going to be someone more successful than you. There's always going to be someone poorer or less successful. That's how it works; that's what life is. Understand where you sit in that pecking order and be proud of it.

I'm never going to be the richest guy on Earth; I don't care. I want to be successful in what I do. I want to build my businesses, help my entrepreneurs, do what I do, and build my relationships up with everybody I care about: friends, family, and business associates—the best I can! That's being the best Mr. Wonderful Mr. Wonderful can be.

I'm not jealous of anybody, because I can't be them anyways. And guess what, kitties? They can't be me either! Think about that. Sometimes they can't be you, and be proud of that. There's only one you, and that's why I want you to understand.

Point number four is one of the most important: don't be jealous of other people; be proud of yourself. All right? Number five on the Hit Parade—you have to get this in your head. It's not easy to do, particularly if you're risk-averse. You have to be willing to take risks.

Most people never take enough risks in their career; they're too nervous to do it, particularly when you're in your 20s. You want to take those chances because you can afford to. You don't have as much financial burden on yourself, usually. You don't have a house or family yet, and so you don't have a mortgage or kids you got to feed, and a wife you have to take care of—or vice versa. Your significant other doesn't matter. The point is you got to take risks, and you got to make decisions of consequence.

That's why I don't like people that become consultants; they never make any decisions of consequence. That's why I never hire consultants. After two years, they're tainted. They've never done anything that makes a difference to anybody; they just make recommendations all the time. Nothing wrong with that career, but they never make a decision of consequence.

The only way you advance is you take risks, make decisions of consequences, learn from your mistakes—you’re going to make many of them—and just keep trucking on down the road. That's how it works.

Number six: remember this; this is also very important—you never stop learning. Ever! You never stop learning. Always be educating yourself. I'm always trying to play the guitar better, be a better photographer, read the next paper on bond maturity, see what's going on in the European stock market or the US.

In all the areas I pursue, I want to be learning all the time—that's absolutely crucial! Am I the best chef on Earth? Almost! But almost means I got to learn more. Can anybody beat my crepe flambe? No! My escargot? Nobody beats my escargot. But could I make a better roast beef? Maybe! The only way I'm going to do that is by learning. I'm going to keep working on my chefing until I'm perfect, and I'll never get there, but it's a lot of fun trying.

Life is about learning, friendships, great food, great wine, and a career—all of these things. I wish the best to all of you and all my entrepreneurs. Have a fantastic holiday and a great New Year! Happy holidays, everybody!