The Power of Generational Wealth: It’s More Than Dollars and Cents, by Gerald C. Grant Jr. and Gerald C. Grant III
My review: ★★★
This book is an introduction into how to think about making sure your assets outlast you and go on to benefit your family for years or generations to come. It’s especially targeted at readers who are not used to the idea of having lasting assets, such as people who grew up with very little. It’s aimed at giving you an understanding of what’s possible, so you know what kinds of goals to set. It’s good advice for anyone who manages to be comfortable enough that they’re not living paycheck-to-paycheck; you don’t need to be “rich” to find value in this book.
This is a fairly quick read that’s more about introducing you to concepts and reducing fear than it is about detailed plans. One of the most valuable concepts in this book, for me, was a reinforcement of the importance of teaching your *children* to be financially literate. What’s the point of saving your money to support them, if they won’t manage it properly?
My biggest wish about this book is that it should get into more detailed suggestions and plans for *how* to accomplish these goals. It’s one thing to remind me to work on my children’s financial literacy. It’d be even more valuable if the book laid out a set of steps I could take to achieve that, or a set of questions/exercises for me to work through to arrive at my own answers. There are a lot of great goals in this book but they’re still quite abstract. I needed something to make them feel more tangible and achievable. There *are* a few checklists and resources on their web site, at least, but these don’t de-mystify the process for me.
In the absence of that, my other big take-away was the suggestion to have a team of advisors: a lawyer, a financial advisor, an accountant, an investor, and an insurance professional. I know for some people that’s the most workable way to take care of their money, but gosh, I read that list and just hear those people draining my money away.
The authors, a father-son team, are clearly very experienced financial advisors who know all the mistakes people fall into. Use this book as an introduction to the possibilities and an inspiration to get started, and then you can either assemble your team of advisors, or go on to study more about how to accomplish the goals in the book.