Product Description
Never has it been more important to read Wealth: Grow It, Protect It, Spend It, and Share It. More of us have created more wealth today than ever before; managing our retirement assets is increasingly our own responsibility; and America is bracing for the largest intergenerational transfer of wealth in history. Added to this are the recent financial scandals which have left us confused about who to trust for good investment and wealth management advice. And becau… More >>
Wealth: Grow It, Protect It, Spend It, and Share It
In “Wealth,” Lucas gives a good overview of how his family manages its money. His family is a little different than most, in that it had a liquidity event that led to about $1 billion in cash for the family.
As one reviewer pointed out, the author can get wordy at times, but overall the book is well written and approachable.
If you have less than $1 million of investable assets this book might not be the best starting place for advice as the method his family uses requires quite a bit of capital to pursue effectively.
Lucas’s use of real-life examples is good, as is his view of his generation being stewards for future Lucas generations. There is a good chapter on how to use wealth to help society, which is a topic that is all too often overlooked in wealth management books.
Rating: 5 / 5
Overall the book provides a good overview on the topic of wealth management. It may also be useful to refer to while chosing a wealth manager. Many topics and chapters are wordy and you may lose focus many times during the reading. But if you are serious on gaining basic knowledge on the topic of wealth management it maybe a good book to start with.
Rating: 3 / 5
This book is very thorough, but I thought it dealt too much in family wealth for wealthy people and not enough for personal wealth. The title does not reflect this.
Rating: 3 / 5
More than a primer on how to make money, this book is a snapshot view into the life of very wealthy families. As a descendent of the Carnation Evaporated Milk founder, Mr. Lucas is from a wealthy family. He presents here a look at the dynamics of a wealthy family. The book presumes that the person in charge of the investments has a sizable fortune to control. Within any family one can presume that there will be people that are simply incapable of controlling the wealth. There are those who drink too much, divorce too much, make bad investments, etc. etc.
What really comes through the book is that managing a family fortune is a lot of work. Not only does it require all the usual investment strategy analysis, but you have to work to keep everyone in the family more or less happy.
We sould all like to pass along a little of the savings we have accumulated over the years to help our children get started. Here is a view of the problem not often seen.
Rating: 5 / 5
Worthwhile so long as you skim past the biographical prose and get to the basic nuggets of financial planning offered. A good basic introduction to wealth management for those that have no background working with private bankers, financial planners and/or selecting their own investments. Not a great book for learning how to invest nor where to find qualified investment professionals.
Rating: 4 / 5