Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation - Hardcover

by Richard a. Morris (Author), Jayne A. Pearl (Author), James E. Hughes (Foreword by)

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.

Front Jacket

FOR WEALTHY FAMILIES, THE STAKES ARE HIGH

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.

Kids, Wealth, and Consequences 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.

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.

"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.

Author Biography

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 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.