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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.
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 entrepreneur’s drive to problem-solve. Here’s how you can apply this mindset to your investments.
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).
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 (5).
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. 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.
How to get started
If you want to invest in problem-solving companies, you’ll need an online brokerage account. Why not choose a platform that gives you access to expert-driven research and analysis?
CIBC Investor’s Edge offers detailed reports that summarize the performance of major Canadian and U.S. stock markets. Its Stock Centre, ETF Centre and Fund Centre help you dig into the fundamentals of individual investments — so you can spot potentially valuable companies before they break through. You also get a monthly report highlighting the top 10 most-traded stocks and ETFs on the platform, so you can spot the trends driving investor activity.
You can also stay on top of key developments by setting up trackers and alerts. For example, you could create an alert to notify you when a stock on your watchlist drops below a certain price.
CIBC Investor’s Edge lets you invest in both Canadian and international markets — with low commissions of $6.95 per trade and no annual fees for the first year. That means you can grow your portfolio without worrying about fees eating into your returns.
Active traders who make 150+ trades in a quarter qualify for a discounted rate of $4.95 per trade on stocks and ETFs.
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); Seeking Alpha
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.