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    Book Review: “Kids, Wealth, and Consequences” (& US/CAN Giveaway Ends 2/25)

    By 46 Comments

    Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation

    By Richard Morris and Jayne Pearl
    288Pages (Hardcover)
    Date Published: February 3, 2010

    ABOUT THE BOOK:

    Leaving children with a substantial amount of money can be a boon or a burden. High-net-worth parents need to give their children an education to navigate today’s complex world. The question becomes how to raise children with a sense of reality and balance, imparting a strong work ethic, and making them good stewards of their wealth.

    Kids, Wealth, and Consequences enlightens high-net-worth parents about the unique issues they need to explore. The book addresses the ”hard” financial issues, such as investing and estate planning, as well as the “soft” emotional issues relating to values, family, and communication. Morris and Pearl detail strategies and techniques to help parents raise children who appreciate and know how to manage the wealth they inherit.

    Richard Morris spent many years working for his family’s multimillion dollar business, and learned firsthand the challenges of business ownership and family wealth.

    Jayne Pearl is an experienced journalist who writes about families, family businesses, and money.

    MY THOUGHTS:

    “Kids Wealth and Consequences” is a book about investing and preparing your kids to handle money in the future.  It is a book that focuses more on parents who have money already and how they are going to handle their kids financial future.  Now even though I am middle-class and my husband, with no huge nestegg to leave our kids, I still was able to benefit from this book.  If you are planning on leaving your kids money, are considered wealthy, or you came from money, then this book will probably really benefit you.

    The book covers how to talk to your kids about money you have and how to involve them so they become financially-responsible adults.  Even if you don’t have a lot of money, it is still important to involve your kids in how to spend wisely, be charitable, and prepare for the unexpected.  The book has tons of great charts and a checklist to think about at each chapter beginning.  The end of each chapter asks the reader to think about the questions in the checklist again to make sure you got everything from the chapter.  I really liked all the real stories from investment planners and other experts. The book in general just puts things into perspective and gives great conversation topics and strategies to think about. 

    I definitely want my boys to become financially responsible adults and be able to survive on their own.  I know too many people who spend too much money, can’t handle the debt they already have, and were basically never taught to handle money.  I want to teach my boys to spend wisely and save their money.  My husband and I may not be planning on leaving them a huge nestegg but I want them to know what to do with money.

    BUY IT: You can find Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation at your local bookstore or at Amazon.

    WIN IT: (2) US/CAN winners will receive the book “Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation”

    TO ENTER: Leave a comment on any tips on kids and money!


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    Please leave me a comment for EACH entry. This contest ends February 25, 2011. Thanks everyone and good luck! Also, if you just put a generic comment like “I want to Win” then I will have to disqualify you. Once per household please.

    Mama’s Money Savers Disclosure: I was sent this book to review in exchange for my honest opinion. Please see my Disclosure Policy.

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    Comments

    1. Holly G. says

      Our son has separate jars for saving and spending. It helps to reinforce the idea that it’s important to have savings.

      Reply

    2. susan smoaks says

      kids can learn the value of money by getting an allowance and then using that money to save up and spend on the things that they want

      Reply

    7. Elizabeth K says

      Food seems to be the most expensive things for kids (besides school). We look for free kid meal nights at local restaurants!

      Reply

    19. Fred says

      It’s important to give your kids opportunities to manage money at a young age. Give them allowance and teach them how to spend, save, and share.

      Reply

    20. AMY W. says

      I think a good tip is to not give your children everything they want, but at a young age start having them to earn money and save for something they really want.

      Reply

    37. bitt says

      I think giving kids a small budget for a certain event and having them pick items for it is a helpful lesson to have them learn about money. They need to know that parents won’t just take care if it all for them.

      Reply

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