Family Fortunes

Selected as one of Motley Fool's 5 Great Books You Should Read, Family Fortunes offers valuable advice on managing wealth from bestselling author Bill Bonner.

In this radical new approach to family money, trusted New York Times bestselling author Bill Bonner delivers a practical and actionable guide for creating and maintaining multigenerational wealth. Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years is filled with useful information, interwoven with Bonner's stories about his own family's wealth philosophy and practices.

This comprehensive guide demonstrates how families can preserve their estates by ignoring common misconceptions about "the rich" and instead, training and motivating all family members to work towards a very uncommon goal. It's a must-read for all individual investors, even those not planning to leave money to their children, as 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. However, the Bonners present 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 other 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

You will gain a very different perspective on family wealth. It is not stodgy, boring, or reactionary. On the contrary, it represents the most dynamic, forward-looking capital in the world.

Family Fortunes is the essential guide to passing wealth from one generation to the next, filled with concrete, practical advice that you can put to use right away.