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Cold Hard Truth on Family, Kids and Money
From entrepreneur, TV celebrity and money expert Kevin O'Leary--a clear, no-nonsense personal finance guide that will help you build a secure future for yourself and for the ones you love.
We all think carefully about the big decisions in our lives, like what career we want to pursue or who we want to marry. But few people spend enough time thinking deeply about the financial implications of their biggest life choices--and that's a serious money mistake.
In his latest book picking up from where his last personal finance book left off, entrepreneur Kevin O'Leary presents another fifty common money mistakes. He provides all the tools you need to avoid making them and to keep more of your hard-earned cash in your bank account. A bestselling author, television star and immensely successful businessman, Kevin O'Leary understands the difficulties of raising a family while working to provide financial security. He walks you through every age and stage of life--from dating, to marrying, to raising a family, to retiring--offering critical advice about saving and spending, debt and credit, as well as tips on how to instill the value of money in every member of your family. After all, your family is your most important investment. Treat it like a precious long-term asset, and you and yours will enjoy a healthy, wealthy future.
We all think carefully about the big decisions in our lives, like what career we want to pursue or who we want to marry. But few people spend enough time thinking deeply about the financial implications of their biggest life choices--and that's a serious money mistake.
In his latest book picking up from where his last personal finance book left off, entrepreneur Kevin O'Leary presents another fifty common money mistakes. He provides all the tools you need to avoid making them and to keep more of your hard-earned cash in your bank account. A bestselling author, television star and immensely successful businessman, Kevin O'Leary understands the difficulties of raising a family while working to provide financial security. He walks you through every age and stage of life--from dating, to marrying, to raising a family, to retiring--offering critical advice about saving and spending, debt and credit, as well as tips on how to instill the value of money in every member of your family. After all, your family is your most important investment. Treat it like a precious long-term asset, and you and yours will enjoy a healthy, wealthy future.
288 pages, ebook
First published December 2, 2013
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 - 22 of 22 reviews
January 28, 2014
Kevin O'Leary's third book delivers a thought provoking sermon on what its title declares: the "Cold Hard Truth on Family, Kids, and Money". O'Leary continually promotes the notion that eliminating debt, saving money, and investing is all about 'freedom'. In this third book, O'Leary adds an important factor in the accumulation of freedom: the family dynasty.
O'Leary begins this book with interesting and unique approaches to selecting a mate, then progresses to whether marriage is a possibility. In O'Leary's view, if you plan to have kids, get married; and conversely, if you don't want kids, don't get married. Continuing along, O'Leary helps the reader make decisions about having kids. O'Leary outlines that it currently costs approximately $250,000 per child from birth until 18 years of age; which can double if that child goes to university (as tuition will significantly increase over the next 20 years). O'Leary stands by his view that it is financially unwise to have more than two children. After marriage and the decision on having children, O'Leary discusses how to build the family dynasty, and offers advice on the many tribulations that will affect the family dynasty; for example, divorce, mid-life crises, affairs, etc. O'Leary is a family man, but frequently admits that he was absent for much of his son and daughter's childhood while building his company. O'Leary credits his wife for keeping the family together.
As this is O'Leary's third book in four years, we can assume that he is a busy man. From his O'Leary Funds empire, to O'Leary Mortgages and O'Leary Wines, and on to three TV shows (Dragon's Den, Shark Tank, The Lang & O'Leary Show) plus regular stints in CBC news as a business commentator, plus a budding photography hobby, and a published author. I expect O'Leary to keep producing books, although it may be a couple of years before the fourth one is available. All three of Kevin O'Leary's books are essential to everyone. I believe the target of these books is the middle aged man, but these books could be quite valuable for teenagers as well.
O'Leary begins this book with interesting and unique approaches to selecting a mate, then progresses to whether marriage is a possibility. In O'Leary's view, if you plan to have kids, get married; and conversely, if you don't want kids, don't get married. Continuing along, O'Leary helps the reader make decisions about having kids. O'Leary outlines that it currently costs approximately $250,000 per child from birth until 18 years of age; which can double if that child goes to university (as tuition will significantly increase over the next 20 years). O'Leary stands by his view that it is financially unwise to have more than two children. After marriage and the decision on having children, O'Leary discusses how to build the family dynasty, and offers advice on the many tribulations that will affect the family dynasty; for example, divorce, mid-life crises, affairs, etc. O'Leary is a family man, but frequently admits that he was absent for much of his son and daughter's childhood while building his company. O'Leary credits his wife for keeping the family together.
As this is O'Leary's third book in four years, we can assume that he is a busy man. From his O'Leary Funds empire, to O'Leary Mortgages and O'Leary Wines, and on to three TV shows (Dragon's Den, Shark Tank, The Lang & O'Leary Show) plus regular stints in CBC news as a business commentator, plus a budding photography hobby, and a published author. I expect O'Leary to keep producing books, although it may be a couple of years before the fourth one is available. All three of Kevin O'Leary's books are essential to everyone. I believe the target of these books is the middle aged man, but these books could be quite valuable for teenagers as well.
April 4, 2019
Kevin O'Leary isn't a likable buy, but then he doesn't care to be liked.
His financial advise in this book contains some repeats of advise given in three previous books but that advise has stood the test of time and makes it worth reading this book.
Written in 2103 CRA rules have changed in Canada and O'Leary Funds didn't do well so learn from his advise and check out your financial adviser and keep an eye on the markets. :)
I do like his advise on allowances and money management training for children starting at age 5. Wish I had this advise available when I was raising my kids.
I have since purchased a paperback copy to share.
His financial advise in this book contains some repeats of advise given in three previous books but that advise has stood the test of time and makes it worth reading this book.
Written in 2103 CRA rules have changed in Canada and O'Leary Funds didn't do well so learn from his advise and check out your financial adviser and keep an eye on the markets. :)
I do like his advise on allowances and money management training for children starting at age 5. Wish I had this advise available when I was raising my kids.
I have since purchased a paperback copy to share.
January 9, 2018
I loved the chapter on giving your kids an MBA: money and banking awareness. O'Leary's designed a cash curriculum for each year from ages 5-14. The financial lesson is tied to receiving $100 cash each year on their birthday and learning a specific financial skill (how to use a bank machine, creating a budget, earning a paycheque, etc.). My 5 year old is starting to ask lots of money questions (Where does money come from? How much do you have? Can I have some?) so I'll be using the ideas to help develop his financial literacy.
October 9, 2018
Great advice
Kevin was always my favorite shark. Not afraid to call it like it is, i got a lot of respect for this guy. His advice always makes sense and he doesnt beat around the bush. I agree with all of his points. Great book and great advice.
Kevin was always my favorite shark. Not afraid to call it like it is, i got a lot of respect for this guy. His advice always makes sense and he doesnt beat around the bush. I agree with all of his points. Great book and great advice.
December 3, 2017
Um livro muito simples e direto sobre a vida e as finanças (conceitos indissociáveis, diria o tubarão O'Leary), com alguns conselhos bem perspicazes.
May 30, 2020
Not as good as his first couple of books...too much repetition.
June 13, 2023
Tem bons pontos de vista e dicas que fazem todo o sentido. Gostei e recomendo
January 7, 2014
Chances are you’re either a fan of Mr. Wonderful on Dragon’s Den, or you can’t stand him. Personally, I’ve always found Kevin O’Leary abrasive; he holds no bar in giving his opinion (you may almost think his brand “being hated” shadows another infamous reality show personality’s – Omarosa). He loves the attention and he seems to love getting into a fight. And, if you listen carefully you understand he has a one-track mind, and that is “to make more money”.
“The truth is, a successful marriage is like a pizza pie, and love is only one slice. You can argue that love is an important slice, and I won’t disagree with you. But there are other slices, too, slices nobody wants to talk about in our rom-com-saturated world. If you know anything about me, it probably won’t surprise you to hear me stress the importance of money over romance.”
~ Kevin O’Leary
Even though, I don’t necessarily feel Kevin O’Leary shares my sensibilities, I must say how pleasantly surprised I was by his matter of fact, straight shooting advice in his third book Family, Kids & Money. It actually kept me hostage for an afternoon, curtailing my plans to take a nap.
Some of Kevin’s advice may seem absurd. He doesn’t shy away from admitting he thinks arranged marriages have a place in this society. He talks about choosing a “mate” vs. choosing a “soulmate”, and believes that soulmates aren’t discovered, rather they are grown. No doubt, overcoming obstacles and accommodating goals as a couple is the brick and mortar of real partnership, and the key to financial stability and success, admits Kevin O’Leary. Just as the number one rule in real estate is “location, location, location”, the number one rule in relationships is “time, time, time”. Marriage should be viewed as a contract where two people come together to build a dynasty, one based on emotional closeness, but one that doesn’t exclude financial prudence.
Many people think they can build a family out of dreams and good intentions, but end up living below the poverty line. The book illustrates techniques on how to make sound financial choices whether you are starting a relationship or building a trust for your kids.
“When you reduce debt and protect your personal and business relationships, when you set financial targets and are responsible enough to meet them, you’re not only creating success in your lifetime – you’ve just set up your kids for success in the future as well.”
With simple money mistakes and fixes, Kevin is able to say things that are sharp and ultimately meaningful.
Read More at: http://sukasareads.blogspot.ca/2014/0...
“The truth is, a successful marriage is like a pizza pie, and love is only one slice. You can argue that love is an important slice, and I won’t disagree with you. But there are other slices, too, slices nobody wants to talk about in our rom-com-saturated world. If you know anything about me, it probably won’t surprise you to hear me stress the importance of money over romance.”
~ Kevin O’Leary
Even though, I don’t necessarily feel Kevin O’Leary shares my sensibilities, I must say how pleasantly surprised I was by his matter of fact, straight shooting advice in his third book Family, Kids & Money. It actually kept me hostage for an afternoon, curtailing my plans to take a nap.
Some of Kevin’s advice may seem absurd. He doesn’t shy away from admitting he thinks arranged marriages have a place in this society. He talks about choosing a “mate” vs. choosing a “soulmate”, and believes that soulmates aren’t discovered, rather they are grown. No doubt, overcoming obstacles and accommodating goals as a couple is the brick and mortar of real partnership, and the key to financial stability and success, admits Kevin O’Leary. Just as the number one rule in real estate is “location, location, location”, the number one rule in relationships is “time, time, time”. Marriage should be viewed as a contract where two people come together to build a dynasty, one based on emotional closeness, but one that doesn’t exclude financial prudence.
Many people think they can build a family out of dreams and good intentions, but end up living below the poverty line. The book illustrates techniques on how to make sound financial choices whether you are starting a relationship or building a trust for your kids.
“When you reduce debt and protect your personal and business relationships, when you set financial targets and are responsible enough to meet them, you’re not only creating success in your lifetime – you’ve just set up your kids for success in the future as well.”
With simple money mistakes and fixes, Kevin is able to say things that are sharp and ultimately meaningful.
Read More at: http://sukasareads.blogspot.ca/2014/0...
January 23, 2015
I work in the financial services industry (in retirement planning) and like reading books about managing money. I'd read O'Leary's other books recently and enjoyed them.
There are four parts in this book:
* Love - the dating game, choosing a mate and the five languages of money
* Marriage - arranged marriages (why they can sometimes work), establishing your financial independence and building the bedrock of your partnership
* Kids - Give your kids an MBA (money & banking awareness), having them get a job, single parents, blended families and adopted kids, and letters from Uncle Kevin to your teenager and 20-something
* Family - building your business family tree, midlife crises and money mismanagement, and giving your marriage a fighting chance
Though I couldn't relate to the chapter on kids (since I don't have any), I liked the writing style and thought it flowed well. Since I watched the author on Dragons' Den and Shark Tank, I would hear "Mr. Wonderful's" voice in his writing ... it's direct and there's no BS. Despite the wealth he has, he is constantly teaching his children the value of money. For example, when he travels and he takes his kids with him, he has no qualms about buying himself (and his wife) a first class plane ticket and economy tickets for the kids.
There was a bit of a disconnect, though, when he talked about ways of saving money and one is to borrow movies from the library rather than going to the theatre. While I can't imagine him doing that today, perhaps he did things like this when his family was young and he was growing his business.
There are quizzes throughout such as "Do You Speak the Same Money Language as Your Mate?" and "Are you Financially Independent in Your Marriage?" There are pictures throughout the book of him and his family throughout the years.
Blog review post: http://www.teenaintoronto.com/2015/01...
There are four parts in this book:
* Love - the dating game, choosing a mate and the five languages of money
* Marriage - arranged marriages (why they can sometimes work), establishing your financial independence and building the bedrock of your partnership
* Kids - Give your kids an MBA (money & banking awareness), having them get a job, single parents, blended families and adopted kids, and letters from Uncle Kevin to your teenager and 20-something
* Family - building your business family tree, midlife crises and money mismanagement, and giving your marriage a fighting chance
Though I couldn't relate to the chapter on kids (since I don't have any), I liked the writing style and thought it flowed well. Since I watched the author on Dragons' Den and Shark Tank, I would hear "Mr. Wonderful's" voice in his writing ... it's direct and there's no BS. Despite the wealth he has, he is constantly teaching his children the value of money. For example, when he travels and he takes his kids with him, he has no qualms about buying himself (and his wife) a first class plane ticket and economy tickets for the kids.
There was a bit of a disconnect, though, when he talked about ways of saving money and one is to borrow movies from the library rather than going to the theatre. While I can't imagine him doing that today, perhaps he did things like this when his family was young and he was growing his business.
There are quizzes throughout such as "Do You Speak the Same Money Language as Your Mate?" and "Are you Financially Independent in Your Marriage?" There are pictures throughout the book of him and his family throughout the years.
Blog review post: http://www.teenaintoronto.com/2015/01...
August 30, 2022
Solid book - touches on more than just money - building a good life
August 15, 2020
Cuốn sách dường như đã bốc trần sự thật cuộc sống hiện nay. Không phải chúng ta cứ ngồi chơi là có cơm ăn, tiền bạc, chúng ta phải hành động, làm việc chăm chỉ. Cuốn sách rất đề cao đế chế gia đình, một gia đinh bền vưng chính là sự tôn trọng, tận tâm, có những giây phút gia đình cùng nhau ăn cơm, đi du lịch chia sẻ mọi thứ trong cuộc sống.
Vợ chồng mỗi người nên có tài khoản riêng, độc lập kinh tế, mở tài khoản riêng nhưng cũng nên đứng tên chung về quyển sở hữu để đè phòng trường hợp mất mát sau này. Nếu vọ chồng ly hôn thì hãy ly hôn trong bóng tối, hạn chế động đến pháp luật và luật sư, như vậy chúng ta càng tốt một khoản chi phí lớn. Dùng quy tác 90/10 đó là 90% trả nợ tín dụng và 10% tiết kiệm, đầu tư đề phòng bất trắc xảy ra.
Đối với con cái hãy dạy chúng biết quí trong đồng tiền, tiền không tự nhiên sinh ra, chúng phải biết lao động, học tập thì mới có. Chi tiêu trong khả năng cho phép không được quá tay, hoặc vay từ bố mẹ. Hãy để cho chúng học cách chăm sóc, dọn dẹp không nên bao bọc quá nhiều.
Thanh niên cần phải tránh xa tệ nạn và mạng xã hội đẻ tránh ảnh hưởng tương lai sau này.
HÃY CẨN THẬN MẠNG XÃ HỘI, TÌNH CẢM CŨNG PHẢI ĐI TÀI CHÍNH ĐỂ CÓ CUỘC SỐNG VUI VẺ, HẠNH PHÚC HƠN.
Vợ chồng mỗi người nên có tài khoản riêng, độc lập kinh tế, mở tài khoản riêng nhưng cũng nên đứng tên chung về quyển sở hữu để đè phòng trường hợp mất mát sau này. Nếu vọ chồng ly hôn thì hãy ly hôn trong bóng tối, hạn chế động đến pháp luật và luật sư, như vậy chúng ta càng tốt một khoản chi phí lớn. Dùng quy tác 90/10 đó là 90% trả nợ tín dụng và 10% tiết kiệm, đầu tư đề phòng bất trắc xảy ra.
Đối với con cái hãy dạy chúng biết quí trong đồng tiền, tiền không tự nhiên sinh ra, chúng phải biết lao động, học tập thì mới có. Chi tiêu trong khả năng cho phép không được quá tay, hoặc vay từ bố mẹ. Hãy để cho chúng học cách chăm sóc, dọn dẹp không nên bao bọc quá nhiều.
Thanh niên cần phải tránh xa tệ nạn và mạng xã hội đẻ tránh ảnh hưởng tương lai sau này.
HÃY CẨN THẬN MẠNG XÃ HỘI, TÌNH CẢM CŨNG PHẢI ĐI TÀI CHÍNH ĐỂ CÓ CUỘC SỐNG VUI VẺ, HẠNH PHÚC HƠN.
June 11, 2014
Contains some very solid advice about what to look for in a potential spouse. O'Leary comments on the advantages of arranged marriage. Think my kids would go for that? Probably not, but I hope they will at least consider the money habits of the people they date. While it is a good starting point, successful marriages require so much more than love. Remind me to have my kids read this book when they start dating.
May 17, 2016
Estava à espera de mais, honestamente.
Ficam algumas ideias interessantes e um capítulo que merece reflexão especial.
Duvido que o Mr. Wonderful aplique ou tenha aplicado na sua vida real alguns dos conselhos que aqui dá. Embora a maior parte deles sejam intuitivos, alguns são absurdos.
Mas é a tal coisa: o tipo é multimilionário, eu não. Às tantas, quem tem razão?
Ficam algumas ideias interessantes e um capítulo que merece reflexão especial.
Duvido que o Mr. Wonderful aplique ou tenha aplicado na sua vida real alguns dos conselhos que aqui dá. Embora a maior parte deles sejam intuitivos, alguns são absurdos.
Mas é a tal coisa: o tipo é multimilionário, eu não. Às tantas, quem tem razão?
June 10, 2015
Great book. I think it's best read by a young adult who is just getting started with their life. It's kind of too late for people who already have a family or are middle aged but is a good read regardless. Great advice.
Read
February 25, 2014Brilliant
From Ontario government grants for students setting up a summer business, to blunt dating tips to long term care insurance, Kevin's insights are invaluable.
From Ontario government grants for students setting up a summer business, to blunt dating tips to long term care insurance, Kevin's insights are invaluable.
June 21, 2015
This book was alright. There wasn't much new information for me (thankfully, I've learned some of these lessons earlier in life). Would be great for people to read in their 20's.
June 12, 2014
Actually a 3.5.
August 23, 2014
Was OK. Didn't get alot out of it. Most points were common sense.
Did pay attention to a few chapters near the end. Good planning info and advice.
Aurora library.
Did pay attention to a few chapters near the end. Good planning info and advice.
Aurora library.
May 2, 2015
O'Leary speaks candidly about the important things in life: love, family, kids, and how money is a means to an end. I especially like the practical advice and tips that he provides.
October 29, 2016
Kevin is my favorite shark. I really enjoyed this book, it's an eye opener. I wish to read his other books, but I am unable to find them for download or purchase at all.
January 20, 2014
too basic- but would be valuable for anyone who doesn't already know this stuff I guess
May 11, 2018
It was a good book to read to remind myself about my family's finances, my finances and to think about how to talk about money with my kids. I sort of liked the idea of the letters to teens - I can photocopy them and give to my kids to read and then we can talk about it. Funeral stuff was important to address and I like the idea of a "to consult upon death folder" (or whatever it was called).
All in all a lot of good advice, I just thought some of the advantages he talked about were gratuitous like learning how to cut your kids' hair when they're younger so you don't have to pay for it...good idea but then he talks about it being a bonding moment moment with your kids which is maybe a bit lame but I suppose some people need that kind of incentive.
I like the money worksheet. Those will be helpful. I thought that he could have talked about taxes a bit more. I would have liked to know how to talk to my kids about taxes.
Anyway, generally, it's good to read about your money and your family.
All in all a lot of good advice, I just thought some of the advantages he talked about were gratuitous like learning how to cut your kids' hair when they're younger so you don't have to pay for it...good idea but then he talks about it being a bonding moment moment with your kids which is maybe a bit lame but I suppose some people need that kind of incentive.
I like the money worksheet. Those will be helpful. I thought that he could have talked about taxes a bit more. I would have liked to know how to talk to my kids about taxes.
Anyway, generally, it's good to read about your money and your family.
Displaying 1 - 22 of 22 reviews