Highly recommended- a must read!
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. —Jill Shipley, GenSpring Family Offices
Encompassing Process for Families of Wealth
Families of wealth as well as the consultants who work with them will find this book full of information that guides and enhances their ability to develop the skills for next generation success and happiness.
I have viewed the heartbreak in my own family business consulting of next gen who have not received the important nurturing and guidance in the financial areas of their lives and I believe that developing the skills outlined in this book would have allowed them to survive and thrive as a person of wealth.
I highly recommend this book as a great pathway to parental and ultimately individual success. —Ann Dugan, Family Business Consultant
A Must Read for Parents
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. —JohnPopoli, President & CEOLake ForestGraduateSchool of Management
A valuable addition to the literature on family wealth
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. … 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.— Jeffrey E. Horvitz (Beverly Farms, MA)
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. — C. Pollen (Cambridge, MA)
Responsibility of Wealthy Parents
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.— Susan B. Anthony (Pacific NorthWest)
Sustainability for the next generation
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 who lives these principles. —Diane Gayeski (Ithaca, NY)
Great Resource/Great Read
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.— S. Kole "Sheri" (Martinsville, NJUSA)
A valuable survey no family should be without
Kids, Wealth and Consequences: Ensuring a Responsible Future for the Next Generation offers keys to helping children lead successful lives despite any economic circumstances whether rich or poor. It tells how to link happiness to events other than money but shows how to teach kids the real value of acquiring wealth. From financial and spiritual choices to how money enters into contentment, this is a valuable survey no family should be without. —Midwest Book Review (Oregon, WI USA)