Kevin OLeary - Cold hard truth on family, kids & money

Copyright 2013 Kevin OLeary

All rights reserved. The use of any part of this publication, reproduced, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system without the prior written consent of the publisheror in the case of photocopying or other reprographic copying, license from the Canadian Copyright Licensing Agencyis an infringement of the copyright law.

Doubleday Canada and colophon are registered trademarks of Random House of Canada Limited

Library and Archives Canada Cataloguing in Publication is available upon request
ISBN : 978-0-385-68240-4
eBook ISBN : 978-0-385-68241-1

This book is a story about building a family and financial dynasty; it represents my personal opinions and experiences. None of the content, anecdotes, stories, advice or recollections contained in this book should be construed as investment advice, especially as they relate to any financial products I may represent. Investors should speak with their financial advisors for any investment advice and to discuss the risks of investing in any financial product.
Kevin OLeary

Published in Canada by Doubleday Canada,
a division of Random House of Canada Limited,
a Penguin Random House Company

www.randomhouse.ca

v3.1

I dedicate this book to the anonymous nine-year-old girl who ran up to me in the San Francisco airport and told me she was going to be an entrepreneur so she could set her family free.

Epilogue: The Good News:
Your Family Dynasty and Your Financial Legacy

I crafted this book after a lifetime of working with money and developing an understanding of all the good and bad it can bring. In life we learn from our mistakes, but no mistake is more costly than a financial one. We teach our children about math, geography, science and even sex, but we forget to teach them about money. Money can become your most powerful ally or, if mistreated, your worst enemy. The key to financial success is developing from an early age a healthy relationship with money. Learn why its there, where it comes from and what it means to borrow it. Above all, develop a respect for money, because it is impossible to live without it.

This is not a book about how to get rich overnight; there are no tricks of the trade in here that let you jump the line to prosperity. This book will help you successfully survive your journey with money and end up in a safe place where you can support yourself in your later years and perhaps help those you love, even after you are gone.

I dont care if you are nine years old or ninety, if you are just starting your career or have been retired for years, if you are single, married or divorcedthe financial advice in this book works. Read it, follow it and you will make it to a place of security, health and happiness. I should know. Ive already taken this journey.

Kevin OLeary

F or the past 15 years, our friendswell call them the Claytonshave hosted Thanksgiving dinner at their house. We always look forward to it. The tradition began when our kids were still small; Mitchell and Judy invited us and three other families to partake in their annual feast. Every year, my wife, Linda, and I pile in the car with our two children, Savannah and Trevor, and a couple bottles of good wine. When we get to the Claytons, the house is filled with people, laughter and the mouthwatering aroma of the turkey Judy has roasted to perfection yet again. The Claytons have it alla beautiful home, two great kids, the perfect family and financial security.

At least they did, until the year everything fell apart.

Last Thanksgiving, we knew something was wrong the minute we pulled into the driveway. For starters, there werent any other cars. Whats going on? Trevor asked. We were all asking ourselves the same question.

I rang the bell and Mitchell came to the door. He looked like he had aged 12 years in 12 months. Linda and I had heard through some friends that he and Judy had been having some marital trouble, but to be perfectly honest, I didnt quite know how bad things had gotten. Judy and Mitchell had what looked to everyone like a wonderful relationship. Theyd been married for decades and had such a great family that I immediately dismissed the rumors. But when I got to that door and saw Mitchells face, I realized that things had gotten pretty badas bad as they can get.

Come in, come in, he said, ushering us inside. Ill introduce you to Meredith.

Meredith? Linda shot me a glance and grabbed my arm.

Sitting at the table, in Judys normal place, was a woman who looked under 30 years old. She flashed a megawatt smile and gushed about how shed heard so much about us from Mitchell and how happy she was to meet us. At the far end of the table was Elliott, the Claytons grown son, looking sullen. Their daughter, Elise, was absent.

Wheres Elise? Savannah asked.

Mitchell looked at his feet. Elise couldnt make it home this year. Says shes studying hard at university and that she was busy. The other families couldnt make it, either, Im afraid, which is why Im so grateful you guys didnt back out on me. Mitchell finally found the courage to look up, and when he met my eye, I could see he was fighting back tears. Here was a man Id known for years, a man who had had a solid family and, unbeknownst to me until that very moment, had seen it all fall apart in just a few months. How? Why? Nothing made any sense.

We approached the dining-room table where Meredith was sitting in Judys place. Nobody asked about Judy. It was pretty clear she wouldnt be in attendance. The table was about as sad a sight as wed ever seen. Normally, Judy created a gorgeous centerpiece with autumn wildflowers and maple leaves collected from their stunning property. Each person at the table usually had a name card made just for them, with a funny saying on it or cartoons drawn by Elise and Elliott. Not this year. The table was bare.

The whole night was a disaster. The house was eerily silent, so different from the boisterous joy of previous holidays. Elliott couldnt bring himself to sit down at the dinner table and was sitting off to the side in the living room, texting on his cell phonesomething Judy would never have allowed. Meanwhile, Trevor had taken control of Elliotts video game console, and instead of hanging out with Elliott and talking a mile a minute with each other the way they usually did, each of them was in his own world. As for the feast, Meredith and Mitchell had called a caterer, and Meredith, who had clearly never entertained guests in her entire life, was stressing about how to reheat the food shed ordered. Linda stepped in and tried to help, but when she tried to initiate conversation, she came to the sudden realization that she had absolutely nothing in common with this younger, superficial woman. Linda and I later agreed dinner wasnt the only thing that year that was tasteless.

After dinner, I wandered to the picture window and looked out on the backyard. A cold drizzle fell against the windowpane, making the situation inside even more depressing. The flowers Judy usually tended were dead in their beds. I looked again at Mitchell, who had huge, dark bags under his eyes. He said he was happy, but it was obvious the guy was a wreck. Despite the rain, Mitchell and I stepped outside for a moment and he proceeded to tell me how this had been the worst year of his life, that hed made some serious errors in judgment and that, in the process, hed lost everything he ever cared fornamely, his family. I wanted to call and warn you that Judy wasnt going to be here, he said. But it was all just so difficult and I couldnt find the words. Kevin, he said with one hand on my shoulder, what have I done?