Kevin O’Leary, often called Mr. Wonderful by many, is well-known for giving honest and frank advice, particularly regarding relationships and money.
During a recent appearance on The View with his Shark Tank colleagues Mark Cuban and Daniel Lubetzky, O’Leary made it clear that women must aggressively take charge of their financial independence. In other words, they should never give up control of their financial future to a man.
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He pointed out that 50% of marriages fail – often due to financial issues – and emphasized that losing control of your finances risks losing your independence.
“If you get divorced from your husband, you’re a nobody in the system,” O’Leary said. He stressed that women need to maintain their credit scores and financial identities. Women can end up financially vulnerable without a credit card or a solid credit score.
His solution? Each partner should have their credit cards plus a shared card for communal expenses. He also underlined the importance of having an individual investing account to ensure that every woman has her own financial safety net.
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According to O’Leary, the right partner supports your financial independence, not one who takes it away. He advises women to limit how much control anyone, including their spouse, has over their money. He wants women to prioritize their financial identity and ensure their assets are in their name.
“Never let a man control your financial destiny,” O’Leary urged. His advice may sound harsh to some, but it’s rooted in a pragmatic view of what happens when financial independence is compromised. O’Leary believes that maintaining your own financial identity is key to personal freedom.
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This isn’t the first time O’Leary has spoken about financial independence. In another recent interview, he discussed a young entrepreneur who had to choose between his fiancée and his successful business. O’Leary’s advice was brutally straightforward: keep the business. To him, a partner who doesn’t support your ambition and financial journey might not be right.
O’Leary also shared that his investments in women-owned businesses account for 70% of his total revenue from investments. He credits their success to good work-life balance, perseverance and cautious risk management.
Women make outstanding leaders in business because they are generally adept at juggling multiple duties. “If you want something done, give it to a busy mother,” O’Leary quipped.
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This article Kevin O’Leary Warns, ‘Never Let A Man Control Your Financial Destiny.’ He Says, Divorce Your Husband And ‘You’re A Nobody In The System’ originally appeared on Benzinga.com
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Source: finance.yahoo.com