Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation

Overview

For Wealthy Families, The Stakes Are High

Inherited wealth can be a bessing or a burden. Money can provide education, comfort, travel, and culture; or it can drain ambition and meaning, cause guilt, or instill a toxic sense of entitlement. The question becomes how to raise children with a sense of reality and balance.

Kids, Wealth, and Consequences shows high-net-worth parents how to provide their children with the monetary and psychological ...

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Overview

For Wealthy Families, The Stakes Are High

Inherited wealth can be a bessing or a burden. Money can provide education, comfort, travel, and culture; or it can drain ambition and meaning, cause guilt, or instill a toxic sense of entitlement. The question becomes how to raise children with a sense of reality and balance.

Kids, Wealth, and Consequences shows high-net-worth parents how to provide their children with the monetary and psychological skills needed in today's complex world and to instill a strong work and philanthropic ethic. At the same, parents will discover how their own choices and attitudes about money affect their children's ambition, motivation, and values.

The book covers not only the financial issues but also parents' intellectual and emotional challenges, as well as how all three relate to and affect each other. In the end the goal is to help high-net-worth children become responsible, well-adjusted stewards of family wealth.

"A much needed addition to the filed. The authors explore some of the unintended consequences, often ignored in other books, that wealth may have on children—such as unrealistic expectations, failure to become producers of new wealth, or lack of skills and confidence needed to become productive and independent."
Judy Green, Executive Director, Family Firm Institute, Inc.

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Product Details

  • ISBN-13: 9781576603482
  • Publisher: Wiley
  • Publication date: 2/3/2010
  • Series: Bloomberg Series , #39
  • Edition number: 1
  • Pages: 274
  • Sales rank: 540,224
  • Product dimensions: 5.60 (w) x 8.60 (h) x 1.00 (d)

Meet the Author

Richard A. Morris is principal of Resource for Ownership Intelligence (ROI) Consulting, which helps family-business owners pass their businesses to subsequent generations. He is also an adjunct professor at Lake Forest Graduate School of Management. Morris has been quoted in numerous media and is a frequent contributor to various business publications. He received his MBA from Northwestern University. He lives in Chicago.

Jayne A. Pearl has been a financial journalist for nearly thirty years, focusing on family business and advising parents about children and money. She has been quoted extensively in print and television media. She was a senior editor at Family Business magazine and also worked at Forbes. Pearl is the author of Kids and Money. She lives in Amherst, Massachusetts.

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Table of Contents

Foreword (James E. Hughes Jr.)

Acknowledgments.

Introduction.

SECTION I: Financial Choices.

1 Calculating Your Family's Future.

2 To Trust and How to Trust.

3 Portfolio Management.

SECTION II: Intellectual Choices.

4 Financial Literacy.

5 Skills and Experience.

6 Goals and Purpose.

SECTION III: Spiritual/Emotional Choices.

7 Success and Happiness.

8 Communication.

9 Navigating the High–Net Worth Environment.

SECTION IV: Integrating Your Choices.

10 The Family Glue.

11 Pulling It Together.

Appendixes.

Index.

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