Close Ad

Kevin O’Leary Says This Is the Only New Years Resolution That Will Actually Impact Your Future
Kevin O'Leary New Years Resolution
Finance

Kevin O’Leary Says This Is the Only New Years Resolution That Will Actually Impact Your Future

We all start the new year with traditions, be it popping champagne with friends or watching the ball drop. But it’s also an opportunity to start fresh with a clean slate, and create new plans and goals.

Kevin O'Leary, star of ABC's Shark Tank, says it’s also a great time to form goals via those resolutions and actually stick to them. "The best resolution you should make on New Year's Eve, and this is No. 1, is to pay down your debt," O'Leary tells CNBC Make It. "That is the most important thing you can do for your future."


"Of course you want health and happiness, and everybody wants everybody to have that," he says, "But in terms of taking care of your family and you, paying down your debt is No. 1."

"If you want to find financial freedom, you need to retire all debt -- and yes that includes your mortgage," the personal finance author and co-host of ABC's "Shark Tank" previously told CNBC Make It.

To get started, O'Leary thinks we should create a plan to make principal payments to pay down that debt, and tackling your credit card debt first, because that's generally our debt we are paying our highest interest rates on. (For example, the average card APR is over 17 percent, according to CreditCards.com.)

"New Year's Eve, you look at your credit card and you say to it, 'I'm paying off your balance buddy, and I'm going to do that before July,'" O'Leary says. "Make that a New Year's resolution."

"You will thank Mr. Wonderful for that, believe me. It will make you way better off in the back end of the year."

But what about O'Leary, who is already a millionaire and is debt-free? What kind of financial resolutions could someone with so much knowledge -- and cash flow -- set for themselves?

"Here's my New Year's resolution," he tells CNBC Make It. "I want to make more money next year than I made this year."

Of course.

Hot Stories

Why Paul Walker Left His Only Daughter With Vin Diesel

Vin Diesel & Paul Walker were more than just friends, they were …

content.jwplatform.com

When the tragic news of Paul Walker's death surfaced, the world was left in shock. As one of the most beloved stars of the Fast and Furious franchise, his passing was felt deeply by fans around the globe. But perhaps the most devastating impact was felt by his daughter, Meadow Walker, who was left without a father.

Keep ReadingShow less
Life Stories
single mom struggling to pay off student loans reacts after a bank wipes out all her debt
ABC News

We've all heard it: if you work hard and go to school, you will get a good-paying job and be able to afford decent things in life. In reality, many people invest in continuing education and are then stuck paying off student loans for a large chunk of their lives.

That’s what happened to Jasmin Ford, a nurse in Chicago. She was dealing with a large debt and struggling to pay it off by working two jobs. Then, something incredible happened to her – the debt vanished. Here's how it all went down.

Keep ReadingShow less
Uplifting News
Woman at a restaurant's window and two teen employees.

Teens Applauded For the Way They Handled This Angry Customer

Instagram/ @kekessnowballs

Working in customer service can be challenging, especially when you’re dealing with rude and demanding clients. That’s particularly true for some teens, who work these jobs for part-time money and are often bullied by adults. Perhaps that’s why people are applauding these teen girls for the way they expertly handled an over-the-top customer.

Keep ReadingShow less
Uplifting News