The way rich people spend their money is always an interesting topic to dissect.
What’s even more interesting is knowing how they spent their first few millions after hitting it big with their business and other money-making endeavors.
And this is exactly what Shark Tank investor and Canadian businessman talked about in an interview with CNBC’s Make It segment.
So, what did this 56-year-old self-made hundred millionaire spent his first $6 million of earnings on?
Looking Back
Now, Herjavec owns a Bombardier Challenger 604, a Canadian-made private jet which retails for $35 million.
Herjavec recalls buying a tiny private plane after he successfully sold BRAK Systems, a computer company he founded, to the Canadian AT&T for an alleged $20 million back in 2000.
The entrepreneur remembers being so amazed at how “big” the $6 million small plane was. Even though it only has a single engine and propeller, he thought it was the biggest private jet in the world.
He also admitted being awestruck at imagining how people can afford to have such expensive
And fancy airplanes. He even took hundreds of pictures during his ride on his multi-million jet.
But Herjavec noted that he didn’t buy the plane just for the luxury of owning one. Learning from his contemporaries, he found that time indeed is money and was determined not to waste any of his waiting on passenger flights.
Classic Rags to Riches Story
Herjavec went on a trip back to his hometown in Yugoslavia where his father escaped imprisonment some years ago.
Knowing Herjavec’s rags to the riches success story, his initial reaction to his private plane makes more sense.
The businessman often describes himself as a literal fresh off the boat immigrant when he began making his way into the world of business.
When he and his parents fled communist Yugoslavia for Canada in the 1970s, they had just about $20 to their name. Now, his current net worth is estimated at $200 million.
What more he’s now upgraded to much larger and more expensive jet, the Gulfstream G IV. However, he says that he will always have his first one occupying most of the space in his soul’s hangar. In fact, he even says that he realized he was more excited to get that small first plane than when he acquired his new one.
Current Success
Herjavec has been one of the “sharks” in the ABC show ever since its season premier in 2009.
The public may recognize Herjavec from his gig in the hit show Shark Tank where young entrepreneurs present their business ideas to a panel of experienced and successful business people called “sharks”.
However, he made most of his $200 million net worth off the screen. He is the current CEO of The Herjavec Group which a Canadian information technology company.
Starting his newest venture with just three employees, he has grown it into the success it is today now employing 200 people and making around $125 million in annual sales.
His secret? Not an MBA. Not even a business undergrad or accounting background. It’s loving what he does.