Kevin O’Leary Reacts: Retiring Early On $870K In Arizona | Millennial Money

What does it take to earn high marks from Kevin O'Leary? Strict dedication to your financial plan and a commitment to never trying to time the market.

CNBC Make It asked the chairman of O'Shares ETFs and judge on CNBC's new show "Money Court" to watch the Adcocks' episode of Millennial Money and share his take on the couple's desert-dwelling lifestyle.

In the episode, 39-year-old Steve and 36-year-old Courtney, who retired in 2016 with a combined net worth of $870,000, talk about the importance of being financially savvy because they haven't added a penny to their investments since they left their full-time jobs. They currently live in the Arizona desert and keep their spending to a minimum, including just $144 in property taxes each month.

It takes a lot to impress Kevin O’Leary, but early retirees Steve and Courtney Adcock did it with their strict dedication to their retirement plan and a commitment to never trying to time the market.

CNBC Make It asked the chairman of O’Shares ETFs and judge on CNBC’s new show “Money Court” to watch the Adcocks’ episode of CNBC’s Millennial Money and share his take on the couple’s desert-dwelling lifestyle.

In the episode, 39-year-old Steve and 36-year-old Courtney, who retired in 2016 with a combined net worth of $870,000, talk about the importance of being financially savvy because they haven’t added a penny to their investments since they left their full-time jobs. They currently live in the Arizona desert and keep their spending to a minimum, including just $144 in property taxes each month.

“That’s very, very low. I don’t care where you are, that’s incredibly low,” O’Leary says. “But that means you’re also in the middle of nowhere. If you’re OK with that, that’s great.”

Though the Adcocks admit that their choices are different from many other people their age, they have no desire to go back to their day jobs. They also have no regrets about the cost-cutting measures they had to employ to get where they are now, including selling their house and eliminating almost all their restaurant spending for more than a year.

“I like this guy, he’s really pragmatic,” O’Leary said of Steve. “You’ve got to sacrifice like crazy, but you don’t want your life to feel like a sacrifice because that’s living in hell. They don’t.”

O’Leary said that the couple earned “a very high mark” of 8.76 out of 10, for the simple reason that they had a well-thought-out financial and life plan.

“They called it ‘retirement’ but it’s the way they wanted their lifestyle to go and they wanted to be able to afford it,” he said. “They did it successfully. I like people that plan that way and execute on their plan.”

Still, watching the Adcock’s story hasn’t inspired O’Leary to give it all up and move to the Arizona desert.

“It’s not for me,” O’Leary said. “I prefer to be in a city where I can go out to a restaurant for dinner or whatever. But for this couple, it’s working. Each to your own.”

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Kevin O’Leary Reacts: Retiring Early On $870K In Arizona | Millennial Money

[KacieLehman]

Purchasing a stock may seem straightforward, but selecting the correct stock without a proven strategy can be exceedingly challenging. I've been working on expanding my $210K portfolio for a while, and my primary obstacle is the lack of clear entry and exit strategies. Any advice on this matter would be greatly appreciated.

[CrystalJoy-]

I've been diligently working, saving, and investing towards financial freedom and early retirement. However, the economy's downturn since the pandemic has significantly eroded my portfolio. My question now is: Should I continue contributing to my portfolio in these unstable markets, or should I explore alternative sectors?

[casienwhey]

Before choosing to retire early, remember some sound advice: you can afford to be broke when you're young, not when you're old.

[AfricaonFocus]

"Everyone is happy except their dog" 🤣🤣 the low-key shade.

[jesusantonio]

Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. Let's hustle to financial independence!

[trackourmoney]

They had a plan and worked towards it. Their lifestyle isn't for everyone but you can't knock the execution of their plan.

[amelia]

🤗I spend my retirement helping with Grandkids, so fulfilling. I do casino trips and travel a little. So happy 🤩

[tcgtpl]

The past 18 months or so with the continual lockdowns, protests/riots, and people snitching on one another has really changed my mind on what I want my future retirement to be. Living in the middle of nowhere and being able to do what you want & when you want sounds like paradise to me.

[yungj]

CNBC we need more Kevin O’Leary videos 🤘

[yoshit]

I retired at 48. After a couple of years of being dad the taxi driver, I went back to work. Not because I had to but because I needed to

[Mrwd]

Lots of wise words here that most people don’t come to realization until they are old or retired.

[RustyCas]

I worked for myself for 25 years and now I’m 64 and semi-retired (work 2 or 3 days a month). I don’t want a 2nd career and don’t want a job. We have enough money and I have no ego that needs to be stroked. What will keep someone like Kevin working is ego, the need to feel important. He can’t understand anyone who doesn’t think that way.

[macloveemail]

I would have liked to hear their total monthly expenses. Not just property tax. They must buy some food, Netflix, cell phones service, gas for the truck. I’m guessing their cost of living is like under $2k/month (24k/year)

[enriquejaimes]

Totally agree. The word “retire” is not applicable in many cases where people leave their jobs to pursue other passions and interests. However, I would not call work to something you love doing and in some cases even makes you money. Instead of “early retirement” I would call it simply “happy living”

[brendanthornton]

I agree with Kevin, the term retirement doesn't really apply even though the concept has only become a reality within the last 50 years or so. I think most people are striving for financial independence that allows them pursue their goals. I think most people don't realize you need to have plan to make your dream lifestyle happen and remember this will be different for everyone. The key is having someone to dream and take the journey with you.

[carsonc]

There's some good info here but a billionaire is very disconnected from the realistic possibilities of a normal person. I'd rather hear from others that are retired early. These people are going to do fine and they're happy to boot...

[Dinngg]

When the lady said "...working the little jobs we do..." I knew they were not actually retired. They just have a different job and lifestyle. I don't consider it to be a retirement unless there is zero money-earning involved.

[HairyKnees]

I was forced into a “retirement” for several years due to severe health problems. I was used to engaging in research and studying challenging topics, while also traveling the world on long vacations. Once I had to leave all that behind, life was dull and I had to take up numerous hobbies to keep my brain happy. Now I’m becoming an entrepreneur & it has been a great learning experience so far. I hope to keep learning new things for the rest of my life, never to get stuck in a rut.

[deanmay]

I have been watching A Streamin’ Life videos for a few years. I really admire Courtney and Steve. They are sharp, bright, and have figured out how to life their “best” life. Kudos to them!

[bogdandykyy]

Can somebody buy a new camera for Kevin O'Leary's home studio? I am willing to order one if you can share his home address. I like his videos and stories, but the video quality is not the best.