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.