Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation
How to make the financial rewards of one generation the starting point for the dreams of the next generationKids, Wealth, and Consequencesprovides an iterative, chapter-by-chapter process that leads parents to a deeper understanding of themselves and what their choices and actions mean for their children.The book describes how parents can impart to their children the skills they need for successful, happy lives. Morris and Pearl help parents evaluate how their choices in spending, financial management, and estate planning affect the wealth and the legacy they will leave behind. The authors offer ways for parents to discuss money with their children, teaching them how to spend, invest, and manage it responsibly. Parents also learn how to avoid the unintended consequences of inherited wealth, such as uncontrolled spending, lack of directing, lack of self-esteem, and dependency.In addition, the authors address the key financial, intellectual, and emotional issues of wealth. The book tackles such "hard" issues as investing and estate planning as well as such "soft" issues as values, family, and communication in a way that underscores the interplay among all three areas.Morris and Pearl cite experts to illustrate key points and also include insights into how recent economic difficulties have affected decision making.