Over the last 6+ years I have had the privilege of blogging for the Saskatchewan Pension Plan twice a week. That means there are over 500 articles archived on this site that you can access on topics that range from retirement savings to income taxes to how to save money.

Whether you have recently started following savewithspp.com or you have been with us from the beginning, you may not be aware of the wealth of information  in our archives. Therefore, beginning with this week, on an occasional basis I will offer links to some of my favourite “blasts from the past.”

Today’s selection includes a series of savewithspp.com podcast interviews.

I interviewed SPP General Manager Katherine Strutt in both January 2012 and February 2015. “The SPP gives members access to top money managers they may not be able to access on their own. SPP also gives members a strong investment product at a very low price,” Strutt said in the most recent interview. “The costs of running our plan are around one percent or less, and this compares to fees in a retail mutual fund that can be anywhere between two and three percent.”

In a July 5, 2012 podcast Derek Foster, author of several books including The Idiot Millionaire and The Wealthy Boomer explained how he retired at the young age of 34 and supports his wife and five children on $40,000/year. He also talks about the advantages of saving for retirement with SPP as opposed to an RRSP.

The Wealthy Barber David Chilton spoke to us in October 2012 long before he joined and then left the popular CBC series Dragons’ Den. He offered strategies for cutting down on discretionary savings to free up more money for savings. Using cash instead of mindlessly swiping a debit or credit card is one of his favourites.

The 2014 series of podcast interviews featured financial bloggers including Retired Syd who left work behind at age 44. Her original budget for retirement turned out to be overly generous, partly because she was kind of careful the first few years since she was so nervous watching the stock market go down. But as of the date of the interview, she and her husband were still spending less than their original retirement budget.

And finally, after I read most of the books in the Joanne Kilbourne mystery series, in March 2015 I interviewed the author and Saskatchewan success story Gail Bowen.  Also a retired professor and playwright, Bowen’s writing career did not begin until age 45. She is still writing in her 70s – truly a role model for all of us who are pursuing encore careers.

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Written by Sheryl Smolkin
	Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

By Sheryl Smolkin

Kevin O’Leary is one of North America’s most successful entrepreneurs, as well as a star of CBC’s Dragon’s Den and ABC’s Shark Tank (where he will appear exclusively next season). He has co-founded, funded and sold numerous companies in a wide range of industries. Kevin is currently the Chairman of O’Leary Funds, a billion dollar mutual fund and O’Leary Mortgages. He also co-hosts CBC’s The Lang and O’Leary exchange.

In his most recent book “Cold Hard Truth on Family, Kids and Money,” O’Leary takes a life cycle approach to decisions creating a financial family dynasty. Unlike most of the books we have reviewed in this space, the focus is less on the precise details of budgeting or saving money and more how to choose a mate, build a long-lasting marriage and pass on good financial skills to your children.

He starts by describing his mother’s second marriage which lasted 46 years because it was based not just on love, but on shared personal and financial values. He says, “Marriage is like a pizza pie, where love is only one slice.” Therefore, he firmly believes couples should date for at least three years to really get to know each other before marriage.

He also recommends that couples complete individual “financial due diligence” work sheets before sealing the deal. This comprehensive questionnaire covers educational background, employment history, personal debt and any criminal history.

O’Leary acknowledges that this may not seem very romantic. However he says there is nothing that will kill the romance faster than finding out after the wedding when you apply for a mortgage that your partner is deeply in debt and has a terrible credit history.

Not surprisingly, he also believes the reason many arranged marriages work out is because before setting up a first date a good matchmaker will consider the couple’s temperament, education, personal values and attitudes towards money.

When it comes to the kids, O’Leary says the most important thing you can give them is your time. But an early MBA (money and banking awareness) comes a close second. Every financial interaction with your child is an opportunity to teach by example whether you are buying groceries or visiting your investment advisor.

Because financially illiterate children turn into financially illiterate adults, he encourages parents to teach them the basics at home from a very early age. “There’s no need to make lessons too complex for kids. Don’t spend too much. Mostly save. Always invest. These are the building blocks,” he says.

Always an entrepreneur, O’Leary is a big fan of the wealth that family businesses can create. But he uses anecdotal examples to illustrate the money mistakes you can make in a family business and the fixes. For example, he says don’t be in a rush. It’s better to do your research first and produce a quality product. And if the business doesn’t make money in three years, he advises you to cut your losses and move on. It’s a hobby not a business.

Finally, he confronts head on some tough issues like the financial implications of a divorce and the high cost of retirement homes and long-term care. He is an unabashed advocate for the purchase of long-term care insurance.

The book covers a lot of territory and in some sections it feels like a series of individual essays rather than a cohesive whole. Even if you do not fully agree with every aspect of O’Leary’s business-like approach to love and money, you are bound to find some good ideas to apply to your own family and finances in this 262-page book.

You can buy Cold Hard Truth on Family, Kids and Money online from Indigo. The paperback costs $11.47 and the Kobo version sells for $12.99.