Thursday 22 January 2015

Book ~ "Cold Hard Truth on Family, Kids and Money" (2013) Kevin O'Leary

From Goodreads ~ 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.

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:
  1. Love - the dating game, choosing a mate and the five languages of money
  2. Marriage - arranged marriages (why they can sometimes work), establishing your financial independence and building the bedrock of your partnership
  3. 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
  4. 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.

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