Amazon Reviews
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)
Fantastic Resource!
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)
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