Yahoo Finance ‘Shark Tank’ Star Kevin O’Leary: My Morning Habit That Keeps Me From ‘Losing Money 100% of the Time’
Many millionaires have morning routines they swear by as contributing to their wealth-building success. They might wake up at 4 a.m., take an ice-cold shower or meditate before they start their day.
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“Shark Tank” investor Kevin O’Leary’s morning habit not only sets the tone for his day but practicing it helps him save money each day.
Read on to find out how this morning habit allows Mr. Wonderful to save money:
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Reading the News Every Morning
In an interview with CNBC Make It, O’Leary said he wakes up between 5 a.m. and 5:30 a.m. and works out on an elliptical bike. While riding the bike, O’Leary spends an hour getting caught up on the news.
According to O’Leary, reading the news is an investment in information. He told CNBC Make It that this habit is critical for making good decisions. Failure to do so can easily result in expensive mistakes.
“If you make decisions without relevant information, I guarantee you, you will lose money 100% of the time,” O’Leary said.
What O’Leary Reads Each Morning
What’s on O’Leary’s reading list? According to CNBC, his morning reading routine covers reading news articles, watching global news broadcasts and sourcing research from banks with an emphasis on peer-reviewed academic and scientific research.
O’Leary prefers watching early morning broadcasts from Asia and Europe because their markets open earlier than Wall Street.
Covering each of these mediums ensures he’s able to stay up to date on current events and global markets daily. Diligent readers, he said, will notice about five to seven recurring themes each morning of news occurring globally.
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Pro Tip: Fact-Check What You Read
O’Leary is careful to thoroughly read the news. Rather than seek out a quick summary by reading a headline or a brief caption included in a social media post, O’Leary takes the time to read and source all information every morning.
“The way you remain successful is by turning yourself into a good filter,” O’Leary told CNBC Make It. He added that being a discerning filter helps him to better understand which news stories are real versus those that aren’t.
In his role as a discerning filter, O’Leary said he fact-checks the news he reads each day. His fact-checking strategy includes watching clips from BBC news broadcasts and comparing them to headlines from domestic news outlets. If a story doesn’t have several reputable sources to back it up, he discards it.
Similarly, there’s one type of headline O’Leary won’t read and it’s clickbait. He told CNBC Make It he steers clear of articles with “outrageous headlines” in the mornings.
What Time Does O’Leary Read the News Next?
Once he’s done reading and fact-checking the news in the morning, O’Leary doesn’t check the news again until around 4 p.m.
O’Leary said he waits because he thinks it’s more efficient to focus on doing your tasks in the middle of the day. Those who take 60 minutes each morning to consistently gather their information from reputable sources better position themselves to efficiently take on the day’s tasks.
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This article originally appeared on GOBankingRates.com: ‘Shark Tank’ Star Kevin O’Leary: My Morning Habit That Keeps Me From ‘Losing Money 100% of the Time’
