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Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation Hardcover – February 3, 2010

ISBN-13: 978-1576603482 ISBN-10: 1576603482 Edition: 1st

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Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation + Family Wealth--Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations
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Product Details

  • Hardcover: 288 pages
  • Publisher: Bloomberg Press; 1 edition (February 3, 2010)
  • Language: English
  • ISBN-10: 1576603482
  • ISBN-13: 978-1576603482
  • Product Dimensions: 6 x 1 x 8.8 inches
  • Shipping Weight: 1.1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (14 customer reviews)
  • Amazon Best Sellers Rank: #464,575 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

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.

From the Back Cover

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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Customer Reviews

4.8 out of 5 stars
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I highly recommend this book as a great pathway to parental and ultimately individual success.
Ann Dugan
This book goes beyond a parenting tool - it's a workbook and creative brief for thinking about life and a relationship to finances.
paula landry
So much in here to consider and is very well written, easy to understand, excellent explanations.
K.H.

Most Helpful Customer Reviews

7 of 7 people found the following review helpful By Jeffrey E. Horvitz on February 21, 2010
Format: Hardcover
By combining general principles, real-life anecdotes, specific examples, checklists, self-surveys, and bullet point summaries, the authors created a very useful new edition to the expanding number of books and articles on issues facing the very wealthy and their children. The easy-to-read book combines insights from many experts, practitioners, and the wealthy themselves, captured in an orderly framework. Even with its seeming simplicity many of the ideas, concepts, and suggestions, will be revelatory for many dealing with inter-generational issues of wealth creation, preservation, and transfer. It combines solid investment advice with useful and practical ways to help children of economic privilege find ways to engage with their wealth productively and to lead fulfilling lives that are not all about the money. Early on is the sobering calculus of how difficult it is to pass purchasing power on through the generations, while later chapters provide guidance to avoid the psychological pitfalls of too much wealth too soon. For those not among the super-affluent the book will still be of interest for its sage investment advice and the reminder that money doesn't buy happiness.
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6 of 6 people found the following review helpful By C. Pollen on February 19, 2010
Format: Hardcover
This is an easy-to-read, thoughtfully-written, and highly practical book that addresses the many issues faced by parents of priviledged children. It's not just another book about how to ensure a financially strong future for your children. Rather, it's about how to ensure an emotionally and spiritually strong future for your children (in terms of values, self-esteem, and independence). While this book may be tailored to wealthier parents, the material it covers is also highly valuable for any type of parent.
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5 of 5 people found the following review helpful By S. Kole on February 15, 2010
Format: Hardcover
I am an investment advisor and wealth manager and found this book to be quite relevant in teaching and guiding financial values and lessons to kids of wealthy families. I plan to send it to several clients for their own use. There are many books on the subject of transferring wealth to others, but Morris and Pearl are especially good at drilling down in all the appropriate topics. The inclusion of real life examples are insightful and bring to light potential solutions and ideas of how to deal with the various issues. It's probably the first book to discuss the affects of the 2008 financial crisis on high net worth individuals, and the message to pass on to their children.

The `teachable moments' and `unintended consequences' boxes used throughout the book were a great way to get across key issues. This book will definitely be a resource/reference in the future because of the practical suggestions throughout. I would recommend this book to advisors who have wealthy clients and to wealthy individuals who want some assistance in talking to their children about transferring wealth. And as a parent I was delighted to read that the authors focus on the three basic tenets of parenthood: clarity, consistency and communication throughout the book. It's all about teaching the kids responsibility on various levels.
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4 of 4 people found the following review helpful By Susan B. Anthony on February 13, 2010
Format: Hardcover
The authors provide a valuable contribution by calling attention to the need for wealthy parents to prepare their children to manage their inheritance ethically and responsibly. They also offer good advice about effective ways for parents to communicate their values to their children, including spiritual and emotional matters in addition to financial guidance. Specific examples, some from the authors' own experiences, highlight the their suggestions. Very readable and user-friendly, with "teachable moments" and "unintended consequences" throughout the book. Sympathetic to the issues facing wealthy parents.
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4 of 4 people found the following review helpful By Richard W Matcham on November 26, 2012
Format: Hardcover
Was hoping for something aimed more at families in the $2-10 million assets range. But for $10-million plus families, I could see this being a very valuable resource.
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3 of 3 people found the following review helpful By Jill Shipley on March 16, 2010
Format: Hardcover
In my work with family enterprises over the last decade I have not come across a better book focused broadly on preparing the next generation for their roles and responsibilities as owners and stakeholders of wealth. In the book Kids, Wealth and Consequences Rich Morris and Jayne Pearl describe three categories of choices an individual makes in his or her life and the implications (both desired and unintended) that can result. These choices include: (1) financial decisions such as spending needs and asset allocation; (2) intellectual choices focusing on educational suggestions and encouraging a strong work ethic and; my favorite, (3) spiritual/emotional decisions which discusses the importance of discussing family values ("the glue"), effective communication, defining success, and navigating the emotional implications that can come from having (or being perceived as having) wealth. Morris and Pearl provide insights that are beneficial to all generations, share stories from families that are easy to relate to, and provide hundreds of tips, tools and recommended resources. The book is extremely valuable to any parent hoping to raise responsible and happy stewards of wealth.
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3 of 3 people found the following review helpful By John N. Popoli on March 5, 2010
Format: Hardcover Verified Purchase
This is a must read for parents who want to get it right when it comes to helping our children make wise choices about all aspects of spending, investing and managing money responsibly.

It's a solid, quick read, but if you're pressed for time, check out the 7 appendices (the last 27 pages of the book). They offer a great summary and tools that illustrate the most important principles of the book, and they provide a roadmap that families can follow to avoid the pitfalls and properly apply the power of wealth.

John Popoli
President & CEO
Lake Forest Graduate School of Management
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