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Friday, May 16, 2008

Get Rich, Stay Rich; Pass It On

Get Rich, Stay Rich, Pass It On:

The Wealth- accumulation Secrets of America’s Richest Families

Catherine S. Mebreen and George H. Walper, Jr.

Portfolio (December 2007)

I just finished reading, and found Pass It On to be the perfect fit for the title of this timely book.  I will pass this read on to my children.  This book is a perfect follow up for families who have studied Schwab’s It Pays to Talk.  Pass It On is a good one for families to read together, think about and discuss.  Family financial goals are just another way to share love and friendship together in this important way that in the past for some was a hidden or taboo subject.

            The main theme is there are only 2 definitive ways to create the kind of wealth that can be bequeathed to multiple generations. 

(1) Own income- producing real estate-in addition to your primary residence.  An asset that can earn money for you and that can be passed down to your heirs as part of your legacy.

(2) Practice what we call continually innovative entrepreneurship—being involved in or investing and reinvesting, in a company product, or service that represents a whole new way to make money.

Pass It On stresses self-assessment, character ethics and continue in, self-analysis of your business passions.  This practical book outlines the best way to get really rich is to follow the models for keeping your heirs rich tomorrow.