Description
Leaving children with a substantial amount of money can be a boon or a burden. High-net-worth parents need to give their children an education to navigate today’s complex world. The question becomes how to raise children with a sense of reality and balance, imparting a strong work ethic, and making them good stewards of their wealth.
Kids, Wealth, and Consequences enlightens high-net-worth parents about the unique issues they need to explore. The book addresses the ”hard” financial issues, such as investing and estate planning, as well as the “soft” emotional issues relating to values, family, and communication. Morris and Pearl detail strategies and techniques to help parents raise children who appreciate and know how to manage the wealth they inherit.
Richard Morris spent many years working for his family's multimillion dollar business, and learned firsthand the challenges of business ownership and family wealth.
Jayne Pearl is an experienced journalist who writes about families, family businesses, and money.
Table of Contents
Foreword by James E. Hughes Jr. viii
Acknowledgments xi
Introduction 1
SECTION I: Financial Choices
1 Calculating Your Family’s Future 16
2 To Trust and How to Trust 38
3 Portfolio Management 59
SECTION II: Intellectual Choices
4 Financial Literacy 86
5 Skills and Experience 107
6 Goals and Purpose 130
SECTION III: Spiritual/Emotional Choices
7 Success and Happiness 146
8 Communication 160
9 Navigating the High–Net worth Environment 176
SECTION IV: Integrating Your Choices
10 The Family Glue 198
11 Pulling It Together 214
Appendixes 235
Index 263
