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:
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.
©2012 Bill Bonner and Will Bonner (P)2012 Audible, Inc.
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?
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.
The authors embark on a quest to answer a enormously complex question: How a family can achieve everlasting wealth, but more than that how can they pass the values and principles that will assure a sustainable structure for wealth preservation and creation.
I have been struggling with those questions a lot, and I have not found too many writings on the subject matter. I guess we live in the age of "right here, right now" where instant gratification precedes any sense of heritage or legacy.
It is very refreshing to find like-minded thinkers that contemplate a bigger sense of ourselves. I think that multigenerational wisdom has been essential to our evolution as specie. Imagine each one of us trying to re-invent plowing or animal raising... Where would we be?
However today, grandparents embark on cruises, parents work long hours, and the guidance of the youth is left to the TV set.
I have a lot of respect for the authors candor and their frankness in recognizing that they don’t have all the answers. At times they even expose their disagreement on certain principles.
Weather you’ll agree with the book or not, the material is guaranteed to make you think, therefore I recommend it wholeheartedly.
Surfer, musician, business coach, healthcare facilities management director.
I REALLY enjoyed this book. I was surprised at how non-mainstream the ideas are, and also how sensible. Not everyone will want to implement all the components described, but as a family fortune grows, they will become more and more important. The long term perspective is fantastic, and could be applied to leaving a legacy in other areas besides wealth.
This book gave me much enlightenment about the management of family assets. I had never thought about these issues to this extent before. In some ways the book has given me a real sense of urgency to actually address this important issue.
Overall, I found the book to be exceptionally helpful. This is without doubt, the best summary of asset management for families that I have come across. Well done.
Good advice. How does simple, easy to understand advice escape most peoples planning for their future? work hard and smart and pass on wealth to the next generation. Get buy in from each generation and work together. makes sense, but no professional talks like that....
I've now listened to three hours of this recording and have yet to hear anything other than the authors guesswork..."we don't know but here's an opinion" is the reply to almost every question they pose.
I stopped shortly after they said that Warren Buffett didn't have a clue and that everything that we've ever heard about investment is wrong - they failed to offer a scrap of evidence or even explain their assertions.
Their statements are not helpful and lack any kind of credibility.
This is a good basic book. The writer is clearly biased on a number of levels socially and politically though he attempts to be subtle about it. I had to consciously and deliberately ignore it in order to digest the information I really wanted. Although he gives good financial examples he occassionally went a little too far for too long and I found my mind wandering as he delved into moments of numerical hyperdrive and had to sigh and rewind to listen to it again to be sure I didn't miss anything important. Over all its a decent book with very good basic info to start with.
I had these ideas before reading this book, but never this layed out. I am going to read it over and over again.
Narrator is one of the best for voice and cadence. (I listen at 1.5 speed)
The authors had very strong opinions about politics, government and charity which I didn't care for but that wasn't my reason for listening to the book. Information on old money and preserving family wealth was worth listening to some things I disagreed with for. The authors provide many examples of things wealthy families did right and things that led to the downfall of some. We have a young business we're growing and this book was very useful to help us put some things in place to hopefully keep the money in the family for many generations.
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