Amazon.com: Customer Reviews: Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation
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Customer Reviews

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on February 21, 2010
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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on February 15, 2010
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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on February 19, 2010
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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on November 26, 2012
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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on February 13, 2010
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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on March 5, 2010
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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on March 16, 2010
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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"Kids Wealth and Consequences" is a book about investing and preparing your kids to handle money in the future. It is a book that focuses more on parents who have money already and how they are going to handle their kids financial future. Now even though I am middle-class and my husband, with no huge nestegg to leave our kids, I still was able to benefit from this book. If you are planning on leaving your kids money, are considered wealthy, or you came from money, then this book will probably really benefit you.

The book covers how to talk to your kids about money you have and how to involve them so they become financially-responsible adults. Even if you don't have a lot of money, it is still important to involve your kids in how to spend wisely, be charitable, and prepare for the unexpected. The book has tons of great charts and a checklist to think about at each chapter beginning. The end of each chapter asks the reader to think about the questions in the checklist again to make sure you got everything from the chapter. I really liked all the real stories from investment planners and other experts. The book in general just puts things into perspective and gives great conversation topics and strategies to think about.
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on February 24, 2010
As a college administrator and professor, I've seen all too many examples of privilege gone wrong -- kids who sadly can't use the brains and financial assets they have inherited. There's a lot of talk these days about 'sustainability' -- but until this book, really nothing that applied this concept to the very foundation of our society - families.

This book is both practical and inspirational --written by someone (Rich Morris)who lives these principles.
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on December 6, 2012
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 explanations. I read almost anything financial I can get my hands on and there is a lot of new to me info in here. No one in my life could have told me many of the things I needed answers to with regard to when I talk to my children about what, how to be able to tell if I will have enough to pass on to them. For all of the in depth financial planning with experts, evaluation and reading I've done since receiving my own inheritance, not one person has hammered out exactly the % of interest I would need to gain to cover taxes, inflation, and planners fees while being able to live off of the interest. I was a 1.5% off. A small fluctuation in % makes a huge difference. Thank you to the authors for giving me information I couldn't find elsewhere. Love the online calculator too.
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