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Family Fortunes: How to Build Family Wealth…
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Family Fortunes: How to Build Family Wealth and Hold on to It for 100…

by Bill Bonner

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This book has the drawbacks of any book written by people who haven't completely accomplished what they purport to teach: the Bonner family has built family wealth, but has not hung onto it for 100 years... merely a small fraction thereof. But I'm glad they didn't wait another 90 years to write it. Despite some rather questionable opinions (e.g. charity does nobody any good - hey, that sounds familiar: "are there no workhouses?" - wait, actually there aren't), there's a lot to take away from this book for anyone who wants to build a strong family and leave a legacy for the future. With some measure of inconsistency the authors stress the importance of keeping a low profile and living under the radar, yet describe their own family situation at some length. It's fortunate for us, again, that they were willing to publicly "out" themselves as a family dynasty in the making. I'm pretty sure most old-money families are quite close-mouthed about the secrets of preserving wealth, which would explain why I've never before seen a book on this theme. One Amazon reviewer lauds the applicability of the book to the American Indian tribal situation: more than just a book about money, it's about building a heritage and passing a common culture to the next generation. ( )
  muumi | Nov 24, 2015 |
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"Advice on managing your wealth from bestselling author Bill BonnerFrom 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 Wealth: How to Build a Family Fortune and Hold Onto 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 Wealth is filled with concrete, practical advice you can put to use right away"--… (more)

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