» » Wealth: Grow It, Protect It, Spend It, and Share It (Paperback)

Download Wealth: Grow It, Protect It, Spend It, and Share It (Paperback) epub

by Stuart E. Lucas

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.

Download Wealth: Grow It, Protect It, Spend It, and Share It (Paperback) epub
ISBN: 0132350114
ISBN13: 978-0132350112
Category: Other
Subcategory: Business & Finance
Author: Stuart E. Lucas
Language: English
Publisher: Pearson Prentice Hall (August 2, 2007)
Pages: 384 pages
ePUB size: 1702 kb
FB2 size: 1676 kb
Rating: 4.3
Votes: 601
Other Formats: mbr mobi lrf lrf

I am retired. If I were to spend down my saving at 4% each year (as we are told to do), I would have bleeding ulcers. This, easy to read and understand book, teaches you how to invest your money so you can live off the interest and dividends. You will not have to worry about running out of money and will be able to leave the principle to loved ones and/or charity. What a nice legacy! The author knows what he is talking about. A must read for those saving for retirement or who receive a large sum of money.
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.
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.
Super helpful book for anyone interested in being a good steward of family wealth while experiencing and maintaining healthy family relationships!!
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.
The story is dated ... and it is all about what your family thinks you should do. What if family is not a component in your decision?
Stuart Lucas's book makes one appreciate the differences in viewpoint between planning for the financial future of a couple versus many generations of a family.

Conventional financial wisdom says that a couple should withdraw no more than 4% of the investment portfolio during retirement (with an annual inflation adjustment). This 4% rule came from examining past 30 year periods to see if the money would last. Thirty years was chosen because that was the expected lifetime of a couple retiring at age 65.

With a family foundation, like the Lucas one, you are no longer planning for just the 30 year retirement period of one couple. You are actually planning for eternity if you plan for each succeeding generation to the current one. This drops the 4% rule down to more like a 1 to 2% safe withdrawal rate to assure the money lasts forever. Quite a different planning horizon than just one couple.

Lucas does an excellent job of laying out the annual costs of a foundation, and more importantly identifies 4 investment strategies which are typically used.

I was a little surprised at Lucas's definition of barbell investing. The definition I was familiar with was in regards to asset allocation. The definition I am familiar with is a strategy where you invest in small cap and large cap stocks, but you skip the mid-caps. Lucas has developed a different definition. He suggests that 80% of your assets be invested in financial entities, and you use 20% for running your own business. This strategy allows people to try a 2nd career working part-time for full-time. Because you are working, there are no withdrawals and therefore the portfolio lasts longer.

I was also surprised that Lucas invests in some very high risk investments such as emerging markets, private equity, and hedge funds. He sometimes practices market timing once per year as well. The returns for these investments can be higher than conventional stocks and bonds, but so are the risks. It takes time and the ability to get some highly sought after managers to work for you. Many of these high risk investments are not available to the individual investor.

Lucas also warns to find the right municipal bond funds, since many bond funds are not immune to the AMT tax.

I enjoyed Lucas's book. His writing style is good, and he uses his own family's experiences to tell his story. I like the fact he recommends index funds. He also makes you think about modifying one of his four strategies for your investment strategy. If you are thinking about retiring from your first career, and then starting your own business, his barbell strategy is interesting as well.

I would suggest companion books to supplement this book including:
The Richest Man in Babylon
Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
The Millionaire Next Door
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition

The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life
The Bogleheads' Guide to Investing
All About Asset Allocation.
Wealth management is on everyone's mind, and there are certainly a number of reference books of varying quality you can chose from on the bookshelves of Borders. This one is a particularly strong entry into this crowded field because the author has not only worked with successful clients at investment management firms but also has the pedigree to be a convincing evangelist. A Harvard MBA, Stuart Lucas is a fourth-generation heir to the Carnation Company fortune and consequently an expert on multi-generational estate management. What makes this book interesting is that it is not simply a by-the-numbers guidebook into wealth but a generally well-rounded tome that addresses the emotional concerns and giveback issues once investing decisions are made and implemented.

Using his own family background for key examples of his philosophy, Lucas manages to avoid an elitist tone and balances in-depth financial guidance with his own tips on negotiating financial decisions when it comes to retirement planning. He is obviously in a good position to give advice on how to manage wealth received through inheritance, and in turn, he shows how to make sure the next generation can manage the wealth they receive. As an investment professional, the author does not shy away from the details behind various investment options and is generous with quantifiable information. While not that enlightening on its own, the data is essential in his presentation. However, it's the more holistic picture where Lucas excels as he provides helpful guidelines around the following areas:

--Taking charge early

--Aligning family and business interests around wealth-building goals and strategies

--Creating a culture of accountability

--Capitalizing on the family's combined resources

--Delegating, empowering and respecting independence

--Diversifying while maintaining focus

--Oversimplifying on investment decisions and keeping them in check

--Developing future wealth leaders within the family

Lucas has produced an eminently readable how-to book which certainly does not err in the direction of being too dry on the subject. He uses his own wealthy subsistence as a means to share the wealth, sort of speak, even if the reader is just starting to think about retirement. I think the book is best targeted to his fellow investment professionals, but there is enough here to appeal to the future-challenged layman. Highly recommended.