by Stuart E. Lucas
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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 because most advisors are specialists, the critical task of integrating the varied aspects of wealth management falls on our shoulders. Written by Stuart Lucas, an experienced investment professional, Carnation Company heir, and now manager of his family's fortune, Wealth: / Helps you to ntegrate the financial and family aspects of wealth management into an actionable, coherent whole; / Provides the tools and information you need to take charge of your wealth, so that your advisors and your money are working toward achieving your goals; / Addresses family relationships and values, preparing your children for affluence, the motives of advisors, spending, philanthropy, taxes, estate planning, investment strategies, and more.In short, Wealth is the definitive guide to optimizing your financial future. The lessons of Wealth apply whether you have $100,000 or $100,000,000, whether your goal is to safeguard assets to last your lifetime or to create a financial legacy that will continue for generations.
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Average Customer Review:
0 of 0 people found the following review helpful:
 Effective albeit plodding guidebook on wealth management , 2008-11-01
Author Stuart Lucas is an heir to the Carnation family fortune, so he knows a little something about wealth. This book is a useful, albeit somewhat plodding, handbook on managing wealth. It covers almost all the fundamentals except how to make it. It's a bit like the old Steve Martin routine, "How to Make a Million Dollars and Never Pay Taxes."
"Ok, first - get a million dollars....and then ...
For those who do not inherit their fortunes, means other than inheritance will have to drive the ability to arrive at a level of wealth, enabling the tips and techniques that Lucas discusses. For those who want to better organize their finances, plan their estates or who experience a "liquidity event,"
"Wealth" is an effective guide to picking a financial advisor and assessing one's own financial aims.
0 of 0 people found the following review helpful:
 Useful information, 2008-10-09
some useful information and advice here for people at all levels of financial evolution. especially the tax chapter, the barbell strategy, and the caveat emptors about the financial services industry.
the barbell involves using the income from aggressive investment strategies and/or successful business(es) to fund and grow other lower return but safer asset classes.
what's most amazing to me though, is that he never once mentioned the CDAR in relation to those safer non-volatile asset classes. you can google it but CDAR boils down to FDIC insurance for up to (currently) $50 million through a single bank and one statement. there are currently over 2000 banks that offer the service. cdar.com certainly belonged in this book. and, of course he doesn't share any usable specifics for consistently performing aggressive investment strategies. dont expect that. you wont find those in books or magazines. you have to create those yourself.
there are other less useful aspects to the book e.g. his incessant ancestral worship, obsession with family 'legacy' and obsession with 'transferring' his personal values to his descendants. i guess that would be pleasing to some folks, but i had to hold my nose while i read this. the word 'values averages 3-4 times on every page.
also, he doesn't mention the most important asset of all which is your ability to earn a living independent of the family trust.
1 of 1 people found the following review helpful:
 Good for the Basics, 2008-05-19
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.
1 of 1 people found the following review helpful:
Stuart's life lessons., 2008-04-01
Stuart has laid out a valuable book for all who will come into an inheritance. There are many lessons, and examples that can be a road map to what your family should do when this event takes place. There are so many ways to go wrong and make poor decisions when preparing to receive wealth that a parent or family member leaves for you. This book helps to guide you in what needs to be done, so that you can bless your family and others with what you are given.
1 of 3 people found the following review helpful:
Good Overview of How One Wealthy Family Manages its Money, 2007-07-23
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.
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