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Reduce your debt as fast as you can: O’Leary

A more plentiful diet is just another reason to pay down your debts, according to Kevin O’Leary.

In the latest installment of Ask O’Leary, the chairman of O’Leary Financial Group fielded a question from a 34-year old Vancouverite looking for some investing advice regarding his rental property. O’Leary firmly told the caller the best investment he could make would be to pay down the mortgage on the property.

“Use the income to reduce the debt as fast as you can,” O’Leary said. “The return on the building continues to go up [as the debt gets paid off].”

The out-spoken businessman and commentator relayed a story about immigrant landlords who would eat only pasta until they paid off their Canadian investment properties, which would then afford them the luxury of protein. They referred to their first fully-paid property as the “steak building,” because they could finally buy meat after closing the mortgage.

“Get rid of debt so you don’t have to eat beans,” O’Leary advised.

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