Available at:

amazon.com

 

 

 

 

 

KIDS          

 

 

        WEALTH

 

 

AND                   

 

 

CONSEQUENCES

 

 

 

Ensuring a Responsible

 

Financial Future

 

for the Next Generation

 

 

 

 

RICHARD A MORRIS

 

AND JAYNE A. PEARL

 

 

Parents who leave behind substantial money to their children do not guarantee their children’s happiness. In many cases it has the opposite effect. However, by thinking deeply about how you discuss money with and in front of children, how you spend and manage it, you can greatly enhance the odds that wealth will enhance, not hinder children’s happiness.

Providing children with a financial education is an important responsibility for any parent in today’s complex economic world. In addition, many wealthy children suffer feelings of guilt over not having earned any of what they inherit, others find themselves mired in a toxic sense of entitlement and numbing ennui.

Kids, Wealth and Consequences provides techniques to help you:

  • Leave behind intergenerational equity and a legacy of your values,

  • Educate your children about finance

  • Raise children with a sense of reality and balance

  • Impart a strong work ethic

  • Counter their sense of entitlement

  • Prevent them from being dependent

  • Help them separate their identity from their wealth

  • Empower them with self-confidence

  • Instill in them a desire to give back to society

  • Help them become good stewards of their wealth for future generations.

There are many choices that determine how wealth will affect your children. The book arranges these choices into three categories financial choices intellectually choices and emotional/spiritual choices. The final chapter focuses on how to integrate the different types of choices into an action plan tailored to your values as well as to your family and financial circumstances.

 

Review:

"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."

—Judy Green, Executive Director, Family Firm Institute, Inc.

 

 

 

About the Authors:

Richard Morris 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.

Jayne Pearl has been a financial journalist for nearly thirty years, focusing on family business financial parenting. She has been quoted extensively in the print and television 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.