Self-made millionaire and “Shark Tank” investor Kevin O’Leary, also known as “Mr. Wonderful,” points out a common financial habit that is keeping millions of Americans poor. He emphasizes the importance of financial discipline, like avoiding unnecessary expenses, to build long-term wealth.

O’Leary stresses the impact of small daily expenses, like a $28 lunch, on long-term wealth-building potential. He highlights the significance of compound growth and the missed opportunities when money is spent impulsively instead of invested wisely.

The key to wealth creation, according to O’Leary, is discipline and the ability to prioritize long-term financial goals over short-term gratification. He advocates for automatic investing, like putting aside 15% of your salary, to harness the power of compound growth over time.

O’Leary’s investment philosophy is inspired by his mother’s success, who focused on simple rules like diversification, dividend-paying stocks, and never touching the principal. He emphasizes the importance of understanding the real cost of unnecessary purchases and the lost potential for compound growth.

The path to financial freedom, as outlined by O’Leary, involves saying no to unnecessary spending, automating investments, and letting compound growth work its magic. Those who master these habits build wealth, while those who don’t remain trapped in cycles of consumption and financial insecurity.

Read more at Yahoo Finance: This One Common Habit Is Keeping You Poor