Kevin O’Leary has always been a strong proponent of investing. With his new Beanstox app, O’Leary hopes to motivate millennials to invest in a portfolio, regardless of the amount, as the app allows users to purchase fractional shares.
“We teach young people everything: geography, math, sex education… but we don’t teach them about investing,” O’Leary said on the Steve Harvey Show on Monday. “The average salary in America is $52,000. And if you put aside 10 percent of what you get paid, by the time you are 65, you’ll have $1.2 million in the bank. Nobody teaches them that.”
O’Leary said he is a man on mission with his Beanstox app, saying the app can be downloaded for free and users can learn how to invest.
“It lets you buy real shares, even if you only have $5 to buy fractional shares,” O’Leary said.
“People have been downloading it saying ‘I only have $2 to invest.’ It’s cool… you can invest in Apple or Google, whatever you want with your $2, and you really own a fraction of a share.”