What’s remarkable about Frazer Rice’s Wealth Actually isn’t simply that it’s a book of truly sound advice to families everywhere about how to think about wealth, and how to structure passing it onto your children and grandchildren, if you’re lucky enough to have sufficient funds to do so, but the powerful thread of humanity that runs through every page.
While the book seems at first sight aimed at the high-wealth individuals and families Rice has spent much of his career working with, its lessons and, in particular, its frequent, thought-provoking questions, apply to the heart of all families.
Far too many of us at any economic level often put off making a will, wanting to avoid the hard decisions that may involve - as well as the thoughts of our own mortality - so the questions Frazer Rice poses may come as a shock with their clarity and level-headedness:
“What’s important to you regarding your family?”
“Who constitutes your family? What do you feel responsible for, in terms of their expenses?”
“If your children are an important part of your planning, for what length of time do you want to support them?”
A key factor for many wealthy families is clearly deciding how much to tell their children about the wealth they may inherit, and how to motivate them to find their own path in life and not feel overwhelmed by their family’s money, or perhaps by their parents’ achievements.
While this may not apply exactly to every family at every income level, all mindful parents spend time trying to find a way to help their children grow, and support them when they can, but also give them the space to discover who they are as individuals and how they fit into this world.
Frazer’s book repeatedly stresses the complexities all of us face within family relationships, no matter our budget level, and how important it is both to plan intelligently for the future, but also to recognize that it is unpredictable.
He addresses the concerns of long-term care when older, and disabilities and problems with drugs, alcoholism or excessive spending or gambling that may arise at any time.
The main thrust of Wealth Actually isn’t about making money (Rice states early on that it isn’t a “get rich quick” book), but about managing its role in your life. And the answers he suggests are very sound, and applicable to everyone: ask yourself the hard questions about what you want from life, who you want to spend it with and protect, and, if you can afford advisors, how to choose them and what to expect of them. He stresses that money doesn’t necessarily bring happiness - and that money, badly managed, may even make things worse.
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A sublime set of observations from a legitimate business insider - written in terms the average reader can grasp, without a whiff of gnawing pedanticism.
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Alam Zaib Ahmad
Well-Balanced! Brilliant
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