Kevin O’Leary is one of the actors on the reality show “Shark Tank” and has an estimated net worth of US$400 million. However, the Canadian businessman and TV personality has no plans to let his children inherit his money. why is that.
The 67-year-old O’Shares ETF chairman who shares two children with his wife Linda told CNBC success Instead of leaving the money to his children, he established a trust to take care of his family for many years.
O’Leary revealed that after earning his first large sum of money, he worked with estate planners to create an intergenerational trust to provide financial support for all the children in his family. However, he said that the recipients would only receive the money on their last day of college, and then they would rely on themselves.
In explaining his decision, the millionaire businessman said that he did not want to “curse” his children and let them inherit huge wealth without having to work hard and find a career.
“There is no free lunch in the world, it is wrong to do so,” he explained. “When you lower your children’s life risk, you curse them. But that doesn’t mean you can’t help them. Listen, if [my son] Once there was a child, this kind of trust will take care of that child from birth to the last day of college. “
O’Leary praised his mother for teaching him the value of hard work, calling her a person who “hates rights.” He recalled that his mother told him that she would only support him financially until he finished college.
One of O’Leary’s first commercial enterprises was Special Event Television (SET), an independent television production company that he co-founded with his two former MBA classmates. Later, one of his partners bought his shares in the company for $25,000. Celebrity net worth.
Then, in 1986, he co-founded the software company SoftKey in the Toronto basement with John Freeman and Gary Babcock. When a financial backer withdrew a $250,000 investment, O’Leary used his money from the sale of SET stock and his mother’s $10,000 investment loan to start the company.
Softkey publishes and distributes CD-ROM-based software for Windows and Macintosh computers. It acquired The Learning Company (TLC) for $606 million in 1995 and later adopted the TLC name. Four years later, it was acquired by Mattel for US$4.2 billion.
O’Leary became a co-investor and director of StorageNow in 2003. The company provides climate-controlled storage facilities for many companies, including Pfizer. By the time it was acquired for US$110 million in March 2007, it had become the third largest storage service owner and operator in Canada.
O’Leary has since appeared in many TV shows, including “Dragon’s Lair”, the American version of “Shark Tank”, Discovery Channel’s “Discover Project Earth” and “Redemption Company”.
The entrepreneur’s wealth made him the second richest actor in “The Winners of Innovation”, second only to Mark Cuban, who has a net worth of US$4.5 billion. South China Morning Post Report.
O’Leary is just one of many celebrities and business tycoons who announced that they do not intend to let their children inherit their wealth. Others who did this include Warren Buffett, Bill Gates, Daniel Craig, George Lucas, Andrew Lloyd Webber, Mila Kunis and Ashton Kutcher etc.
Los Angeles, California-May 4: Kevin O’Leary participated in Sony Pictures Television’s 2019 Emmy FYC event “For Art” on May 4, 2019 in Los Angeles, California. cheers”.
Photo: Michael Kovac/Getty Images for Sony Pictures Television
