Transcript for 'Shark Tank' star shares his top financial resolutions for 2018
Jack, I'll be there but to Lara. So many new year's resolutions focused on getting finances in order but where do we begin? "Gma's" partnering with our sponsor anyone da for our simply a bet iryou series and sh morning "Shark tank's" Kevin o'leary is kind enough to join us to share his top financial tips for 2018. First though let's take a look at this incredible success story. My name is Robbie cabral founder of benji lock. Reporter: Robby making a splash on ABC's "Shark tank" with the first rechargeable padlock that uses fingerprint technology to keep your valuables safe. I come to the tank extremely humble seeking 200,000 for 10% of my company. Reporter: The inventor sharing his struggles with the sharks. The dayhey laid me off, my daughter was born. I said, man, I'm just going to try to push it for my family for my friends. Reporter: It was at the gym Robby had a stroke of genius. People get frustrated with combination, lose their keys and just the size of the fingertips was the winner here. Reporter: On "Shark tank," he took Kevin o'leary's $200,000 offer for a 15% stake. My heart is telling me to go with Mr. Wonderful. Reporter: That partnership taking him from rags to riches. His award-winning lock now licensed and about to hit the shelves. You are amazing. All right, so Kevin is here and we're going to break down your tips. Forget the tips, I don't vuf to invest. You always have a way to save 10%. Something you're spending you don't need. Look at the crap in your closet. Always a way to make 10%. Fair enough, right so here's what we'll do. Three audience members and they'll answer our questions, they'll give us their best guess. Your best guess and Kevin will let you know if you're wrong or right. Three really important tips. Here we go. Question number one, what is the most common financial mistake people make? Number one, not invests, number two, not having an emergency tundz and number three, not paying off debts. I know my answer. Which was your answer, guys? Not paying off debts. Not paying off debts. Debt, 100% right. Pay your debts off. I like all three. I would have said all of the above. You have to get out of debt first. You can't save money while paying interest to somebody else. Next question, how often should you calculate expense, 90 days, 0 days or every 365 days? Your best guess, audience, ready? We have 90 days is right. 90 days is right. Why? You see your personality emerge in 90 days and find out what you're spending money on. 30 is too quick is this way too quick. I would have done 30. I'm out. Final question, what percent of your income should you save? 25%, 10% or 5%? Our audience members, your answer is. Absolutely right. Of course, you want to save as much as you can. Minimum 10. Minimum 10. Minimum 10. You can do it in in a perfect world give us something aspirational if we could really reach for the tars to save a certain amount this year. Listen to. The average salary in America is $52,000 if you save 10% in your 20s by the time you will a 65 you will have $1.2 million in the bank. You can do it. That's why we call him Mr. Wonderful, everybody. This is no joke. Great simple tips. I need to say this. Thanks so much to our sponsor splenda offering the chance to win $5,000 for you to start saving to help you achieve your resolutions, here's what we want you to do. Go to goodmorningamerica.com/sweep stakes to enter and to help you start saving plane da is giving everyone right here a gift card for a month supply of coffee. Every little bit helps. Thank you, splenda.
This transcript has been automatically generated and may not be 100% accurate.