Details

<p>Foreword by <i>James E. Hughes Jr. viii</i></p> <p>Acknowledgments xi</p> <p>Introduction 1</p> <p><b>SECTION I: Financial Choices</b></p> <p>1 Calculating Your Family’s Future 16</p> <p>2 To Trust and How to Trust 38</p> <p>3 Portfolio Management 59</p> <p><b>SECTION II: Intellectual Choices</b></p> <p>4 Financial Literacy 86</p> <p>5 Skills and Experience 107</p> <p>6 Goals and Purpose 130</p> <p><b>SECTION III: Spiritual/Emotional Choices</b></p> <p>7 Success and Happiness 146</p> <p>8 Communication 160</p> <p>9 Navigating the High–Net worth Environment 176</p> <p><b>SECTION IV: Integrating Your Choices</b></p> <p>10 The Family Glue 198</p> <p>11 Pulling It Together 214</p> <p>Appendixes 235</p> <p>Index 263</p>

<p><b>RICHARD MORRIS</b> is principal of Resource for Ownership Intelligence (ROI) Consulting, which helps family business owners grow and pass their business to subsequent generations. He is also an adjunct professor at Lake Forest Graduate School of Management. Previously, he spent many years working for the family business, Fel-Pro Inc. Morris has written articles for print media and is often quoted in the press. He received his MBA from Northwestern University. <p><b>JAYNE PEARL</b> has been a financial journalist for almost thirty years, focusing on family business and financial parenting. She has been quoted extensively in the media. She was a senior editor at Family Business magazine, editor of a syndicated daily business public radio show, and also worked at Forbes. She has written or ghostwritten several books and written hundreds of articles.

<p><b>FOR WEALTHY FAMILIES, THE STAKES ARE HIGH</b> <p>Inherited wealth can be a blessing 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. <p><i>Kids, Wealth, and Consequences</i> 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 time, parents will discover how their own choices and attitudes about money affect their children's ambition, motivation, and values. <p>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. <p><b><i>"A much needed addition to the field. 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 a lack of skills and confidence needed to become productive and independent."</i></b></br> <b><i>— Judy Green, Executive Director, Family Firm Institute, Inc.</b></i>

US