"Wealth doesn't come with a handbook"

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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"Wealth doesn't come with a handbook"

Post by JohnDoh » Mon Jun 19, 2017 7:36 am

Although this recent WaPo article is explicitly pitched as a guide for the "ultra-rich", I think many of the considerations apply, mutatis mutandis, to most families of any means (as various threads here over the years seem to support).

A how-to guide from the ultra-rich: What to tell your kids about money

On the other hand, it does seem there is in fact an emerging "wealth handbook" - or at various least resources that help one deal with the issues - not least the Bogleheads' own wiki article on "Family strategic planning" and the resources listed there.

Newer resources not listed in the wiki (and that perhaps might be added?) include two new(-er) books by Hughes and interviews with Hughes (one video and one podcast) [N.B. I am not Hughes or in any way connected to him :wink: ):

2012 Book: The Cycle of the Gift: Family Wealth and Wisdom
2014 Book: The Voice of the Rising Generation: Family Wealth and Wisdom
2015 Video: Generational family wealth - conversation between Ilze Alberts and James Hughes
2015 Podcast: A Guide to Building Family Legacy and Wealth

(FWIW, I particularly liked the 2012 book and the 2015 podcast.)

I'd be interested to hear what other think about the WaPo article and/or these matters generally, and also to learn of additional resources.



EDIT: adding new articles:

2015 Time Article: 70% of Rich Families Lose Their Wealth by the Second Generation
2017 Guardian Article: How philanthropic dynasties are exerting their power over US policy
Last edited by JohnDoh on Tue Jul 25, 2017 6:21 am, edited 2 times in total.

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Re: "Wealth doesn't come with a handbook"

Post by Abe » Mon Jun 19, 2017 5:11 pm

I read most of the article, but it's not something I can relate to since I don't have their problem. :beer
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Re: "Wealth doesn't come with a handbook"

Post by JDCarpenter » Mon Jun 19, 2017 5:21 pm

Abe wrote:I read most of the article, but it's not something I can relate to since I don't have their problem. :beer
We don't have that problem to anywhere near the same degree, but the thought process is familiar even at our level. When our kids were at home, how best to draw the line on spending? We never traveled internationally before adulthood--would it be bad or good to expose our kids to that? If so, how?

Regarding college/grad_School--should we pick up whole tab to make it easier on them starting out? (Ended up doing exactly what her parents did--picked up undergrad, and loaned money for grad school, which is getting paid back.)

Now that they are married and self-supporting, do we make gifts or otherwise help out? Or is it better to let them build character?

Etc. Etc.
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