Advice on managing your wealth from best-selling author Bill Bonner.
From trusted New York Times best-selling author Bill Bonner comes a radical new way to look at family money and a practical, actionable guide to getting and maintaining multigenerational wealth. Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years is packed with useful information, interwoven with Bonner's stories about his own family's wealth philosophy and practices.
A comprehensive guide that shows how families can successfully preserve their estates by ignoring most of what people think they know about "the rich" and, instead, training and motivating all family members to work together toward a very uncommon goal. This book is a must-read for all individual investors—even those who do not plan to leave money to their children—because it challenges many of the most ubiquitous principles and rules of investing. You might expect a book on family wealth to be extremely conservative in its outlook. Instead, the Bonners announce what is practically a revolutionary manifesto. They explain:
Why family money should NOT be invested in "safe, conservative" investments
Why charitable giving is usually a waste of money, or worse
Why it is NOT a good idea to let children go their own way
Why you can't trust wealth "professionals" and why you should never entrust your money to money managers
Why giving your children as much education as possible is NOT a good idea
Why Warren Buffett and the rest of the rich people asking for higher tax rates are wrong to take "the pledge"
Why Wall Street is a graveyard for capital, why most celebrity CEOs are a threat to the businesses they run, why modern capitalism is a failure, and more
You will come away with a very different idea as to what family wealth is all about. It is not stodgy. Not boring. Not moss-backed and reactionary. On the contrary, it is the most dynamic, forward-looking capital in the world. The essential guide to passing wealth from one generation to the next, Family Fortunes is filled with concrete, practical advice you can put to use right away.
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Where is the financial advice? Indoctrination!
The title of this book suggests that you are going to be getting practical advice for long term financial planning for your family. Surprise! I'm now into the second hour and I have heard two pieces of advice: 1) delay gratification 2) have a big family and put them to work in the family business. All the rest was amateur right wing history, and I do mean amateur. We are not talking William F. Buckley here. If you like this sort of stuff, just watch Glenn Beck. Its free and you can save your precious book credit!
Provide some actual information and advice about multi-generational financial planning.
He did a fine job reading the book. Too bad about the drivel.
Are you kidding me? Also, who published this?
Like an Awkward Thanksgiving
Most of the time.
Non-fiction, no characters.
I have been reading and listening to books on family wealth, trusts and dynasties. The title was promising. It has some good advice, nothing revolutionary though. Most of the book is like listening to a grouchy uncle at Thanksgiving who wants to tell you why the government and young people are stupid.It has lots of setup and exposition. A lot of predictions. Very little fact based advice. Listen to James Hughes books if you want to learn about family wealth.
- Lewis E. Weil