Kevin O’Leary – Cold Hard Truth on Family, Kids and Money | Animated Book Summary

In his best-selling book cold hard truth on family kids and money Kevin, O’leary shows us how to build and maintain a strong family dynasty and how to make sound financial choices That will keep us secure now and well into the future He coaches us on how to make smart money and life decisions from choosing a partner who increases your financial and emotional security To paying off your mortgage and growing your savings to showing your children how to appreciate the value of both money and family Kevin, o’leary best known as mr Wonderful from shark tank and also a very successful businessman and investor Is again being brutally honest and direct when delivering some harsh truths This time he is having your financial interests in mind please subscribe to our channel and like this video if you find it useful and check the video description for our recommendation on useful resources a Family dynasty your largest asset a family dynasty encompasses all the significant relationships in your life relatives friends business relationships Growing a family dynasty requires a special kind of diligence and commitment and results in a solid financial and emotional gain over time Think of your family is the largest asset base you’ll ever build Treat it as a long-term financial asset Forming a family is in some ways similar to setting up the business Over your lifetime you will constantly invest capital in these people whether that capital is money resources or time a Family dynasty is not all about money But it takes money to create security stability and freedom for the important people in your life marriage a Successful marriage is like a pizza pocket love is only one piece. It’s an important slice yet. Still only a slice Money is another important piece. The main reason a marriage breaks up is not infidelity that could be survived The real threat to marriage is poor money management or lack of funds Not having enough of it not agreeing on how to manage it spending too much saving too little it’s almost always about money You have to make sure you and your partners speak the same money language The number one rule in real estate is location location location And the number one rule in the relationships is time time in time Time is the best lid amiss for true love The longer you knows someone the more layers of deception and posturing get peeled away until you’re finally face-to-face with the cold hard truth Wait, three full years before marrying someone you need one year to fall head-over-heels One year for all the potential problems to surface and one year to decide whether those problems are deal-breakers or things you can work through Like you would never put money into a business without doing some due diligence first Don’t walk into a marriage the most important contract of your life without doing a relationship due diligence Kevin O’Leary has prepared a whole checklist for your potential partner to fill out Including in it questions about personal background family history personal debt and future goals Financial independence Ideally you came into your marriage with some money It is your job to ensure that money is being handled by an independent professional who is yours and yours alone Think of it as your insurance policy. This isn’t a safeguard in case of divorce Financial independence is the backbone of a healthy partnership Your partner is your equal and a good relationship is built on a healthy system of checks and balances Being financially dependent on your partner is creating an imbalance in the very area that causes the most problems in a marriage Instead you should have your own accounts your own relationships with financial institutions in your own stocks and bonds Even if it’s just a small amount While the author’s strongly urged you to keep your own accounts if you are married He suggests doing exactly the opposite with regards to your assets All of your family assets should be purchased under joint ownership including vacation properties boats and etc That way there’s no question of who gets what in case of divorce it saves a lot of legal expenses If you want to protect your family assets put them in a trust it cannot be pierced by divorce or litigation Kevin, o’leary insists that despite having independence from your partner You must grow your financial dynasty together in order for that to happen You need to have a clear idea of your current financial situation Determine your 90-day number this is the number you get when you add up every source of income you both receive over a three-month period and Then subtract every expense You’ve got if your 90-day number is positive you’re making money in building wealth if that number is in the red You’re in deep trouble It’s time to declare an official state of emergency Downsize eliminate things you can’t afford stop vacations until you move that number in the black 90 cents of every dollar you earn should go to paying off debt 10 cents you save Children The author’s advice is to have only as many children as your income can support in Today’s world having a whole bunch of kids may not be realistic Moreover it may not be fair because it over taxes your family’s resources The decision to have a child usually comes from an emotional place, but you need to try to put some logic in it, too According to Canada’s statistics, it costs two hundred and forty three thousand six hundred and sixty dollars to raise a child to age eighteen That’s one thousand seventy dollars a month per child Keep in mind that these numbers do not include university tuition So unless you’re rolling in cash think twice before having a third child Once the number of children is settled you need to prepare them for the world and teach them about money because nobody else will Kevin, O’Leary suggests you give your children an MBA Money and banking awareness and to help parents. He has created a cash curriculum for children ages 5 to 14 You want your kids to see why saving and investing money is worthwhile and to feel profit and loss for themselves You must flush out every financial concept with the tangible lesson He suggests tying each financial lesson to a birthday. So the small ones understand the financial literacy can be fun teach your kids about money is important if the time you spend with them is even more so Use that time to instill values From our personal experience. Kevin O’Leary recommends to have a family tradition No matter what’s going on have a family dinner at least one night of week it has a time to talk about what is going on in your lives and truly listen to one another and of course the best way to get the kids to open up is if you open up first Speak openly and honestly about your own mistakes ambitions goals and embarrassments and you will get the same from your offspring Once your child becomes a teenager you need to encourage him to start a job a Sure way to do that is by setting firm boundaries on what you will and will not pay for Agree to pay for room board and education and then draw a line in the sand Having a summer job from an early age will help your teenager recognize money for its true value The personal freedom it allows you to enjoy Another important thing is 16 year old should do is start building credit at this age He is eligible to be issued his very own credit card and by using it and paying back on time He can build a good score early Another huge benefit, he will learn to use credit responsibly Starting small in other the supervision of his parents The author advises young people to think twice before going to the University and acquire huge debt by doing so These days it can pay to be a blue-collar worker Some of the best jobs in Canada in terms of salary growth potential job availability and future demand are in the skilled trades and technology industry the finances of old age The life expectancy of humans is growing constantly unfortunately living a longer life doesn’t necessarily mean living a healthier one as Life expectations climb the number of seniors who require some form of long term care Rises as well 70% of people turning 65 today can expect some form of long term care during their lives So unless you plan to spend another two thousand to four thousand dollars a month for their economic Urge your parents to plan for the retirement and think about your kids as well Invest in your own long-term care insurance early on when the premiums are lower There is nothing wrong with hoping for the best as long as you prepare for the worst packed with truths sometimes not that pleasant to admit the book cold hard truth on family kids and money is Extremely helpful in preparing us to survive and even thrive in our family life. 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