Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years; Why family money should NOT be invested in “safe, conservative” investments; Why you can’t trust wealth “professionals” and why you should never entrust your money to money managers; why most celebrity CEOs are a threat to the businesses they run; Why giving your children as much education as possible is NOT a good idea

Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years (Agora Series) [Hardcover]

Bill Bonner (Author), Will Bonner (Contributor)

Book Description

Publication Date: July 31, 2012 | Series: Agora Series (Book 77)

Selected as one of Motley Fool’s  “5 Great Books You Should Read”

Advice on managing your wealth from bestselling author Bill Bonner

From trusted New York Times bestselling 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.

Editorial Reviews

From the Inside Flap

How can you build the kind of wealth that will allow you and your children to become the next generation of “Old Money”? In Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years, father-and-son team Bill and Will Bonner present a radical new way to look at family money along with the practical advice you need to build—and maintain—multigenerational wealth.

To construct a legacy that will last, you need to forget everything you think you know about what it means to be rich (even if you already are). Big houses? Flashy cars? Not so fast. Keeping money in the family involves putting in more hard work, not having more fun. It’s a constant challenge, but the benefits can be huge.

Rejecting much of the common wisdom associated with building family wealth—from the mistaken belief that withholding money from your kids will somehow toughen them up to why putting your faith in professional money managers is never a good idea—Family Fortunes presents a game-changing new look at family, money, and how the two can come together in exciting, potentially life-altering ways. To reap the enormous potential rewards of multigenerational wealth, families need to work together, and think about the long term when it comes to investing and other moneymaking opportunities.

Comprehensive and accessible, Family Fortunes shows you how to establish a lasting estate by training and motivating your relations to work toward the preservation and growth of both assets and a family business. Filled with invaluable advice for making money and keeping it in the family interwoven with anecdotes about the authors’ own family’s wealth philosophy and practices, the book illustrates why family money is the most dynamic, forward-looking capital in the world, and how your family can cash in on it for generations to come.

From the Back Cover

“We welcome Bill and Will Bonner’s radical new way of addressing the complexities of intergenerational wealth. The traditional approach has a track record of losing family well-being as well as family wealth. It is time for fresh ideas and systems.”
—Susan Bradley, CFP®, Founder of Sudden Money® Institute

The how-to guide to building a family legacy that will last for generations—from bestselling author Bill Bonner

From New York Times bestselling author Bill Bonner, and Will Bonner, comes Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years, a radical new way of looking at family money and a practical guide to building and maintaining multigenerational wealth.

Revelatory and contrarian, the book rejects almost everything you think you know about building a family legacy, from why giving your children as much education as possible is not a good idea to why charitable donations are generally a waste of money. Filled with real-life stories from families with money, as well as recollections from the Bonners’ own experiences, this is the only book you need to keep your money in the family.

Product Details

  • Hardcover: 324 pages
  • Publisher: Wiley; 1 edition (July 31, 2012)

 

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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