What separates the rich from the rest of the citizens?
Fact is they had more money.
How come some families stay rich generation after generation, while others never have a nickel/cent?
But, what, specifically, about culture and education is it that makes such difference in outcome?
The secret is simply this : The rich take the long view.
1. If you look carefully, almost all Old Money secrets CAN BE TRACED to a single source : a longer-term outlook.
The truly wealthy are careful to spend their money on things that hold their values over time.
2. It's why they do not trade in and out of investments. instead, they find a few positions and stick with them -- for decades.
3. It's also why they prepare their families, over the course of many, many years, so that they will be prepared for the challenges of managing and enlarging the Family Wealth.
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:
4. Click here and look Inside to continue learn why ....
Preface XV
...are a stonemason's dream. They are hard . . . and often rectangular. They practically lay themselves.
As for the timber, imagine the envy in a Swiss woodsman's eyes when he see it. The old hardwood forests of Switzerland must have been cut down centuries ago. What is left is controlled growth, mostly conifers, which have nice qualities of their own, but are in no way equal to the majestic oaks, beeches, and hickories of West Virginia's green hills.
Fact is they had more money.
How come some families stay rich generation after generation, while others never have a nickel/cent?
But, what, specifically, about culture and education is it that makes such difference in outcome?
The secret is simply this : The rich take the long view.
1. If you look carefully, almost all Old Money secrets CAN BE TRACED to a single source : a longer-term outlook.
The truly wealthy are careful to spend their money on things that hold their values over time.
2. It's why they do not trade in and out of investments. instead, they find a few positions and stick with them -- for decades.
3. It's also why they prepare their families, over the course of many, many years, so that they will be prepared for the challenges of managing and enlarging the Family Wealth.
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
4. Click here and look Inside to continue learn why ....
Preface XV
...are a stonemason's dream. They are hard . . . and often rectangular. They practically lay themselves.
As for the timber, imagine the envy in a Swiss woodsman's eyes when he see it. The old hardwood forests of Switzerland must have been cut down centuries ago. What is left is controlled growth, mostly conifers, which have nice qualities of their own, but are in no way equal to the majestic oaks, beeches, and hickories of West Virginia's green hills.
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