Whether you love him or hate him, venture capitalist Kevin O’Leary has taken over prime-time television. CBC’s capitalism chaplain began his onscreen career judging Dragon’s Den contestants’ get-rich schemes and scolding the deluded for their lack of revenue reverence.
The dragon who refuses to sugarcoat the truth has now expanded his screen-time to include The Lang and O'Leary Exchange as well as a spot on ABC’s Shark Tank. O’Leary is the ambassador of the new Canadian culture, introducing the American audience to a Canada that is shrewd and pragmatic.
On top of appearing regularly on three television shows, O’Leary has found time to pen three financial advice books, the most recent of which — published this past December — is entitled The Cold Hard Truth on Family, Kids & Money. The third book in O’Leary’s Cold Hard Truth series picks up where his sophomore effort left off, exploring money’s place at the dinner table.
“I began writing a year ago; it is a painful process,” says O’Leary who would write late at night with a fine bottle of Burgundy for moral support. A team of three ghostwriters, one of whom is the tycoon’s stepfather, George, also helped. Family, Kids & Money is more intimate than O’Leary’s previous works. The book includes numerous personal anecdotes and family photos, which, of course, include snaps of George.
The four-part book follows the family life cycle, beginning with fiscally prudent dating tactics. The chronologically plotted money-management manual then delves into marriage and having kids and ends with an all-encompassing “family” chapter, which deals with divorce and establishing a family dynasty.
Like its predecessors, Family, Kids & Money is structured around 50 common money mistakes and their fixes. According to the dragon, too many people think “dating means spending.” The fix to said money mistake? Opting for light-on-the-wallet dates such as renting a movie. The problems are common and the fixes are just as intuitive. It’s following the advice that can be difficult.
The shark wrote Family, Kids & Money to “instigate family dialogue” about financial matters. O’Leary is very open about how he plans to kick his two chicks out of the nest the moment they finish their educations. The multi-millionaire wants to encourage his kids — and yours — to make their own way in the world, which is why he doesn’t plan on leaving a red cent to his kids. While writing Family, Kids & Money, O’Leary looked to his own family for feedback.
“They don’t all agree on the premise, but they all contributed,” says O’Leary, whose daughter was offended by the chapter of the book that supports arranged marriage.
The book’s chorus, when boiled down, is don’t make financial decisions based on whims, avoid debt and don’t soft-shoe around addressing financial issues because the consequences will ruin not only your own credit score, but also your children’s.
Financial literacy has been O’Leary’s cause du jour for a few years running, which is why, until they start teaching the fundamentals of finance in high school, O’Leary hopes this can be a book that families will read together.
“I think it [teaching financial literacy] should become law. We’re facing an outcome that will be very bad for people who have not put this planning in their early lives,” O’Leary says.
“We teach people about geography and mathematics, but not finance? No, that’s insane.… It should be a required mandatory course throughout high school that you’re graded on.”
