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Wealth: Grow It, Protect It, Spend It, and Share It (Paperback)

17 customer reviews
ISBN-13: 978-0132350112
ISBN-10: 0132350114
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Editorial Reviews

From Publishers Weekly

Wealth: those who have it want to keep it, but what's the best way to ensure it doesn't run dry? Lucas is ideally suited to answer the question. A Harvard Business School graduate who's worked at wealth management firms, and a fourth-generation heir of E.A. Stuart, the founder of the Carnation Company, Lucas counsels readers who have, or are planning to have, at least a few hundred thousand dollars in the bank. His book teaches them to manage their wealth so it grows, or is at least maintained, for as long as they want, whether that's one lifetime or several generations. Lucas focuses principally on investing decisions, spending decisions (like whether to engage in philanthropy) and emotional issues. He provides a good balance of in-depth financial guidance and tips on negotiating financial decisions in the family. Though the subject is dry, Lucas keeps the book interesting by using examples taken from his own family's experience with fortune, a tactic that lends both credibility and intimacy to his advice. With its frequent plunges into the minutiae of investment options, this book is definitely not light reading. It is, however, a helpful guidebook for those faced with the task of growing, protecting, spending and sharing a large amount of cash. (Mar.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.

From the Publisher

Newsweek, March 20, 2006 issue - Wealth: Grow It, Protect It, Spend It, and Share It by Stuart E. Lucas Congratulations! You've just come into some cash. But what to do next? With $1 trillion per year expected to pass from one generation of Americans to another over the next decade, it's a question more people than ever are facing. Writing from the perspective of one who has managed wealth for clients, as well as received it (he's an heir of Carnation Foods' founder), Lucas shows step by step how to set investment goals that match your needs and values, pick the right advisers, manage taxes and avoid the pitfalls that shrink fortunes and fracture relationships.

—John David Sparks, Newsweek --This text refers to an out of print or unavailable edition of this title.


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Product Details

  • Paperback: 384 pages
  • Publisher: Pearson Prentice Hall (August 2, 2007)
  • Language: English
  • ISBN-10: 0132350114
  • ISBN-13: 978-0132350112
  • Product Dimensions: 5.9 x 1 x 9 inches
  • Shipping Weight: 1 pounds
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Best Sellers Rank: #1,178,055 in Books (See Top 100 in Books)

More About the Author

Stuart Lucas is the author of the highly-acclaimed book: Wealth: Grow It and Protect It, published in Chinese, Russian, and Spanish. He has lived a double life, both as a member of a wealthy family and as a senior executive in prestigious investment and wealth management firms.

Stuart is the Chairman of Wealth Strategist Partners LLC, an outsourced Chief Investment Officer for individuals and families of exceptional wealth. He has worked as an investment professional for over 30 years. Prior to founding Wealth Strategist Partners, he was the Senior Managing Director of the Ultra-High Net Worth Group within Private Client Services at Bank One (now JP Morgan Chase). Earlier in his career, Stuart served as general manager of Wellington Management Company's European operations and as the Assistant Portfolio Manager of a Forbes Honor Roll mutual fund.

An accomplished speaker and educator, Stuart designed and teaches the Private Wealth Management executive education program for the University of Chicago Booth School of Business, held in Chicago and Madrid. He is the author of numerous articles on wealth management, including "The 50% Rule" and "We're in a Low Return Environment": So What's an Investor to Do?

Stuart has a long-standing commitment to public service that complements his work with families. He serves as Chairman of the National Public Radio Foundation Investment Committee, and Co-Chair of the Stuart Foundation Investment Committee. Stuart graduated from Dartmouth College (BA), Harvard Business School (MBA), and is a Chartered Financial Analyst. He is married and has three children.

Customer Reviews

Most Helpful Customer Reviews

21 of 22 people found the following review helpful By Craig L. Howe on March 1, 2006
Format: Hardcover
With more than 25 years' experience managing other people's money, his personal finances and his family's wealth, Stuart Lucas shares his secrets for building and protecting wealth.

Lucas, a fourth-generation heir to the Carnation fortune, is an accomplished wealth management advisor. In Wealth: Grow It, Protect It, Spend It and Share It, he offers a coherent plan that integrates the vital components of a wealth management strategy.

Departing from the money management classic process, he offers a unique eight-point framework.

1. Take charge and do it early.

2. Ally family and business interests around wealth-building goals and strategies.

3. Create a culture of accountability.

4. Capitalize on your family's combined resources.

5. Delegate, enable and respect independence.

6. Diversify but focus.

7. When possible, err on the side of simplicity.

8. Develop future family leaders with strong wealth management skills.

Lucas says he filters every decision he makes, whether it involves choosing an investment manager, thinking about tax strategy or setting family goals through the prism of these principles.

His discussion equips even the most sophisticated of financial families with an essential, but workable, reference point for their own financial processes.
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19 of 20 people found the following review helpful By Craig Matteson HALL OF FAMETOP 1000 REVIEWER on March 15, 2006
Format: Hardcover
Everyone dreams of financial ease. It turns out that living with ease takes a great deal of work, dsicipline, and planning. We all hope that we will be able to accumulate enough financial resources to not only take care of our old age, but to provide some things for our children. If our dreams are ambitious we want to accumulate enough resources to change the trajectory of our family's ensuing generations.

We have all heard sad stories of people who attain sudden wealth and how it ends up destroying their lives. Other fortunes that have taken a lifetime of toil to build are quickly lost through any number of mistakes. More than a few entrepreneurs who have shown brilliance in building their company have demonstrated clumsiness in managing their personal wealth. Much of this is due to inexperience and a complete lack of a financial education.

Fortunately, the path of the wealthy has been trod by many and what works is well known. The trick the newly wealthy person has is to become well informed without having to learn about all possible financial mistakes from personal experience. This wonderful book provides a very fine, if not comprehensive, outline of what building, protecting, and sharing wealth means. The author knows from personal experience because he is one of the members of the family that benefited from the Carnation sale to Nestlè and he is also a financial advisor for a living, both for clients and his family.

I particularly like the way the author emphasizes the importance of family with its values and structure in making any plan work successfully. If the family doesn't have a way to plan and work together, then it is really not likely the idea of multi-generational wealth planning will work.
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17 of 18 people found the following review helpful By K. Johnson VINE VOICE on May 9, 2006
Format: Hardcover
This is mainly about asset management. With the plethora of pieces put out on how to "make wealth," here is advice on how to maintain and preserve it. How assets are managed affects the other aspects of people's lives. "Wealth: Grow it, Protect it, Share it, Spend it," is written for a small audience. But due to coming demographical changes this audience may increase (albeit slightly) in the coming decades.

Lucas's work and efforts in this book will help those who need it. This author was willing to share his positive approach, experience, and expertise with the public. He was born to money, being a descendant and heir of the carnation company.

This is also a book from a financial manager who has experience and is currently involved in several organizations. The focus is for those in wealthy families understandably, with the orientation obviously toward families with significant amounts of assets. This will likely become a more common field of expertise in the coming years to some to degree, and this book doesn't come from an elitist perspective.

Some of the focus is to keep what one already has and safely maintain it, allowing it to grow. In short, don't blow it, nor make mistakes that lead to pain later in life. When it comes to sizable assets and the numerous options of managing and investing them, there can be, and often is - disagreements and disputes within a family - over asset allocation.

As for Lucas, he's basically been managing the funds that were

acquired by the 1985 sale of his family's business (Carnation) to Nestle. Looking at an average inflation rate of say, 3.2% , if someone "diversifies," and consistently monitors their assets they should have no problem getting about, or more than, 5% above the average inflation rate.
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8 of 8 people found the following review helpful By Tracy on April 1, 2006
Format: Hardcover
It's said that, perhaps even more than sex, the most difficult subject to discuss with your spouse is money. No other issue seems to be as emotionally laden as this, whether you perpetually find yourself without enough of it, or as is the case with the potential readers of this book, with more than you may need in your lifetime.

The strength of Stuart Lucas's book is the way he has taken a wide-angle look at the complexities of managing wealth. Much more than just a how-to of investing, Wealth candidly discusses the family dynamics involved in the stewardship of money. The author provides examples from his own experience as an heir to the Carnation fortune.

This book isn't a "poor little rich guy" tell-all. Lucas is genuine in his belief that under the best circumstances, wealth can be used to transmit values to our children, enrich relationships between family members, and help the less fortunate in society. (He also outlines the potential disasters that can result if you don't do your homework.) Lucas is relentless in his advice that soul-searching and honest, sometimes difficult conversations with spouses and other family members be the foundation of any wealth management strategy...talk about it, then talk some more. Each chapter ends with helpful "don't forget" reminders entitled "Issues to Discuss With Your Spouse and Family."

Written for an admittedly small and privileged audience, the book nevertheless contains guidance for both the newly wealthy and those who have been managing large sums for a longer period of time. If you're new to this game, the book is a roadmap to getting it right from the start, and if you're well on your way, it's an excellent tool for stepping back, evaluating your progress and making adjustments.
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