The ‘Shark Tank’ Cast’s Best Tips on How To Become a Millionaire
“Shark Tank” has been helping promising entrepreneurs launch their products since 2009 — and has created many millionaires.
And the “Shark Tank” cast speaks for itself in terms of financial success: Whether it’s investor and entrepreneur Kevin O’Leary — Mr. Wonderful — billionaire entrepreneur Mark Cuban or real estate mogul Barbara Corcoran, they are all successful entrepreneurs and businesspeople in their own right, even though they each took different paths to become wealthy.
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Here are their best tips to become a millionaire.
Be Competitive
Barbara Corcoran — who has a net worth of more than $100 million — told Entrepreneur that being competitive is key to success.
“If you want to be really rich, you better decide early to start a business of your own,” she told Entrepreneur. “It’s only when you put yourself in charge that you have a shot at becoming rich.”
According to her, while you need a passion to succeed, you will also need a strong work ethic and to put in as many hours as possible.
“But, if you’re competitive and pigheaded enough to get over the failures without wasting time feeling sorry for yourself, and if you can inspire enough good people to join you, you can pretty much become as rich as you want,” she said.
This is something she has reiterated several times — for instance, in a March 2023 TikTok video, Corcoran said that her struggles at school at a young age — “I couldn’t do letters and numbers my whole life” — taught her resilience.
“I learned how to rebound,” she said in the video. “Get through any obstacle. I try harder than the next guy, and I work twice as hard as the next guy. But that’s OK. That’s exactly what built my business and got me rich.”
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Work Hard
That’s the motto of Mark Cuban, who has a $5.4 billion net worth, according to Forbes.
“To become a millionaire, you’ve really got to find something that you love to do, because it’s going to take so much work that you can’t just say, “OK, this is the one industry I can make a lot of money in.’ Or, and I get this all the time, which is crazy: ‘I want to be rich. What kind of company should I start?’ You can’t do that. It doesn’t work like that,” Cuban told Entrepreneur.
Cuban added that you not only have to be good at something, but you also need to be willing to work hard and “and do whatever it takes.”
“Then, if you’re fortunate, that turns into something that creates wealth for you,” he said.
Work for Yourself
Kevin O’Leary — who has a $400 million net worth, according to Entrepreneur — argued that you cannot become a millionaire if you work for someone else.
“That’s a highly unlikely outcome, unless it’s an entrepreneurial situation where you’re getting some equity in the company,” he told Entrepreneur. “If you can afford to take a risk and you’re young enough, either start your own company or be involved with one where you’re racking up equity. There’s no other path to becoming a millionaire. No employer is going to let you make a million dollars off of their business. They don’t have to.”
Stay Out of Debt
Chris Sacca, founder and partner of Lowercase Capital, has a $1.2 billion net worth, according to Forbes. According to him, staying out of debt is a key component of building wealth and becoming a millionaire.
“People get out ahead of themselves in debt with spending on all of their desires,” Sacca told Entrepreneur. “But if you learn to live pretty simply and well, well under your means, you feel incredibly, incredibly rich and that frees you up and gives you the option to start something new, to leave the job you’re not excited about, where there might be a glass ceiling on you.”
Other cast members agree that staying out of debt is the way to wealth.
For instance, O’Leary said in a Facebook post that this is the way to achieve financial freedom.
“Money might not buy happiness but I can promise you one thing…it’s A LOT easier to be happy with financial freedom!! I challenge you to start your journey toward financial freedom today by taking three steps: spend less, save more, invest the rest,” he wrote in the post.
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