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Cold Hard Truth On Men, Women and Money: 50 Common Money Mistakes and How To Fix Them
Getting a handle on finances can be challenging at any age. Whether you're a parent struggling to explain savings to your children, a newly engaged couple considering joint bank accounts, or a baby boomer entering retirement, Kevin O'Leary has advice to help you make and keep more money.
As a lead Dragon of CBC's Dragons' Den and ABC's Shark Tank, Kevin's success with money management and in business is legendary. But he's made mistakes along the way, too, and he's writing this book so others--like his son and daughter--can benefit from his experiences. Each chapter is geared to a specific age or stage in life. You'll find real-life examples of common money mistakes (and strategies for avoiding them), "Cold Hard Truth" quizzes and charts aimed at boosting your Wallet Wisdom, and tips and tricks for making more money and growing it faster to achieve financial freedom.
As a lead Dragon of CBC's Dragons' Den and ABC's Shark Tank, Kevin's success with money management and in business is legendary. But he's made mistakes along the way, too, and he's writing this book so others--like his son and daughter--can benefit from his experiences. Each chapter is geared to a specific age or stage in life. You'll find real-life examples of common money mistakes (and strategies for avoiding them), "Cold Hard Truth" quizzes and charts aimed at boosting your Wallet Wisdom, and tips and tricks for making more money and growing it faster to achieve financial freedom.
272 pages, Paperback
First published December 18, 2012
About the author
Kevin O'Leary
22 books99 followersLibrarian Note: There is more than one author by this name on the goodreads data base.
Humble Beginnings
Kevin O’Leary was born to a middle class family in 1954. The combination of Kevin’s mother’s family heritage as merchants and his father’s Irish charisma truly meant that O’Leary was born for business. Kevin learned most of his business intuition from his mother. She taught him key business and financial insights from an early age. These became Kevin’s core philosophies, and the pillars upon which he would one day build his empire.
The Turning Point
Kevin’s approach to business went through major changes as a teenager. During his second day on the job at a local ice cream shop, his boss came into the front of the store where Kevin was scooping ice cream. She looked at Kevin and asked him to perform a task that he wasn’t expecting. What happened next had a profound effect on Kevin – one that stayed with him for the rest of his life.
Foundations of an Empire
As a university student, Kevin’s innate business sense led him along several different paths – including some very unusual, very entrepreneurial ways of making a profit.
Not long after he finished his MBA, Kevin had a meeting that changed his life forever. He met a man who had a strange idea for a software product – an idea with huge, high-profit potential that Kevin immediately recognized.
After years of ups, downs, sacrifices, challenges, and lessons learned — not to mention a critical phone call that nearly cost him everything — the opportunity that Kevin saw eventually turned into a computer software giant that was acquired for more than $4 billion dollars.
Investor Extraordinaire
After his extraordinary success at the software company he founded – and a difficult period of obstacles and legal disputes – Kevin eventually found himself on television, quickly becoming a sought-after host and personality on a range of shows – including Discovery’s Project Earth, CBC’s Dragons’ Den, and ABC’s Shark Tank.
Kevin has since launched O’Leary Funds, an investment fund company; O’Leary Fine Wines; and a best-selling book series on financial literacy.
In 2014, Kevin founded O’Leary Financial Group – a group of brands and services that share Kevin’s guiding principles of honesty, directness, convenience, and above all, great value.
Humble Beginnings
Kevin O’Leary was born to a middle class family in 1954. The combination of Kevin’s mother’s family heritage as merchants and his father’s Irish charisma truly meant that O’Leary was born for business. Kevin learned most of his business intuition from his mother. She taught him key business and financial insights from an early age. These became Kevin’s core philosophies, and the pillars upon which he would one day build his empire.
The Turning Point
Kevin’s approach to business went through major changes as a teenager. During his second day on the job at a local ice cream shop, his boss came into the front of the store where Kevin was scooping ice cream. She looked at Kevin and asked him to perform a task that he wasn’t expecting. What happened next had a profound effect on Kevin – one that stayed with him for the rest of his life.
Foundations of an Empire
As a university student, Kevin’s innate business sense led him along several different paths – including some very unusual, very entrepreneurial ways of making a profit.
Not long after he finished his MBA, Kevin had a meeting that changed his life forever. He met a man who had a strange idea for a software product – an idea with huge, high-profit potential that Kevin immediately recognized.
After years of ups, downs, sacrifices, challenges, and lessons learned — not to mention a critical phone call that nearly cost him everything — the opportunity that Kevin saw eventually turned into a computer software giant that was acquired for more than $4 billion dollars.
Investor Extraordinaire
After his extraordinary success at the software company he founded – and a difficult period of obstacles and legal disputes – Kevin eventually found himself on television, quickly becoming a sought-after host and personality on a range of shows – including Discovery’s Project Earth, CBC’s Dragons’ Den, and ABC’s Shark Tank.
Kevin has since launched O’Leary Funds, an investment fund company; O’Leary Fine Wines; and a best-selling book series on financial literacy.
In 2014, Kevin founded O’Leary Financial Group – a group of brands and services that share Kevin’s guiding principles of honesty, directness, convenience, and above all, great value.
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Displaying 1 - 30 of 162 reviews
December 28, 2021
Don’t spend too much. Mostly save. Always invest.
There is no doubt that Kevin O’Leary offers up nothing but the cold hard truth when it comes to financial matters. His tough but valuable advice may be hard to swallow, but the wisdom I’ve gained through experience has shown me that the toughest advice to hear is often the truest advice.
I wish this book had been written 15 years earlier and that I had had the good sense to read it and follow the advice. I would have made different choices that would have put me in a different position today and more than likely secured a better financial future. But with that said, there are still lessons to learn and mistakes to be avoided, no matter what stage of life you are in. With O’Leary’s direct and to the point counsel reverberating in your head, you’re less likely to make adverse and costly money mistakes and more apt to make sensible money decisions that will positively affect your financial wisdom and your financial freedom.
There is no doubt that Kevin O’Leary offers up nothing but the cold hard truth when it comes to financial matters. His tough but valuable advice may be hard to swallow, but the wisdom I’ve gained through experience has shown me that the toughest advice to hear is often the truest advice.
I wish this book had been written 15 years earlier and that I had had the good sense to read it and follow the advice. I would have made different choices that would have put me in a different position today and more than likely secured a better financial future. But with that said, there are still lessons to learn and mistakes to be avoided, no matter what stage of life you are in. With O’Leary’s direct and to the point counsel reverberating in your head, you’re less likely to make adverse and costly money mistakes and more apt to make sensible money decisions that will positively affect your financial wisdom and your financial freedom.
January 23, 2013
I read this book in one night! While it had most information I have learned over the past few years, I appreciated it coming from a males perspective. I am going to try Kevin's 90 day challenge (which I already started Jan 1) and see what improvements I can make to debt reduction and investing. Highly recommend this book!
January 16, 2014
As many on here have said already, much of what O'Leary says is common sense. But he still gives sound advice, even for the savvy investor. I loved his blunt, honest writing style; you could practically hear his tone of voice in your head!
December 4, 2013
Summary: stop spending all your money on stupid shit. It was a good reminder.
July 2, 2020
I almost gave this a 5 star rating. Let me just say, it is appropriately titled, lol. He definitely doesn’t sugarcoat anything, and at times, that stressed me out. However, the flip side of that is that I learned a lot, and I appreciated that he just said it like it is. My biggest takeaway was to eliminate debt before making any big investments, and that buying a house or a car is not always necessarily the best financial decision, depending on your situation. Sometimes renting or leasing is actually smarter. The coldest hard truth for me was that if you’re still paying off student loans, you should still be living like a student. Seems like common sense... but really hard to put into practice. I’ll definitely revisit this book for refreshers. I will say that I am definitely going to be a lot more mindful about my choices and he did make me feel inspired to make better choices so I can have more cash flow. Making your money work for you, in other words.
February 3, 2017
I really enjoyed this one. I think there was great advice for people of all ages and it was an enjoyable, easy read. The only thing I disagree with him on is his attitude with pets. I can see where he's coming from but he hasn't factored in the money saving health benefits of having a pet. I strongly believe that pets keep you healthier and less depressed which saves on doctor bills as well as psychiatric bills. I'll never forget when my husband was in the middle of having his blood pressure checked for a life insurance exam. Our big, goofy lab came bouncing into the room. My husband ordered him out. You'd think his blood pressure would have gone up but it actually went down.
Read
January 31, 2013Makes me want to save, save, SAVE!
June 18, 2017
I read this because O'Leary's running to lead the Conservative party and I figured I should know a bit more about him. The beginning of the book was interesting because he writes about his childhood and how his approach to money was influenced by parental strife, financial insecurity during a rocky period in his childhood, and his mother's prudent saving.
Most of the book boils down to common sense financial advice, sprinkled with anecdotes from O'Leary's life. And the advice is actually pretty good -- a bit patronizing, but plain and powerful. Save, do not spend. Diversify your investment portfolio. Avoid paying interest. Live within your means. That kind of thing.
At times, one has to laugh, though. There's a "Cold Hard Truth Card" (with O'Leary's face on it) that you're supposed to re-read before purchasing any item. And he warns against wasting money on weddings and funerals. (He swears that if any family member wastes a dime at his funeral, he will "haunt them personally for the rest of his days.")
tl;dr: an quick and amusing read with with a few insights about O'Leary
Most of the book boils down to common sense financial advice, sprinkled with anecdotes from O'Leary's life. And the advice is actually pretty good -- a bit patronizing, but plain and powerful. Save, do not spend. Diversify your investment portfolio. Avoid paying interest. Live within your means. That kind of thing.
At times, one has to laugh, though. There's a "Cold Hard Truth Card" (with O'Leary's face on it) that you're supposed to re-read before purchasing any item. And he warns against wasting money on weddings and funerals. (He swears that if any family member wastes a dime at his funeral, he will "haunt them personally for the rest of his days.")
tl;dr: an quick and amusing read with with a few insights about O'Leary
July 23, 2014
“Cold Hard Truth on Men, Women and Money” lays out our money problems in simple terms. The cold, hard truth is that “No matter how much money you make, the world is designed to take it away.” He emphasizes three guiding principles about money: keep money and emotions separate; eliminate debt; and be grateful for what you have. According to O’Leary, the secret to becoming wealthy is: “Don’t spend too much. Mostly save. Always invest.” O’Leary offers practical and helpful tools to save money and to think about money in a new way: as creative energy, not as a way to get “stuff.” The most useful tip that O’Leary offers is the “Cold Hard Truth Card,” a credit-card sized reminder and pledge about money. Some of his suggestions may seem unemotional and unromantic (he strongly recommends pre-nuptial agreements before getting married) and may not work for everyone. One mistake that is missing: “You think that newer means better.”
May 19, 2013
The book is written in a simple, easy to read style. The financial advise is straightforward and totally pertinent. There wasn't much new here for me but that is the point. Mr. O'Leary is not reinventing the wheel rather he emphasizes what has worked for him. His advise isn't gimmicky but an emphasis on a lot we should already know.
A recommended read for anyone wishing to take control of their finances.
A recommended read for anyone wishing to take control of their finances.
May 26, 2013
I picked this up out of curiosity because I've never been a Kevin O'Leary fan and was curious what I'd think of this book. Turns out his tone and approach to money are totally perfect for this kind of book, because it was great. I didn't learn much I didn't already know, but I like to read books like this from time to time to help reinforce good money habits. This book would be a great choice for teenagers that are earning some money and starting to think about post-secondary education.
January 21, 2023
A well-intentioned teacher gifted this to me when I finished high school. Only now, in my late twenties, am I re-examining O'Leary's advice. Didn't realize how much of my relationship with money was shaped by both this book and my relatively conservative upbringing until very recently!
As someone who struggles to work full-time due to chronic health problems and as someone with a first-generation partner from an immigrant family, I've learned to disregard much of the advice given in this book.
For those in a similar position, I would highly recommend Tori Dunlap's "Financial Feminist" for a more nuanced and holistic approach to personal finance. That, or Simran Kaur's "Girls That Invest".
As someone who struggles to work full-time due to chronic health problems and as someone with a first-generation partner from an immigrant family, I've learned to disregard much of the advice given in this book.
For those in a similar position, I would highly recommend Tori Dunlap's "Financial Feminist" for a more nuanced and holistic approach to personal finance. That, or Simran Kaur's "Girls That Invest".
December 12, 2017
Good book for anyone who's interested in money.
September 15, 2021
I much prefer Dave Ramsey, but there's some good advice to be found here.
May 11, 2018
I think this is one of the better books on personal finance. It is written by the well known Montreal born Toronto based entrepreneur, TV personality, speaker and political hopeful Kevin O’Leary, who has been a successful businessman and earned millions but also lost them. He shares his successes and some of his failures in the hope he can help others negotiate the world of managing their finances. His no nonsense approach may seem hard for some, with his strong views on pets, cars, vacation homes, engagement rings and marriages without a prenup as easy ways to throw away money, but one of the hardest lessons he has learned is to separate money from emotion.
His basic philosophy is simple, put down in the mantra he repeats often: don’t spend too much; mostly save; always invest. His also lays out three guiding principles for money management: keep your money and your emotions separate; don’t spend more when your income increases, eliminate all of your debt and be grateful for what you have. He puts forward the necessity of determining for yourself when you get to the place when you have enough. For, he says, it is at that point that you will no longer have money problems.
O’Leary begins the book sharing the financial lessons he learned from his Lebanese mother who took over the family’s finances when his biological father lost everything including his life to alcohol abuse. From there, he begins the journey with his readers at a necessary starting point – the need to thoroughly understand their financial situation. This he believes is simple to do by calculating what he calls your “90 Day Number”, your earnings minus your expenses for a 3 month period.
From there he identifies the common ways many people waste money. He talks about the hidden costs of credit card debt and identifies what he terms Ghost Money, the money we waste on expensive lunches, hard cover books, magazines and daily lattes. His warning: it all quickly adds up, draining any attempt to reach the goal of financial security.
He identifies common money management pitfalls, one being using money to buy stuff because it makes us happy and the other avoiding investing because we are not sure how to go about it. His solution to these problems is simple: first stop buying things because you are tired, bored or sad. Do something else, anything else, but don’t shop. And avoid advertisements. They are simply meant to entice you to buy things you don’t need. And if you are in a quandary about investing, stick to three easy guidelines: invest in stocks and securities that pay dividends or interest, never invest more than 5% of your portfolio in one single stock or more than 20% in one sector. He also cautions readers to keep real estate investment (including your own home) at less than 20%. Then he says, spend only your interest and never the capital and get into the habit of saving a consistent portion of your total income.
O’Leary puts forward arguments to challenge assumptions we all hold, including the requirement of an expensive college education, the need to buy a car and the goal of buying your own home. And he keeps pounding the same message home again and again: don’t buy anything you absolutely don’t need until you are absolutely free of debt.
He has organized his thinking in chapters that challenge money matters at every stage of life, detailing the common mistakes people make during those times and providing strategies to avoid them. He gives advice on how to pay down student debt, why it is important to think of marriage as both a decision of a life partner as well as a financial merger, things to be cautious of when setting up housekeeping with a live-in romantic partner, how to handle relatives who approach you for loans, how to get adult children out of the house and how to spot a gold digger.
His advice is put forward in clear simple language and he has many anecdotes from his personal life to illustrate his points. As someone who has experienced great successes and catastrophic failures, lost millions and made them back, he has used this cumulative experience to write this book. It provides his readers with an excellent primer for life long money management.
His basic philosophy is simple, put down in the mantra he repeats often: don’t spend too much; mostly save; always invest. His also lays out three guiding principles for money management: keep your money and your emotions separate; don’t spend more when your income increases, eliminate all of your debt and be grateful for what you have. He puts forward the necessity of determining for yourself when you get to the place when you have enough. For, he says, it is at that point that you will no longer have money problems.
O’Leary begins the book sharing the financial lessons he learned from his Lebanese mother who took over the family’s finances when his biological father lost everything including his life to alcohol abuse. From there, he begins the journey with his readers at a necessary starting point – the need to thoroughly understand their financial situation. This he believes is simple to do by calculating what he calls your “90 Day Number”, your earnings minus your expenses for a 3 month period.
From there he identifies the common ways many people waste money. He talks about the hidden costs of credit card debt and identifies what he terms Ghost Money, the money we waste on expensive lunches, hard cover books, magazines and daily lattes. His warning: it all quickly adds up, draining any attempt to reach the goal of financial security.
He identifies common money management pitfalls, one being using money to buy stuff because it makes us happy and the other avoiding investing because we are not sure how to go about it. His solution to these problems is simple: first stop buying things because you are tired, bored or sad. Do something else, anything else, but don’t shop. And avoid advertisements. They are simply meant to entice you to buy things you don’t need. And if you are in a quandary about investing, stick to three easy guidelines: invest in stocks and securities that pay dividends or interest, never invest more than 5% of your portfolio in one single stock or more than 20% in one sector. He also cautions readers to keep real estate investment (including your own home) at less than 20%. Then he says, spend only your interest and never the capital and get into the habit of saving a consistent portion of your total income.
O’Leary puts forward arguments to challenge assumptions we all hold, including the requirement of an expensive college education, the need to buy a car and the goal of buying your own home. And he keeps pounding the same message home again and again: don’t buy anything you absolutely don’t need until you are absolutely free of debt.
He has organized his thinking in chapters that challenge money matters at every stage of life, detailing the common mistakes people make during those times and providing strategies to avoid them. He gives advice on how to pay down student debt, why it is important to think of marriage as both a decision of a life partner as well as a financial merger, things to be cautious of when setting up housekeeping with a live-in romantic partner, how to handle relatives who approach you for loans, how to get adult children out of the house and how to spot a gold digger.
His advice is put forward in clear simple language and he has many anecdotes from his personal life to illustrate his points. As someone who has experienced great successes and catastrophic failures, lost millions and made them back, he has used this cumulative experience to write this book. It provides his readers with an excellent primer for life long money management.
August 5, 2014
This is a good, easy and fast book to read. I'm only giving it three stars though because I didn't really learn anything new. I'm already very careful with my money spending/investing habits and have been practicing what Mr. Wonderful is preaching for many years. I also don't completely buy the sections where he talks about frugal he still is (i.e. when he was upset at the $50 charge he had to take at the CoinStar machine) because this is the same man that said (on Shark Tank) he frequently buys $300 bottles of olive. I don't agree with his stance on prenups either.
Nevertheless, the book is entertaining and there are certainly a lot of people I would recommend it to. I, unfortunately, was just not the audience that needed to hear his messages and my guess is that the people that do aren't the type of people that buy business books. This is for people who don't know a lick about money.
Nevertheless, the book is entertaining and there are certainly a lot of people I would recommend it to. I, unfortunately, was just not the audience that needed to hear his messages and my guess is that the people that do aren't the type of people that buy business books. This is for people who don't know a lick about money.
November 4, 2012
As the most acerbic panelist on CBC's Dragons' Den, Kevin O'Leary has an unique approach to life and personal finance. His new book follows the pattern of other personal finance books such as The Wealthy Barber Returns in laying out common sense advice on financial decisions around key life moments - university, marriage, and children. The opportunity to offer advice on these subjects is, of course, an irresistible target for the straight-talking O'Leary who undoubtedly will both offend and delight. His ten-point summaries offer provocative ideas (be sure to check out his wedding advice) that will infuriate some readers but do derive from home truths.
I'm on Twitter: @Dr_A_Taubman
I'm on Twitter: @Dr_A_Taubman
March 5, 2022
This is a great book. What you see from the author is what you get. It might not be what you all want to hear or will agree with, but it is important. This is a book I started in October 2021 and finished in January 2022. I find the author to be very good on TV and many things in this book you can tell he talks about when doing interviews and being on shows. A highly recommended book.
November 27, 2019
This Is The Second Consecutive Book of Kevin That I Picked, Got To Say It's A Must Read For Kids To Grown-ass Men!
You'd Tap Into Kevin's Deep Database of Experience Which Might Prove To Be a "Game Changer" Be It Boardroom or The Bedroom!
P.S: I Advice You Not To Read This If You Can't Handle The Cold Hard Reality of Life.
Perhaps Read Some Fairytales.
You'd Tap Into Kevin's Deep Database of Experience Which Might Prove To Be a "Game Changer" Be It Boardroom or The Bedroom!
P.S: I Advice You Not To Read This If You Can't Handle The Cold Hard Reality of Life.
Perhaps Read Some Fairytales.
April 8, 2014
What I love about this book is that it is giving me ammunition to talk to my husband about our money issues.
July 7, 2022
Note:
1. Trong kinh doanh, tiền bạc và cảm xúc không thể lẫn lội được.
2. Bí quyết làm giàu:
Không tiêu quá nhiều
Tiết kiệm phần lớn
Luôn luôn đầu tư.
3. Hãy đong đếm giá trị của mọi thứ bạn mua trước cơn bốc đồng.
4. Giữ một khoản tiền riêng cho bạn và chỉ bạn mà thôi. Đừng bao giờ kể cho người khác về nó.
5. Nghiêm khác xem xét tài chính đầu vào và đầu ra của bạn. Tiền bạc phải rõ ràng, phân rõ trắng đen. Không có chuyện lưng chừng ở giữa. Hoặc là bạn có nó, hoặc không.
6. Con số 90 ngày
Bạn sẽ không được kiếm bao nhiêu tiêu bấy nhiêu trước khi bạn dành dụm được ba tháng lương như là một chiếc đệm bảo vệ và kiểm soát toàn bộ các tài sản không có tính lưu động cao khác.
7. Nếu bạn cảm thấy chán nản, cô đơn, cáu kỉnh hay buồn bã, đừng đi mua sắm hòng thay đổi tâm trạng. Trên thực tế, bạn có thể làm bất kỳ việc gì, ngoại trừ việc mua sắm. Hãy đi dạo, nấu ăn, đọc sách nhưng chớ đâm đầu vào trung tâm thương mại.
8. Hãy nhớ khoản phòng ngừa là ngoài khoản 10% bạn đầu tư và tiết kiệm.
9. Tiền ma là đồng tiền chết, là đồng tiền bị tiêu phí vào những thứ ngu xuẩn, đồng tiền lẽ ra nên đem đi đầu tư.
10. Hãy cho người thân vay tiền. Nhưng chỉ cho một số tiền bạn không thấy khó chịu khi họ không bao giờ trả. Lần tiếp theo người ta ngỏ lời vay, hãy bảo với họ, bạn đã cho tiền rồi. Thế là quá hào phóng và thế là đủ.
11. Ba nguyên tắc đầu tư:
- Không bao giờ đầu tư vào mã chứng khoán không trả cổ tức
- Luôn luôn để dành một phần cố định trong thu nhập
- Chỉ tiêu tiền lãi, không bao giờ tiêu vào vốn gốc.
12. Học cách tiết kiệm giỏi, tiêu tiền thông thái và đầu tư khôn ngoan là dấu hiệu mở đầu cho một hành trình lý thú và bội thu. Hãy trang bị cho bản thân bằng kiến thức, nắm rõ khẩu vị rủi ro của mình và không ngần ngại xin giúp đỡ. Hãy chắt lọc lời khuyên và bạn sẽ làm tốt.
13. Đồ ăn nhanh không ngon lành gì nên hãy dạy cho con về những sản phẩm sản xuất rẻ tiền. Nếu nó sơ sài và nhanh hỏng, hãy bảo với con thế. Hãy nói với con, mua nó là phí tiền và bạn không muốn hoang phí. Nếu không, bạn nên dạy cho con cách mặc cả nâng kèo lên.
14. Hãy dạy cho con sự khác biệt giữa cần và muốn. Cần bao gồm những thứ như thức ăn và quần áo. Muốn là đồ chơi và trò chơi.
15. Bạn còn trẻ. Bạn có sắc đẹp, sức khoẻ và sức sống, nhưng bạn còn có thời gian đứng về phía mình nữa. Hãy tận dụng nó và ngắm nhìn đồng tiền của bạn tăng trưởng.
16. Việc nhà là việc phải làm. Tiền tiêu vặt là chuyện khác.
17. Hãy nhớ, sống ở nhà không phải phải là một tấm vé miễn phí. Làm một người trưởng thành có trách nhiệm tức là đóng góp và hộ gia đình.
18. Vào đại học vì bạn chẳng có gì hay ho hơn để làm, hay chỉ vì bạn bè cũng đi học, là một cách lãng phí tiền ngớ ngẩn. Hãy nghiêm túc thực hiện, hoặc trì hoãn cho đến khi bạn biết chính xác mình muốn học gì, học ở đâu, bạn sẽ kiếm tiền bằng cách nào trong thời sinh viên và làm sao nâng cao cơ hội có việc làm khi bạn tốt nghiệp.
19. Quay về ở chung với cha mẹ là một bước đi sai hướng.
20. Làm ra tiền và có tiền không giống nhau.
21. Đàn ông nên trả tiền cho cuộc hẹn đầu tiên. Nếu con không thể trả tiền cho buổi hẹn hò đầu tiên, con không nên hẹn hò. Con nên nghĩ cách kiếm thêm nhiều tiền.
22. Đừng bao giờ mặc định sống thử là phiên bản hôn nhân rút gọn.
23. Hôn nhân có nghĩa bạn có thể chung giường và chia nhau thực phẩm, tủ đựng đồ và việc nhà, nhưng không có nghĩa bạn phải sáp nhập tiền của mình.
24. Một chiếc nhẫn cưới đơn giản là vừa đủ. Không có gì lãng mạn bằng đem đi đầu tư số tiền lẽ ra bạn định tiêu cho một chiếc nhẫn đính hôn.
25. Đừng lợi dụng lòng tốt của người bà trong chuyện trông nom cháu chắt. Hãy trả công cho bà ^^
26. Nếu bạn không cày cật lực trong những năm tuổi 20, và đến năm 30, 40 tuổi bạn tiêu sạch tiền, bạn sẽ phải tằn tiện như điên ở lứa tuổi 50, và tiếp tục làm việc cho đến lúc bước vào tuổi 60.
27. Vật nuôi là thứ vô cùng lãng phí tiền của.
28. Giải quyết vấn đề chăm sóc dài hạn cho người già trong nhà là một quyết định luôn gắn với nhiều cảm xúc.
29. Không bao giờ được quên một thực tế, tiền của cha mẹ bạn là tiền của cha mẹ bạn.
1. Trong kinh doanh, tiền bạc và cảm xúc không thể lẫn lội được.
2. Bí quyết làm giàu:
Không tiêu quá nhiều
Tiết kiệm phần lớn
Luôn luôn đầu tư.
3. Hãy đong đếm giá trị của mọi thứ bạn mua trước cơn bốc đồng.
4. Giữ một khoản tiền riêng cho bạn và chỉ bạn mà thôi. Đừng bao giờ kể cho người khác về nó.
5. Nghiêm khác xem xét tài chính đầu vào và đầu ra của bạn. Tiền bạc phải rõ ràng, phân rõ trắng đen. Không có chuyện lưng chừng ở giữa. Hoặc là bạn có nó, hoặc không.
6. Con số 90 ngày
Bạn sẽ không được kiếm bao nhiêu tiêu bấy nhiêu trước khi bạn dành dụm được ba tháng lương như là một chiếc đệm bảo vệ và kiểm soát toàn bộ các tài sản không có tính lưu động cao khác.
7. Nếu bạn cảm thấy chán nản, cô đơn, cáu kỉnh hay buồn bã, đừng đi mua sắm hòng thay đổi tâm trạng. Trên thực tế, bạn có thể làm bất kỳ việc gì, ngoại trừ việc mua sắm. Hãy đi dạo, nấu ăn, đọc sách nhưng chớ đâm đầu vào trung tâm thương mại.
8. Hãy nhớ khoản phòng ngừa là ngoài khoản 10% bạn đầu tư và tiết kiệm.
9. Tiền ma là đồng tiền chết, là đồng tiền bị tiêu phí vào những thứ ngu xuẩn, đồng tiền lẽ ra nên đem đi đầu tư.
10. Hãy cho người thân vay tiền. Nhưng chỉ cho một số tiền bạn không thấy khó chịu khi họ không bao giờ trả. Lần tiếp theo người ta ngỏ lời vay, hãy bảo với họ, bạn đã cho tiền rồi. Thế là quá hào phóng và thế là đủ.
11. Ba nguyên tắc đầu tư:
- Không bao giờ đầu tư vào mã chứng khoán không trả cổ tức
- Luôn luôn để dành một phần cố định trong thu nhập
- Chỉ tiêu tiền lãi, không bao giờ tiêu vào vốn gốc.
12. Học cách tiết kiệm giỏi, tiêu tiền thông thái và đầu tư khôn ngoan là dấu hiệu mở đầu cho một hành trình lý thú và bội thu. Hãy trang bị cho bản thân bằng kiến thức, nắm rõ khẩu vị rủi ro của mình và không ngần ngại xin giúp đỡ. Hãy chắt lọc lời khuyên và bạn sẽ làm tốt.
13. Đồ ăn nhanh không ngon lành gì nên hãy dạy cho con về những sản phẩm sản xuất rẻ tiền. Nếu nó sơ sài và nhanh hỏng, hãy bảo với con thế. Hãy nói với con, mua nó là phí tiền và bạn không muốn hoang phí. Nếu không, bạn nên dạy cho con cách mặc cả nâng kèo lên.
14. Hãy dạy cho con sự khác biệt giữa cần và muốn. Cần bao gồm những thứ như thức ăn và quần áo. Muốn là đồ chơi và trò chơi.
15. Bạn còn trẻ. Bạn có sắc đẹp, sức khoẻ và sức sống, nhưng bạn còn có thời gian đứng về phía mình nữa. Hãy tận dụng nó và ngắm nhìn đồng tiền của bạn tăng trưởng.
16. Việc nhà là việc phải làm. Tiền tiêu vặt là chuyện khác.
17. Hãy nhớ, sống ở nhà không phải phải là một tấm vé miễn phí. Làm một người trưởng thành có trách nhiệm tức là đóng góp và hộ gia đình.
18. Vào đại học vì bạn chẳng có gì hay ho hơn để làm, hay chỉ vì bạn bè cũng đi học, là một cách lãng phí tiền ngớ ngẩn. Hãy nghiêm túc thực hiện, hoặc trì hoãn cho đến khi bạn biết chính xác mình muốn học gì, học ở đâu, bạn sẽ kiếm tiền bằng cách nào trong thời sinh viên và làm sao nâng cao cơ hội có việc làm khi bạn tốt nghiệp.
19. Quay về ở chung với cha mẹ là một bước đi sai hướng.
20. Làm ra tiền và có tiền không giống nhau.
21. Đàn ông nên trả tiền cho cuộc hẹn đầu tiên. Nếu con không thể trả tiền cho buổi hẹn hò đầu tiên, con không nên hẹn hò. Con nên nghĩ cách kiếm thêm nhiều tiền.
22. Đừng bao giờ mặc định sống thử là phiên bản hôn nhân rút gọn.
23. Hôn nhân có nghĩa bạn có thể chung giường và chia nhau thực phẩm, tủ đựng đồ và việc nhà, nhưng không có nghĩa bạn phải sáp nhập tiền của mình.
24. Một chiếc nhẫn cưới đơn giản là vừa đủ. Không có gì lãng mạn bằng đem đi đầu tư số tiền lẽ ra bạn định tiêu cho một chiếc nhẫn đính hôn.
25. Đừng lợi dụng lòng tốt của người bà trong chuyện trông nom cháu chắt. Hãy trả công cho bà ^^
26. Nếu bạn không cày cật lực trong những năm tuổi 20, và đến năm 30, 40 tuổi bạn tiêu sạch tiền, bạn sẽ phải tằn tiện như điên ở lứa tuổi 50, và tiếp tục làm việc cho đến lúc bước vào tuổi 60.
27. Vật nuôi là thứ vô cùng lãng phí tiền của.
28. Giải quyết vấn đề chăm sóc dài hạn cho người già trong nhà là một quyết định luôn gắn với nhiều cảm xúc.
29. Không bao giờ được quên một thực tế, tiền của cha mẹ bạn là tiền của cha mẹ bạn.
January 16, 2022
Really enjoyed this one! When reading it I felt the support of a financial cheerleader. Thank you to Simon & Schuster for my free copy. I'd recommend it to anyone, especially if you're interested in a quick read that's easy to understand and one to provide some useful framing for your personal finances, help you apply financial principles in a practical way to build financial stability in your life, and for anyone looking doing some financial planning as they move through a different life stage in today's economy. Would make for an interesting book club read.
The Story
There's a lot packed in this book.
I, like probably everyone else on the planet, is doing a review of finances right now. It's the January budget review, either sulk or smile over end-of-year receipts and tax calculations, and in today's climate, with inflation up 2-7%, the highest in almost three decades, trickling down to almost double the cost of fuel, heating oil up 80%, propane almost doubled, meat up 40-50%, groceries in general up 25-30% (noting "shrinkflation" smaller size, higher price differences), and wages that may or may not reflect that, it's a great time to run a fine-tooth comb over all your spending, saving, and investing needs.
The content covers a lot of topics and every life stage.
Chapter titles:
-Money Lessons I Learned from My Mother
-Your 90-Day Number
-Save Your Money, Save Your Life
-Invest Right, Invest Now
-Debt-Free First
-Kids and Cash
-The High Cost of Higher Education
-Boomers and Boomerangs: When Generations Financially Collide
-Young Love and Money
-Marriage and Money
-House Poor, House Rich
-Cash in the Cradle
-Avoiding Money Pits
-Midlife and Money Karma
-Divorce, Remarriage, and Gold Diggers
-Debt, Divesting, and Downsizing
- Epilogue: Getting to "Enough"
It focuses on building a healthy relationship with money. There's a lot of gems, ones to ponder over and ones to begin applying in a tangible way.
I love the candid approach that the author brought into the book. Having watched the television show Shark Tank on numerous occasions where O'Leary just tells it like it is, speaking out his thought rationale, the open honest conversation met my expectation of what I wanted from this book.
I love his no nonsense sense of humor.
The Writing
The book was well-organized, covering cradle to grave in pragmatic order.
People love a self-assessment and this book has a quiz and some basic questions to ask yourself as you read along which is a nice touch.
I really enjoyed the personal stories. They provided plenty, but not overwhelming, well-placed examples, relatability and personalization, and a lot of humor, which was probably my favorite draw.
Blog post
The Story
There's a lot packed in this book.
I, like probably everyone else on the planet, is doing a review of finances right now. It's the January budget review, either sulk or smile over end-of-year receipts and tax calculations, and in today's climate, with inflation up 2-7%, the highest in almost three decades, trickling down to almost double the cost of fuel, heating oil up 80%, propane almost doubled, meat up 40-50%, groceries in general up 25-30% (noting "shrinkflation" smaller size, higher price differences), and wages that may or may not reflect that, it's a great time to run a fine-tooth comb over all your spending, saving, and investing needs.
The content covers a lot of topics and every life stage.
Chapter titles:
-Money Lessons I Learned from My Mother
-Your 90-Day Number
-Save Your Money, Save Your Life
-Invest Right, Invest Now
-Debt-Free First
-Kids and Cash
-The High Cost of Higher Education
-Boomers and Boomerangs: When Generations Financially Collide
-Young Love and Money
-Marriage and Money
-House Poor, House Rich
-Cash in the Cradle
-Avoiding Money Pits
-Midlife and Money Karma
-Divorce, Remarriage, and Gold Diggers
-Debt, Divesting, and Downsizing
- Epilogue: Getting to "Enough"
It focuses on building a healthy relationship with money. There's a lot of gems, ones to ponder over and ones to begin applying in a tangible way.
I love the candid approach that the author brought into the book. Having watched the television show Shark Tank on numerous occasions where O'Leary just tells it like it is, speaking out his thought rationale, the open honest conversation met my expectation of what I wanted from this book.
I love his no nonsense sense of humor.
The Writing
The book was well-organized, covering cradle to grave in pragmatic order.
People love a self-assessment and this book has a quiz and some basic questions to ask yourself as you read along which is a nice touch.
I really enjoyed the personal stories. They provided plenty, but not overwhelming, well-placed examples, relatability and personalization, and a lot of humor, which was probably my favorite draw.
Blog post
August 18, 2018
My son is obsessed with this guy to the point of getting an orange watchband just like Kevin O'Leary's. He's read every one of his books, and since I have read about a hundred personal finance books (being married to a spendthrift, thinking I could budget myself to a better marriage, thinking wrongly), he shared this one with me.
Turns out it's a dynamic, inspiring but quite simple book full of basic money advice. It would be a good textbook for a high school home economics class if those were taught, which they should be. He has some biases, like we all do, but that's what money indicates: what you value. So I don't value the same things as he does, but I do question what I value when I read these types of advice books.
But that's about the only thing I got from it. That and he thinks you spend over $5,000 on alcohol if you enjoy some wine or beer once in a while, you know, because you're human and because you want to have something to elevate your special events or relax in the evening. And he says stop it because you need that $5,000 for something else. I'm sure he does, but I don't really drink and I sure as heck don't spend $5,000 a year on alcohol, but this is an example of his values.
You may value alcohol, you may value other things he proclaims are a waste of your money, like my graduate school professor who used to say poor people wouldn't be poor if they quit smoking. Blanket statements show your ignorance, or at least show how you think, what your values are, and your empathy. I'd say Kevin O'Leary needs a little more empathy and a little less simple prescription for success.
If it were this easy, everyone would have already done it and we wouldn't need him to write simplistic books such as this.
Turns out it's a dynamic, inspiring but quite simple book full of basic money advice. It would be a good textbook for a high school home economics class if those were taught, which they should be. He has some biases, like we all do, but that's what money indicates: what you value. So I don't value the same things as he does, but I do question what I value when I read these types of advice books.
But that's about the only thing I got from it. That and he thinks you spend over $5,000 on alcohol if you enjoy some wine or beer once in a while, you know, because you're human and because you want to have something to elevate your special events or relax in the evening. And he says stop it because you need that $5,000 for something else. I'm sure he does, but I don't really drink and I sure as heck don't spend $5,000 a year on alcohol, but this is an example of his values.
You may value alcohol, you may value other things he proclaims are a waste of your money, like my graduate school professor who used to say poor people wouldn't be poor if they quit smoking. Blanket statements show your ignorance, or at least show how you think, what your values are, and your empathy. I'd say Kevin O'Leary needs a little more empathy and a little less simple prescription for success.
If it were this easy, everyone would have already done it and we wouldn't need him to write simplistic books such as this.
December 20, 2019
The last phrase you'd associate with a personal financial guide is "page turner", but that's what this was. It's a sharp, no-nonsense guide to pulling yourself up by the bootstraps and taking control of your own finances, much in the ascerbic style with which we see Mr. Wonderful on Shark Tank.
It's got its strengths: O'Leary clearly and strictly separates "needs" and "wants" at different phases of life (teenage life, university life, weddings, cars, houses). For people going into these phases of life who don't know what's reasonable or unreasonable to spend, this is an excellent point of reference from which to work. It also covers pretty much every major phase of life from cradle to grave.
Some limitations: Some of it comes off as miserly. O'Leary points out that if you indulge your kids, you run the risk of making them bad with money. But giving them only the bare minimum is equally problematic; if you've raise them on used strollers, expect a used wheelchair when you're old and have hip problems. If you didn't value events like birthdays and weddings, expect a face towel and a juice box on your 70th birthday. Much of what makes life enjoyable is the occasional generous expression of love, sprinkles of impulse buys, moments of indulgence. Being overly disciplined saps some of the life out of life itself.
But all these limitations mean is that you've got the reference point of a strict money manager (and you know that that's what it is, it's not a secret formula to solving money problems!) to work with, which as a reader you're free to adjust. I thoroughly enjoyed the book and highly recommend it to a beginner who wants to make a first step into understanding personal finance.
It's got its strengths: O'Leary clearly and strictly separates "needs" and "wants" at different phases of life (teenage life, university life, weddings, cars, houses). For people going into these phases of life who don't know what's reasonable or unreasonable to spend, this is an excellent point of reference from which to work. It also covers pretty much every major phase of life from cradle to grave.
Some limitations: Some of it comes off as miserly. O'Leary points out that if you indulge your kids, you run the risk of making them bad with money. But giving them only the bare minimum is equally problematic; if you've raise them on used strollers, expect a used wheelchair when you're old and have hip problems. If you didn't value events like birthdays and weddings, expect a face towel and a juice box on your 70th birthday. Much of what makes life enjoyable is the occasional generous expression of love, sprinkles of impulse buys, moments of indulgence. Being overly disciplined saps some of the life out of life itself.
But all these limitations mean is that you've got the reference point of a strict money manager (and you know that that's what it is, it's not a secret formula to solving money problems!) to work with, which as a reader you're free to adjust. I thoroughly enjoyed the book and highly recommend it to a beginner who wants to make a first step into understanding personal finance.
July 14, 2018
One Big Thought: Kevin O'Leary thinks he's good with money because he's wealthy and you should listen to his [at times anecdotal] advice if you would like to achieve the same as him. If you can handle someone giving you personal finance advice while referring to themself as "Uncle Kevin," then this might be for you.
This was a fast read - approximately 3 days for me - and contained very little new information. It's structured along a timeline; each chapter and section covers an increasingly advanced section of your life and how you handle your finances. If you've read other personal finance related books, you've probably seen most of this advice before, sans the personal anecdotes.
His advice on prenups (spoiler alert: he thinks everyone should have one) was a bit offputting and probably irrelevant for most. However, overall, he has some good advice about money, especially the parts about getting out of debt ASAP.
It's certainly not in my list of favorite personal finance works, and I would recommend many other books over this one. But, if you are a fan of "Mr. Wonderful" from Shark Tank, I'm sure there are worse ways to learn about handling your own wealth.
This was a fast read - approximately 3 days for me - and contained very little new information. It's structured along a timeline; each chapter and section covers an increasingly advanced section of your life and how you handle your finances. If you've read other personal finance related books, you've probably seen most of this advice before, sans the personal anecdotes.
His advice on prenups (spoiler alert: he thinks everyone should have one) was a bit offputting and probably irrelevant for most. However, overall, he has some good advice about money, especially the parts about getting out of debt ASAP.
It's certainly not in my list of favorite personal finance works, and I would recommend many other books over this one. But, if you are a fan of "Mr. Wonderful" from Shark Tank, I'm sure there are worse ways to learn about handling your own wealth.
January 1, 2023
alot of preaching to the converted here. luckily, i've already followed a bulk of his advice - pay down consumer debt, lose your mortgage, buy used cars, don't lend money to family; give it. a couple of things were new: the money drain of a cottage (costs about 10K a year to maintain one), a dog (about 20k over the 15+ years of ownership), a pool (not only the inital cost, but another 10% to maintain it yearly). he makes a good case for selling your home and renting, as well as living in a walkable neighborhood and losing the car since it cost 8k yearly to maintain one once you factor in initial cost, gas, insurance, and repairs...
i liked his section about approaching university with value in mind and thinking of what you want to DO, rather than what you want to BE.
i liked his section about approaching university with value in mind and thinking of what you want to DO, rather than what you want to BE.
January 16, 2021
There are gems to be found.
1. Never invest in a security or a stock that doesn't pay a dividend or interest.
2. Always save a consistent portion of your income.
3. Spend the interest, never the principal.
Beans now, steak later (Pay down the looming mortgage, go to war!)
His investment strategy is conventional, on page 64. his investment rules to live by are living proof. Nonetheless, like the point of the whole book, it's an introduction to improving your financial health. I'll keep this book in mind if I ever find myself attending DA meetings, wiping my tears away with my credit card.
1. Never invest in a security or a stock that doesn't pay a dividend or interest.
2. Always save a consistent portion of your income.
3. Spend the interest, never the principal.
Beans now, steak later (Pay down the looming mortgage, go to war!)
His investment strategy is conventional, on page 64. his investment rules to live by are living proof. Nonetheless, like the point of the whole book, it's an introduction to improving your financial health. I'll keep this book in mind if I ever find myself attending DA meetings, wiping my tears away with my credit card.
February 4, 2022
This is an excellent book for people to start thinking about finances. He does a great job of skimming the surface of a lot of financial issues for people and how to generate more wealth for yourself. I do not necessarily agree with all he says but some of his suggestions are opinions and it is an interesting perspective. One thing that stuck with me is that every purchase should be an investment. Buy quality even if it is more expensive because it will hold more value and last longer. Plus take care of it as you would money, everything you own has value, and treat it as such.
May 20, 2017
Practical, honest, and a bit obvious. Mr Wonderful is candid and opens up about some personal backstories, which are the most enjoyable part of the book. The advice is solid, but pretty straight-forward. Almost obvious. Still worth reading--concise. It's written like a blog might be. A lot of entries categorized by topic, which means you might skip entire sections. (I skipped the "You're Having Kids" section, for example.)
February 16, 2018
Really just okay. Most of the common money mistakes are just common sense. He really seems to be into getting a prenup, seeming to bring it up at least once every chapter for the last half of the book. Good start if you are not doing any financial planning at all, or if you are trying to pull yourself out of debt. But the advice is really on the back flap. Spend less, save more, invest everything else.
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