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Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation Hardcover – February 3, 2010
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From the Inside Flap
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
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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Top Customer Reviews
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.
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.
President & CEO
Lake Forest Graduate School of Management
Most Recent Customer Reviews
I feel this book should be an essential part of anyone's family wealth library. It gives so many well thought out suggestions such as the importance of focusing on your yearly... Read morePublished on January 11, 2014 by Phillydad87
Where was this book when I was doing my trust to begin with? Wish I had known about it. So much in here to consider and is very well written, easy to understand, excellent... Read morePublished on December 6, 2012 by K.H.
"Kids Wealth and Consequences" is a wonderful book. Well written, so clear and motivating. It's not often (enough) that a book makes you think AND act. Read morePublished on May 24, 2011 by paula landry
"Kids Wealth and Consequences" is a book about investing and preparing your kids to handle money in the future. Read morePublished on February 6, 2011 by Cherise Kachelmuss
Kids, Wealth and Consequences: Ensuring a Responsible Future for the Next Generation offers keys to helping children lead successful lives despite any economic circumstances... Read morePublished on May 16, 2010 by Midwest Book Review
Families of wealth as well as the consultants who work with them will find this book full of information that guides and enhances their ability to develop the skills for next... Read morePublished on March 18, 2010 by Ann Dugan