School administrators, wealth advisory firms, financial institutions, and family business programs have noted increasing concern from parents who want help rethinking and reframing how they raise their children.
Chicago, IL (Vocus/PRWEB) February 03, 2011
Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation (Bloomberg Press, a Wiley imprint), by Richard A. Morris and Jayne A. Pearl, marks its one year anniversary on February 3, 2011.
Less than two weeks after its release, the book climbed to #1 on the Amazon ranking list for books in its category and has maintained a spot on this Amazon bestseller list in each of the last 52 weeks.
“We believe our book has touched a nerve because today’s economy has caused parents to think more about the consequences of having raised their children in an affluent society,” say Morris and Pearl. “Parents are looking for resources to reassess their financial values, how to make their children financially responsible and disciplined, and what opportunities will be available for their kids in the future.”
School administrators, wealth advisory firms, financial institutions, and family business programs have noted increasing concern from parents who want help rethinking and reframing how they raise their children. They have responded to this demand by sponsoring speakers and panels to talk to parents and children.
Morris and Pearl note, “Parents have many unanswered questions such as: Does money truly bring happiness? How much money is enough? What do I need to teach my kids to ensure they will be responsible financial adults? Will my kids have the drive and motivation to get a job that will support their current lifestyle?
"The very wealthy are also asking: If my kids inherit my wealth, will they know how to invest and spend it wisely, or will they blow it all on expensive luxuries and travel? Will wealth make my children entitled, unproductive and unhappy?”
Many parents mistakenly think that schools are teaching their children the lessons they need to know to be responsible with their finances:
- Jump$tart Coalition for Personal Financial Literacy found that 87% of parents they surveyed believe their children learn everything they need to know about money at school.
- Ninety percent of students Jump$tart surveyed report they get their financial education from their parents.
- No wonder 62% of high school seniors failed a personal finance exam and only 12% scored a C or higher.
Kids, Wealth, and Consequences, helps parents question their financial values, understand what messages they want to communicate about money, finance, career choices and philanthropy. The book also suggests ways to educate children on these subjects.
Jill Shipley, who organizes education for families of wealth at GenSpring, says, “Morris and Pearl provide insights that are beneficial to all generations, share stories from families that are easy to relate to, and provide hundreds of tips, tools and recommended resources.”
Morris and Pearl explain, “Parents would be wise to reevaluate their financial values and consider how they communicate and model those values, to help prepare their children to succeed in any economic environment.”
Kids, Wealth, and Consequences helps affluent parents and their advisors understand how affluence affects children’s future success, happiness and motivation. The book explores everything from how and when parents should talk to their children about the often-uncomfortable topic of money to what affluent families can learn from the economic meltdown about spending, saving and investing to help them better prepare themselves and their children to survive in any economic environment.
Jayne Pearl is a journalist and entertaining speaker, focusing on family business and financial parenting. She is author of [Kids and Money: Giving Them the Savvy to Succeed Financially (Bloomberg Press) and has co-authored or ghost-written ten other books. Jayne began her career at Forbes and was former senior editor of Family Business magazine, to which she has contributed for 20 years.
Richard Morris is an adjunct professor at the Lake Forest Graduate School of Management and is principal of ROI Consulting, helping family owners expand and pass down their business to subsequent generations. Previously, he worked at his family's 80-year-old privately held company, Fel-Pro Incorporated, managing Marketing and then Acquisitions, and serving on the Board of Directors until its sale in 1998.