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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
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.
Top customer reviews
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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
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.
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.