Kevin O'Leary and Mark Cuban both agree that this is your most valuable asset

With the hundreds of thousands of dollars at stake on every episode of ABC's "Shark Tank," you might think that money is the Sharks' most valuable asset.

But not for Shark Kevin O'Leary. Time is your most valuable asset, he says. 

First, "time is what is used to make money," O'Leary tells CNBC Make It. But more importantly, time allows you one crucial thing: personal freedom.

O'Leary says he has worked very hard to get personal freedom.

"It's a very simple concept. It lets me allocate my time in any way I wish. Phone rings, I don't have to answer it. Somebody tells me to be somewhere, I don't have to go. I don't work for anybody," he says.

"The only person I report to is me."

And the key to using time wisely, says O'Leary, "is how you allocate it. You have to set your goals, set your objectives to yourself," he says.

O'Leary advises breaking up your day into various blocks of time to make sure you are focusing on things "that matter."

"Happy people have balance in their life. They found a way to allocate time to all the things that means something to them," he says. (O'Leary likes to spend time on hobbies like photography and music and being with his family.)

O'Leary's fellow Shark, Mark Cuban also thinks time is your most valuable asset. "You can't buy it. You can't find it. You can't store it. You can't trade it," Cuban told Thrive Global in in 2017.

So O'Leary encourages young people to focus on creating a life that allows them the time and freedom to create happiness. According to O'Leary, "you've made it" in life when the phone rings and you're not in a rush to answer it. "You just look at it and smile," he says.

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Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."

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