With an estimated personal fortune of US$400 million, according to Celebrity Net Worth, Kevin O’Leary is clearly a rich man. However, in a recent video posted on YouTube (1), the entrepreneur insists that the pursuit of money is not what drives him.
“Yeah, I woke up rich one day but I didn’t care and now I work harder than I ever did,” he said. “It’s about the personal freedom, not the money.”
While establishing that financial freedom, O’Leary says he fueled his career using one element — and he believes that element is the key to creating wealth: A passion for problem-solving.
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Kevin O’Leary focuses on passionately solving problems
Entrepreneurs pursue risky ventures because they’re focused on curing pain points for specific customers, O’Leary argues. He believes a similar mindset could help most people accumulate wealth faster.
“You’ll wake up one day and be a multi-millionaire if you solve big problems for people,” he said in the video.
Other successful entrepreneurs have also echoed this approach. Virgin CEO Richard Branson (2) encourages people to “fight tooth and nail to solve problems,” while O’Leary’s Shark Tank cohost Mark Cuban called problem-solving “the foundation of being an entrepreneur” (3).
While not everyone has the drive to pursue entrepreneurship, there are other things Canadians can do that mimic the entrepreneurs drive to problem-solve. Here’s how you can apply this mindset to your investments.
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Invest in problem-solving companies
As O’Leary suggests, some companies were created to solve specific problems. If the obstacle is widespread enough and the solution is potent, a business can be relatively lucrative.
For instance, in North America a widespread problem is how painful, uncomfortable and risky medical surgeries can be to the average Main Street consumer. Surgeons across the world are now increasingly adopting robotic assistants to make their procedures less invasive, more precise and more successful. One of the leading problem solvers in the medical tech space is Intuitive Surgical (NASDAQ:ISRG). The company claims that its ‘da Vinci System’ is number one in Canada’s robotic surgical systems market and held the largest market share in this space in 2023 (4). It has drastically transformed performing minimally invasive surgical procedures across Canada, and is found in numerous hospitals across the country (5).
Climate change is another problem that innovative companies are trying to mitigate. In Canada, 2024 saw insured damage caused by severe weather events reach $8.5 billion, the costliest year on record, according to the Insurance Bureau of Canada (6). In fact, the summer of 2024 stands out as the most destructive season in the nation’s history for insured losses due to wildfires, floods and hailstorms. Between July and August, four catastrophic weather events resulted in over $7 billion in insured losses alongside more than a quarter of a million insurance claims. To put this in perspecctive, the claim costs of these four weather events were 50% more than Canadian insurers typically receive in premiums in an entire year.
Brookfield Renewable Partners (TSX:BEP-UN), headquartered in Toronto, is one of many companies investing billions into building out renewable energy infrastructure to mitigate the amount of greenhouse gases in the atmosphere. Although its earnings are robust, the stock is down almost 20% over the past year. This price correction has pushed the dividend yield up to 5.82% (7). Brookfield Renewable Partners offers strong investment opportunities for Canadian investors looking to dip their toes in renewable energy. (For those looking for the American equity, check out NYSE:BEP.)
Simply put, companies that solve problems can be an ideal target for investors looking to earn passive income.
Grow your wealth through an investment account
To start growing your wealth — and take advantage of problem-solving companies — you’ll need an online brokerage account. You can build your own investment portfolio with the CIBC Investor’s Edge online and mobile trading platform and enjoy low commissions. Investor’s Edge offers educational tools for beginner investors as well as robust tools for the more experienced trader.
For investors interested in exploring trends, consider a membership with The Motley Fool. The TMF offers insight and expert investment guidance that helps you make smarter, faster and more confident investment decisions.
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Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
YouTube (1); Masterclass (2); Zenbusiness (3); Medical Device Network (4); University Health Network (5); Insurace Bureau of Canada (6); Seeking Alpha (7)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.