In August 2024, Kevin O’Leary, renowned mentor from *Shark Tank*, took to LinkedIn to share his insights on financial planning specifically aimed at young adults. He emphasized a significant savings milestone he believes should be achieved by the age of 33.
“I tell young people all the time, by the time you hit 33 years old you should have at least $100,000 saved somewhere. Make that your goal,”he wrote.
O’Leary underscored the importance of cultivating disciplined savings habits and initiating early financial planning. He highlighted that to ensure a secure financial future by the age of 65, young individuals must start taking action sooner rather than later. His advice resonates with ongoing conversations about savings and financial security amid rising costs of living, student loan burdens, and inflationary pressures.
Understanding Kevin O’Leary’s Savings Strategy
Kevin O’Leary’s perspective on achieving a savings goal of $100,000 by age 33 reflects his belief in the critical role of early investments and long-term financial planning. Achieving this milestone can greatly enhance one’s financial stability and security in later life.
“That’s the age when it’s really time to start getting FOCUSED on saving. You want to be in a good place when you’re 65, but it starts now!”he emphasized.
For instance, when an individual saves $100,000 in a high-yield savings account with an average annual return of 8%, it can grow to nearly $1.2 million by age 65, even without additional contributions. This scenario illustrates the profound impact of disciplined saving and compound growth on long-term wealth accumulation.
Moreover, O’Leary pointed out that having a savings cushion of $100,000 can provide crucial financial support during emergencies. While traditional advice has suggested setting aside enough to cover three to six months’ worth of expenses, more recent insights recommend saving up to a year’s expenses for enhanced security.
According to O’Leary, achieving this savings milestone early can lead to improved financial independence and stability throughout life.
Challenges in Achieving the Savings Target
Despite the aspirational nature of O’Leary’s recommendation, accumulating $100,000 by age 33 is proving to be challenging for many young adults due to various economic hurdles. Factors such as soaring living costs, student debt, and climbing housing prices make significant savings difficult to achieve.
A recent Yahoo Finance/Marist Poll in 2025 revealed that 36% of Gen Z and 44% of millennials expressed dissatisfaction with their savings, shedding light on the economic pressures faced by younger generations.
Federal Reserve data from 2022 indicates that Americans under 35 hold an average transaction account balance of just $20,540. Furthermore, a February 2025 article from TheStreet noted that individuals under 30 carry an average student loan debt of around $23,795. While O’Leary’s savings target serves as a motivational benchmark, financial experts suggest tailoring money management strategies to individual circumstances.
Some financial advisors recommend focusing on a consistent savings rate, such as aiming to save 20% of one’s income over simply targeting a fixed amount.
Despite these numerous challenges, Kevin O’Leary’s message remains clear: financial discipline is essential. Regardless of whether individuals can meet the $100,000 milestone, prioritizing early savings and investment practices is a fundamental approach for fostering long-term financial growth.
Don’t forget to tune in for new episodes of *Shark Tank*, airing every Friday on ABC.