Description
Wealth is the world’s most valuable guide to wealth management for individuals, families, business owners, and the “upwardly affluent.” In the six years since Stuart Lucas wrote this book, however, the financial world has changed dramatically. Throughout the financial crisis and beyond, Lucas has led the University of Chicago’s Private Wealth Management program, teaching 500+ members of the world’s wealthiest families. Now, he brings together extraordinary insights informed by this experience. Wealth, Updated and Revised Edition retains its core advice, now tested and proven by the worst financial crisis in 70 years. However, Lucas has updated his exclusive Strategic Wealth Management Framework to help even more individuals, families, and entrepreneurs aspiring to wealth or seeking to protect it. Lucas highlights key drivers – family purpose, the economic engine, and leakage management – that mark the difference between family enterprises that succeed for generations and those that fail. He offers updated, sage advice on making financial decisions, evaluating “expert” advice, running a family business office, tax/estate planning, philanthropy, wealth preservation, and more. Since developing a family’s human capital is the best antidote to Wall Street excess, this edition adds even more robust, actionable guidance for building a culture of Entrepreneurial Stewardship: one that enables and encourages all family members to flourish, and improves the odds of sustaining wealth. Foreword to the Second Edition viii Foreword to the First Edition xi Introduction 1 Chapter 1: Protecting and Growing Your Wealth 15 Chapter 2: Eight Principles of Strategic Wealth Management 37 Chapter 3: Start with Your Family Purpose 57 Chapter 4: Defining Your Financial Objectives 85 Chapter 5: The Enchanted Forest, the Secret Society, and the Capital Kibbutz 127 Chapter 6: Picking Your Investment Strategy 161 Chapter 7: Making Your Most Important Hire 211 Chapter 8: Taxes Can Be Your Ally! 249 Chapter 9: Promoting Entrepreneurial Stewardship 275 Chapter 10: Making Philanthropy Part of Your Strategic Wealth Program 305 Chapter 11: Putting It All Together: Multigenerational Planning and Wealth Transfer 331 Index 359
