Here’s the truth. I wish someone had given me this advice years ago. I really found Kevin O’Leary’s most recent book, The Cold Hard Truth on Family, Kids and Money, an eye opener. I’m planning on passing this onto my teenage son next. He’s only 14 but the future is already on his mind. Questions come up like “how does grandma/grandpa support themselves now when they don’t work?” or “how much is university?” You can see his mind reeling and that’s a good thing.
Reality is that we talk about money in our family but as you probably would agree, things are different these days for everyone. Kevin O’Leary is no newbie on offering advice on how to take care of your personal finances. You’ve seen him on shows like Dragon’s Den and Shark Tank. His frank and upfront nature can be intimidating but the reality is, he knows what he’s talking about. He has no qualms in giving advice. Whether people take it is not his business.
In the latest book, O’Leary walks you through some pretty eye-opening experiences and realities for today. It picks up from where his last personal financial book left off and continues through various stages of life including advice on how to teach your child about saving money and making responsible choices at a young age right through to teen years and beyond. He provides food for thought on dating, marriage, and raising a family.
Let’s take dating these days as an example. From what I have heard, the dating scene is terrifying for adults. So, you have online dating, right? Some of you have tried it and I’m guessing it’s here to stay. I hear from friends that “guys have so many choices… they can date a different woman each night.” In O’Leary’s latest book it goes a step further and gives thoughts on this… Ever consider just how expensive this lifestyle is, guys? Some of us still believe that chivalry is not dead and that the man should be the one who pays for the date. I am one who believes that. I’m old school that way… but I’m also not on the dating scene. O’Leary paints a clear picture. The price of dinner or a movie night doesn’t come cheap these days. Do that 4 or 5 times a week and you’re looking at a hefty credit card bill each week. While it seems like “living the bachelor life” sounds dandy, it isn’t. Instead, O’Leary explains the idea of building your “family dynasty.” Take note, guys. Take note. This book is filled with advice to 50 common money mistakes and how to fix them for all ages and worth delving into.
Money Mistake: You buy things to feel good. The Fix: Feel good without buying.
We’ve started discussing the foundations of money with our boys and how it’s important to be responsible first. If you work hard and can afford the extras in life, then it’s your choice to spend it the way you want whether it’s nice cars, travelling around the world, or giving to your favourite charity. There are so many great bits of advice for families in this book that are meaningful and relatable. Take what you want from it. I certainly have. Cold Hard Truth on Family, Kids & Money by Kevin O’Leary
Published by Doubleday Canada.