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Wealth, Actually: Intelligent Decision-Making for the 1% Kindle Edition
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From the Back Cover
About the Author
Frazer has been featured in the New York Times, the Daily Telegraph, and the Journal News, and he has appeared on cable television news networks. In addition to his financial expertise, Frazer is a member of the New York State Bar and a graduate of Duke University and Emory University Law School. He hosts a podcast and blog on politics, business trends, and entrepreneurship at FrazerRice.com.
- ASIN : B07FPQJJQT
- Publisher : Lioncrest Publishing (August 7, 2018)
- Publication date : August 7, 2018
- Language : English
- File size : 1194 KB
- Simultaneous device usage : Unlimited
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 225 pages
- Lending : Enabled
- Best Sellers Rank: #205,234 in Kindle Store (See Top 100 in Kindle Store)
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Frazer describes wealth like a bolt of lightning. It can strike suddenly and never strike again. Are you ready for it? What if some estranged second cousin dies and leaves you a massive inheritance? If you're a musician, athlete, or creative, you may one day hit the jackpot. Then what? You will need an understanding of how money works and how to protect your money for your future and your family.
For those of us in the 99%, it can be unfathomable how someone worth 10 million dollars could feel like he doesn't have enough. After reading this book you will understand how. You will understand how people who should theoretically be rich might squander or lose it.
If you are starting a business venture or project and wish to pitch a wealthy person to invest in you, this book gives invaluable insight into their point of view and why they may or may not choose to work with you.
After reading this book, I recommend reading the Rolling Stone article, "The Trouble with Johnny Depp," which illustrates many of the principles of Frazer's book in vivid reality.
While the book seems at first sight aimed at the high-wealth individuals and families Rice has spent much of his career working with, its lessons and, in particular, its frequent, thought-provoking questions, apply to the heart of all families.
Far too many of us at any economic level often put off making a will, wanting to avoid the hard decisions that may involve - as well as the thoughts of our own mortality - so the questions Frazer Rice poses may come as a shock with their clarity and level-headedness:
“What’s important to you regarding your family?”
“Who constitutes your family? What do you feel responsible for, in terms of their expenses?”
“If your children are an important part of your planning, for what length of time do you want to support them?”
A key factor for many wealthy families is clearly deciding how much to tell their children about the wealth they may inherit, and how to motivate them to find their own path in life and not feel overwhelmed by their family’s money, or perhaps by their parents’ achievements.
While this may not apply exactly to every family at every income level, all mindful parents spend time trying to find a way to help their children grow, and support them when they can, but also give them the space to discover who they are as individuals and how they fit into this world.
Frazer’s book repeatedly stresses the complexities all of us face within family relationships, no matter our budget level, and how important it is both to plan intelligently for the future, but also to recognize that it is unpredictable.
He addresses the concerns of long-term care when older, and disabilities and problems with drugs, alcoholism or excessive spending or gambling that may arise at any time.
The main thrust of Wealth Actually isn’t about making money (Rice states early on that it isn’t a “get rich quick” book), but about managing its role in your life. And the answers he suggests are very sound, and applicable to everyone: ask yourself the hard questions about what you want from life, who you want to spend it with and protect, and, if you can afford advisors, how to choose them and what to expect of them. He stresses that money doesn’t necessarily bring happiness - and that money, badly managed, may even make things worse.