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Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years Hardcover – July 31, 2012
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From the Inside Flap
How can you build the kind of wealth that will allow you and your children to become the next generation of "Old Money"? In Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years, father-and-son team Bill and Will Bonner present a radical new way to look at family money along with the practical advice you need to buildand maintainmultigenerational wealth.
To construct a legacy that will last, you need to forget everything you think you know about what it means to be rich (even if you already are). Big houses? Flashy cars? Not so fast. Keeping money in the family involves putting in more hard work, not having more fun. It's a constant challenge, but the benefits can be huge.
Rejecting much of the common wisdom associated with building family wealthfrom the mistaken belief that withholding money from your kids will somehow toughen them up to why putting your faith in professional money managers is never a good ideaFamily Fortunes presents a game-changing new look at family, money, and how the two can come together in exciting, potentially life-altering ways. To reap the enormous potential rewards of multigenerational wealth, families need to work together, and think about the long term when it comes to investing and other moneymaking opportunities.
Comprehensive and accessible, Family Fortunes shows you how to establish a lasting estate by training and motivating your relations to work toward the preservation and growth of both assets and a family business. Filled with invaluable advice for making money and keeping it in the family interwoven with anecdotes about the authors' own family's wealth philosophy and practices, the book illustrates why family money is the most dynamic, forward-looking capital in the world, and how your family can cash in on it for generations to come.
From the Back Cover
"We welcome Bill and Will Bonner's radical new way of addressing the complexities of intergenerational wealth. The traditional approach has a track record of losing family well-being as well as family wealth. It is time for fresh ideas and systems."
Susan Bradley, CFP®, Founder of Sudden Money® Institute
The how-to guide to building a family legacy that will last for generationsfrom bestselling author Bill Bonner
From New York Times bestselling author Bill Bonner, and Will Bonner, comes Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years, a radical new way of looking at family money and a practical guide to building and maintaining multigenerational wealth.
Revelatory and contrarian, the book rejects almost everything you think you know about building a family legacy, from why giving your children as much education as possible is not a good idea to why charitable donations are generally a waste of money. Filled with real-life stories from families with money, as well as recollections from the Bonners' own experiences, this is the only book you need to keep your money in the family.
More About the Author
Bill's newest book, Dice Have No Memory: Big Bets & Bad Economics from Paris to the Pampas, is the definitive compendium of Bill's daily reckonings from more than a decade: 1999-2010. Whether your new to these Daily Reckonings, or one of Bill's "long suffering" readers, this is one you surely won't want to miss.
Top Customer Reviews
It lays the foundation for a family bank to fund new businesses and education, and be independent of the current financial system in its unsound condition.
The book is filled with contradictions. On one hand, the writers repeatedly warns that the greater the hard sell you get on an investment the more you should avoid it. Yet they recommend gold as one of their two best long term bets. You can't turn on the TV or satellite radio without hearing some huckster tout gold. They preach modesty and living under the radar, yet they have written a self-aggrandizing book that brags about the family's success. At his 60th birthday party the author proclaims.." You see before you a man of modest talents and immodest achievements". And this isn't bragging? They claim that the Internet has done nothing to improve the world economy, yet I would wager a tidy sum that the elder Bonner posts his daily blog from his ranch in Argentina using the Internet. Thomas Friedman has written a much better researched treatise on how the Internet has created a world economy. While the authors make a compelling case for buying and holding growth stocks over dividend stocks, they fail to see the contradicting parallel to running an entrepreneurial business versus a family business. If Bill Gates ran a family business where he used the company to extract large portions of the annual earnings to enrich his family, he'd still be working in his garage.Read more ›
It is an easy read that is meant to direct you to creating business for the writer's company and yet the concepts between the covers are so compelling that I will forgive the authors for appearing contrived. The concepts are very deeply thought out and even though I have been teaching myself many financial and investing concepts for years now, I surprised by the information I was learning at every turn of the page.
I there were many compelling sections of the book. The one section that really stands out was the story about how his Grandparents from eastern Poland survived WW2! There was a lesson in this story as there are lessons for all of us in this book.
The one fault of the book is some of the authors conclusions of why some societies prosper and others don't. There were hints of value judgements that cloud the message of the book. For example the authors suggest that because some African bush tribe doesn't progress from one year to the next that that is a bad thing.
So if you keep an open mind and keep the premise of this book in its proper context, then the book can be a valuable planning resource.
While a good read, I'm not certain who the book aims at. Anyone who has made and preserved wealth for a significant period of time has already figured a strategy that works for them. The noveau riche will not read this book if you pay them. The 99 percenters? Not relevant.
That said, once again, this book is an enjoyable read.
Most Recent Customer Reviews
Eye-opening. Inspiring. If you thought making money is difficult, think how hard it is to make last over more than one generation. Read morePublished 29 days ago by Bogumil K. Baranowski
This is an excellent resource for those looking to leave a lasting legacy.Published 5 months ago by ittybittycutiekitty
The tone of the book is definitely one of cynicism. I found some of the perspectives different and interesting, but the ideas are over-simplified. Read morePublished 8 months ago by M. Nowacki
Will change the way you think about wealth, family, and the future. All in a very good way.Published 11 months ago by Robert E Hamilton
Start businesses that are functional. Start businesses that produce consistent earnings. Start businesses that will serve as an outlet for you and your family to work hard. Read morePublished 12 months ago by P. C.
Our family learned a lot from this book. We have been practicing some of the knowledge for several years, but our practices have been validated!Published 13 months ago by Pierce Stockman