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Family Inc.: Using Business Principles to Maximize Your Family's Wealth (Wiley Finance) Hardcover – April 11, 2016
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"Enlightenment Now: The Case for Reason, Science, Humanism, and Progress"
Is the world really falling apart? Is the ideal of progress obsolete? Cognitive scientist and public intellectual Steven Pinker urges us to step back from the gory headlines and prophecies of doom, and instead, follow the data: In seventy-five jaw-dropping graphs, Pinker shows that life, health, prosperity, safety, peace, knowledge, and happiness are on the rise. Learn more
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"The proven principles of personal investing are important. But if you want to have a secure financial future, it will certainly help if you manage your career well. Mr. McCormick [does not] advise that you choose a career based solely on what it pays, but it is certainly one factor to keep in mind."
- The New York Times
"No matter your stage in life, you'll learn how to usebusiness and corporate finance concepts to maximize your personal finances,make the most of your opportunities, and build wealth."
- Money Girl
"If you have an established degree of financial sophistication, and are looking forways to enhance your thinking about managing your family wealth, this book willprovide the big picture perspective and deliver the tools required to besuccessful in managing your wealth."
"There's nothingthat corporations and their executives worry about so often as the bottom line-- it's one metric their boards of directors and stockholders won't let themforget. Most families, by contrast, don't take such a business-like approach totheir finances, their assets or their choices. Douglas McCormick, managingpartner at HCI Equity Partners, wondered why not. More to the point, inhis new book, Family Inc., he explains just how much better offwe all might be if we did."
From the Inside Flap
Managing your family's wealth is complicated. It involves much more than simply balancing a checkbook, and if you've tried to educate yourself on the topic before, you know just setting goals isn't going to get you there either. Your family is like a business, and it needs a chief financial officer who can assist in career and education decisions, budgeting, investing, managing risk, and retirement planning. Family Inc. is the step-by-step guide to handling your family's finances with the insight and strategy of a corporate CFO.
The CFO of the family must effectively manage two types of assetsyour labor and your financial capital. Before you can manage wealth you must acquire it, and here this peerless resource offers expert insight where others don't by showing you how to approach the way your family earns money with sophisticated, simple, and proven techniques businesses use to succeed. Drawing from his investing and boardroom experiences regarding every aspect of a business, from strategic planning, financial analysis, budgeting, capital raising, and acquisitions, McCormick prepares you with the mental agility and practical tools to take control of your family's financial security by:
- Calculating your Expected Lifetime Labor Value and determining how you can improve that value through education and career choice
- Determining the kinds and amounts of insurance your family business requires
- Building your family's unique asset management program based on its goals and managing it with income statements, balance sheets, and analytics, as well as online tools available at familyinc.com
- Planning for later in life when you will optimize your assets differently, protect your spending power, and eventually pass wealth to your heirs
Regardless of your life stage or financial situation, Family Inc. will help you manage life's financial risks to make the most of your opportunities. Because the financial security of your family is the bottom line, make Family Inc. part of your new job description.
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No one is going to care more about your money than you.
How much time have you spent planning vacations this past year? Compare that to the amount of time you have thought about mapping out a financial plan beyond goal setting.
Utilize Doug's book to refresh your efforts. Some of the good news, between 2008 and 2014 the average 401k was up 83%... the sad news that average remains in the very low six figures. Even when adjusted by income, those making over $100k only have a balance of $220,000. Get beyond the goals and start implementing.
1) It provides precise financial guidance without being over simplified.
2) It has the advantage of providing value to investors of all ages, although it is particularly valuable for young people given their investment horizon.
3) It provides real, actionable advice rather than gimmicks and “get rich quick” schemes.
I particularly enjoyed the personal insights Doug provides of his father who is a former educator. Because I am a former business executive turned teacher, I loved the dialog and contrast between his father’s career and investment advice and Doug’s “cash balance” (ie, no pension) retirement needs and approach. Many families need advice from both perspectives and this dialog provides useful nuance to Doug’s advice.
I am giving this book to new college and high school graduates I know. This book and the resources he provides through his website provide the key instructions to lifelong financial success in an approachable and enjoyable fashion. I am grateful to Doug for a resource that provides those instructions all in one place.
I worked in finance for 17 years, and was astonished to discover that finance professionals are among the worst managers of their own personal and family financial affairs, primarily because they either (1) did nothing; or (2) followed the conventional wisdom. After leaving finance, I started my own business and began to utilize some of McCormick's principles, but in an unstructured and disorganized fashion - ie, mainly by accident. It is refreshing to see a new paradigm created which is both simple and makes intuitive sense. This is not rocket science, nor do you need to be a mathematologist to follow his advice. As McCormick says, "Put down the book - Just do it!" You will be glad you did.
This book sets a new standard for this topic and I recommend it to all who are looking for financial guidance. Furthermore, Doug's conclusions are largely timeless and should be relevant for years to come. I hope this book becomes a part of everyone's library.