Family Wealth Family Wealth

Family Wealth

Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations

    • 4.1 • 8 Ratings
    • $27.99

Publisher Description

The landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations--now revised and expanded.

Every family, looking at the next generation, hopes to confer advantages that are more than just material and financial--to inculcate character and leadership, to inspire creativity and enterprise, to help all family members find and follow their individual callings, and to avoid the financial dependency and loss of initiative that can all too often be an unwanted consequence of financial success. Yet many families never succeed in realizing that vision, much less sustaining it for three, four, or five generations and beyond.

James Hughes has thought deeply about these challenges, and his insights are at once practical and profound. For more than three decades, he has personally guided multiple generations of families in creating strategies to preserve their human and intellectual capital as well as their financial assets. His teachings synthesize insights from psychology, anthropology, political history, philosophy, economic theory, and the law, with examples ranging from Aristotle to cutting-edge social science theory. His ideas have been taken up by numerous exceptional families, by their advisers, and by scores of authors, practitioners, and academics who have found value in the methods he pioneered.

The first edition of this book, privately published, became a word-of-mouth classic. Now, Hughes has updated and substantially expanded it with new chapters that challenge conventional notions of wealth and offer guidelines for conserving family assets in the broadest senses. Filled with tested principles and practices for family governance and joint decision making, it is a rich source of workable wisdom that family members can put into practice today, to the enduring benefit and gratitude of future generations.

GENRE
Business & Personal Finance
RELEASED
2010
May 25
LANGUAGE
EN
English
LENGTH
256
Pages
PUBLISHER
Wiley
SELLER
John Wiley & Sons, Inc.
SIZE
797.7
KB

Customer Reviews

Edwin Johnson ,

Lacks any practical advice

This is a philosophy book… that's it.

Rather than apply their conclusions to a practical situation, each chapter begins with a stated premise that begs the question. The rest of each chapter relies on aphorisms and historical anecdotes to show that the initial premise is valid. But the author never gets around to explaining how to do the thing that he suggests.

Example of a chapter:
Family governance should be representative – a reasonable claim. Aristotle advocated representative democracy in 350 BCE – true. Family members are unlikely to participate in the "family" if they don't feel they are represented in its decision making process - a reasonable inference (though no more applicable to families than it is to government, community gardens, book clubs, or co-ops, etc.). Conclusion: Family governance should be democratic. End of chapter.

It's full of other gems like, "if you want to grow your family, don't kick people out of it" (paraphrase) and "hasten slowly."

I came to this book from the perspective of a law student with interest and experience in financial planning and wealth management. This book was… unhelpful to say the least. If you're not sure whether you want your family tree to live or to wither and die, read this book (spoiler alert: it makes a strong claim for the former). If you're searching for more insight than that… keep looking.

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