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

by Richard A. Morris, Jayne A. Pearl, James E. Hughes Jr. (Foreword by)

Overview

How to make the financial rewards of one generation the starting point for the dreams of the next generation

Kids, Wealth, and Consequences provides an iterative, chapter-by-chapter process that leads parents to a deeper understanding of themselves and what their choices and actions mean for their children.

The book describes how parents can impart to their children the skills they need for successful, happy lives. Morris and Pearl help parents evaluate how their choices in spending, financial management, and estate planning affect the wealth and the legacy they will leave behind. The authors offer ways for parents to discuss money with their children, teaching them how to spend, invest, and manage it responsibly. Parents also learn how to avoid the unintended consequences of inherited wealth, such as uncontrolled spending, lack of directing, lack of self-esteem, and dependency.

In addition, the authors address the key financial, intellectual, and emotional issues of wealth. The book tackles such "hard" issues as investing and estate planning as well as such "soft" issues as values, family, and communication in a way that underscores the interplay among all three areas.

Morris and Pearl cite experts to illustrate key points and also include insights into how recent economic difficulties have affected decision making.

Product Details

ISBN-13:	9780470885529
Publisher:	Wiley
Publication date:	05/13/2010
Series:	Bloomberg , #39
Sold by:	JOHN WILEY & SONS
Format:	eBook
Pages:	288
File size:	4 MB

About the Author

RICHARD MORRIS is principal of Resource for Ownership Intelligence (ROI) Consulting, which helps family business owners grow and pass their business to subsequent generations. He is also an adjunct professor at Lake Forest Graduate School of Management. Previously, he spent many years working for the family business, Fel-Pro Inc. Morris has written articles for print media and is often quoted in the press. He received his MBA from Northwestern University.

JAYNE PEARL has been a financial journalist for almost thirty years, focusing on family business and financial parenting. She has been quoted extensively in the media. She was a senior editor at Family Business magazine, editor of a syndicated daily business public radio show, and also worked at Forbes. She has written or ghostwritten several books and written hundreds of articles.

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Table of Contents

Foreword James E. Hughes Jr. vii

Acknowledgments xi

Introduction 1

Section I Financial Choices

1 Calculating Your Family's Future 16

2 To Trust and How to Trust 38

3 Portfolio Management 59

Section II Intellectual Choices

4 Financial Literacy 86

5 Skills and Experience 107

6 Goals and Purpose 130

Section III Spiritual/Emotional Choices

7 Success and Happiness 146

8 Communication 160

9 Navigating the High-Net Worth Environment 176

Section IV Integrating Your Choices

10 The Family Glue 198

11 Pulling It Together 214

Appendixes 235

Index 263