The Middle-Class Millionaire The Rise of the New Rich and How They Are Changing America by Russ Alan Prince and Lewis Schiff copyright 2008 published by Doubleday a division of Random House, Inc New York
The author’s theorize (based on a survey) that there is a group of people with middle class values but with more than middle class amounts of money (Middle-Class Millionaires).
Middle-Class Millionaires are defined as those with net worth between 1 million and 10 million including their primary house and having made the wealth themselves. Middle class members, on the other hand, are defined in the book as: heads of households with annual household incomes between 50k and 80k and a net worth under 1 million. Continue reading
Estate Planning for the Healthy Wealthy Family – How to Promote Family Harmony, Affirm Your Values, and Protect your Assets By Stanley D. Neeleman, J.D. Carla B. Garrity, PH.D and Mitchell A. Baris, PH.D. Copyright 2003, published by Allworth Press.
Have you gone through the motions of drawing up a will, creating a revokable living trust, establishing powers of attorney and other estate planning tasks, but still feel that something is missing?
If so, then this book may be for you. It is a fairly easy read divided into three main parts: 1) information and discussion about money, values, happiness and modeling your family values to your children; 2) basic and advanced estate planning terms and tools and 3) dangers involved in asset transfer. Continue reading
Family Wealth – Keeping It in the Family – How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations by James E. Hughes Jr. Copyright 2004 Published by Bloomberg Press.
James Hughes, a sixth generation lawyer, was invited to visit a wealthy Singapore businessman in 1974. The reason for the visit? It was so that Mr Hughes could apply the techniques of American families help the businessman’s family avoid going from rice paddy to rice paddy in three generations. This, along with the tutelage of his father (also a lawyer) on the importance of business succession planning contributed to the experiences that led to this book.
“A family’s ability to remain in business over a long period of time always comes down to excellent long-term succession planning, regardless of how successful the family is financially. Families attempting long-term wealth preservation often don’t understand that they are businesses….”. P 5 Continue reading
Family Legacy and Leadership – Preserving True Family Wealth in Challenging Times by Mark Haynes Daniell and Sara S. Hamilton, copyright 2010, published by Wiley & Sons (Asia) Pte. Ltd.
Imagine that your new business is a huge success and you sell it for 50 million dollars, or you write a series of best selling books that earn royalties for you each year of 5 million dollars, or that you actually win the mega millions lottery! On a more mundane level, imagine that you work hard, save your money, invest it well and end up being a multimillionaire.
What does all that money mean for your family? What will your children, grandchildren and great-grandchildren do when they get it (if they get it)? Do you want it to provide a way for the family to create a legacy, develop a plan to make that wealth work for them for a long time and be better as a united family than as individual family units? How do you make that happen? Continue reading
It’s book review time at Family Money Values. Over the next three weeks, I will be reviewing 3 wealth related books each week.
These books were chosen because they provide a peek into the challenges of having financial wealth or a look at attitudes, mentality and personality of millionaires. These books will NOT necessarily tell you HOW to GET rich, but rather, they will help you understand what it is like to BE rich – along with all of the joys and problems it brings.
As a bonus review, the bottom of this post gives a brief synopsis of a lighthearted look at the money crowd via The Official Filthy Rich Handbook (How the other .001% lives) The Complete Guide by Christopher Tennant copyright 2008 published by Thomas Allen & Son Limited.
Without further ado, here are the books that I will summarize and review for you during the next three weeks. Continue reading
Having been a couple for 39 years, my spouse and I have accumulated a variety of different types of investments and accounts over the years. Each year, I review the status of our accounts against our target allocation and then try to devise a plan to re-allocate as needed. Since I am also dealing with a lump sum distribution from a retirement account this year, I have been thinking a lot more about asset allocation.
Because of my recent focus on allocations, I decided to share the process I use along with some of my challenges with DIY asset allocation with you. Continue reading