The Power of Family: Cultivating Prosperity for Future Generations

The Power of Family: Nurturing Wealth for Generations is a valuable resource on preserving the fruits of your family’s labor. I discovered that while business owners invest significant time and effort into their businesses, they often overlook the importance of investing in their families who benefit from those businesses. It is time to shift our focus, and in this book, Linda Davis Taylor, a knowledgeable investment consultant from a long lineage of successful investors, enlightens us on how to bring about this change.

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The book The Business of Family: How to Stay Rich for Generations aims to have an important conversation about money within families. Why is this conversation necessary? Because our families need it.

In her book, Linda Davis Taylor explains that more and more families are accumulating wealth that they plan to pass down to future generations. However, there is a problem: by the third generation, these hard-earned assets often disappear.

What is The Business of Family all about?

The Business of Family isn’t about making money as a family or choosing the best place to grow your wealth. It’s about something even more important: how to preserve and pass on the money and assets your family has worked hard for, for many generations to come. You won’t find tips on where to invest your money or how to get rich quick in this book. Instead, the author, Linda Davis Taylor, emphasizes the value of two essential things: instilling strong values and prioritizing education. According to Taylor, these are the missing pieces in many families’ plans for managing their wealth and ensuring a successful transfer of assets to future generations.

In the book, Taylor complains about how business owners spend time planning for the future of their businesses and training their employees, but they often neglect to do the same for their own families. It’s ironic that even if the business owner is good with money, all their hard work could be undone by the actions of their own relatives. Just take a look at the scandals you hear about in the news or the stories in history books.

To tackle that problem, I’ve got a tip for you: treat your family like a business. Just like a business owner invests in their company, families should invest in themselves too. Here’s what I mean – think about what’s important to your family and make a plan for it. We can call it the family constitution. This plan will be like a strategy to help your family grow and pass down their wealth.

It’s important to keep this plan up to date by having regular family meetings, or family councils. During these meetings, talk about money and how to manage it wisely. This is called your financial IQ. But it’s not just about money – also talk about values, mentoring, and good behaviors. This is your financial EQ.

If you follow this plan, your family will become money-smart. You’ll know about money in general and also about your family’s money. And the best part? You’ll have a written plan that everyone can follow. It will be like a map, guiding you on your financial journey.

About the Author

Hi there! I’m Linda Davis Taylor, a former college advisor and CEO of Clifford Swan Investment Counsel, a business that has been in my family for generations. I love talking about wealth planning and how it relates to families.

The Best Thing About The Business of Family

What I really love about The Business of Family is how it tackles a tricky family issue: money. My solution is all about working together and having a plan that can be passed down through generations. It’s not just about passing down the money itself, but also the values and ideas behind it. This approach is really forward-thinking, especially in a time when money can seem overwhelming and complicated.

What Could Have Been Done Differently

When I read The Business of Family, I couldn’t help but notice that it overlooks an important issue that can really throw a wrench in the whole project: family obstacles. It’s no secret that families often face major challenges, and these challenges can become even more complicated when there’s a lot of money involved. The book does touch on this a bit, but it could definitely benefit from diving deeper into strategies for overcoming these obstacles.

Why should you read The Business of Family?

I’ll tell you why. The Business of Family provides compelling evidence for the idea that families should regularly have what they call the money conversation, especially when it comes to passing down wealth. It’s not enough to simply handle the legal paperwork for succession. It’s equally important to pass on the values and goals of the family to the person who will be in charge of the assets once they’re handed down.

Even though this book is mainly aimed at families with a lot of money, it has valuable advice that all families should talk about. It doesn’t matter what we leave behind for our children, if we don’t teach them how to manage it properly, it can end up causing more problems than we expect.

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