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Family Inc. : using business principles to maximize your family's wealth

Author: Douglas P McCormick
Publisher: Hoboken, NJ : Wiley, [2019] ©2019
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
"Actionable, intelligent CFO training for the Chief Family Financial Officer Family Inc. is a roadmap to financial security for the family CFO. Too much personal wealth management advice essentially boils down to goal-setting, which isn't helpful or effective in terms of overall financial planning. This book takes a different track, giving you a crash course in corporate finance and the tools to apply the field's  Read more...
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Document Type: Book
All Authors / Contributors: Douglas P McCormick
ISBN: 1119577411 9781119577416
OCLC Number: 1066185958
Description: xviii, 251 pages : illustrations ; 23 cm
Contents: Foreword ixAcknowledgments xiiiWith Appreciation for America's ArmedForces Service Members xvIntroduction xviiSection I Every Family Needs a Chief Financial Officer 1Chapter 1 Why Do I Need a CFO? I Don't Even Own a Business 3Section II Maximize the Value of Your Single Biggest Asset-Your Labor 17Chapter 2 Double the Value of Y our Labor through Education 19Chapter 3 Make Career Choices That Extend Your Possibilities 29Chapter 4 Think Like an Investor When Making Career Decisions 33Chapter 5 Don't Overlook Retirement Benefits Just Because They're Not Imminent 45Chapter 6 Complement Your Career Decisions with Insurance 49Section III Manage Your Assets Like a CFO Manages a Business 55Chapter 7 Your Financial Assets Serve Many Functions in Your Family Business 57Chapter 8 Diversify Your Family Business with the Right Investments 61Chapter 9 Define the Right Goals for Your Asset Management Business 75Chapter 10 Use History to Make Reasonable Investment Assumptions 81Chapter 11 Safeguard Your Assets from the Main Risks 97Chapter 12 Not All Debt Is Bad! Use Debt to Purchase Assets and Maximize Your Liquidity 101Chapter 13 Which Is Better, Active or Passive Investment Management? It Depends. . . . 105Chapter 14 Use Indexing for Your Low-Cost Investment Portfolio 113Chapter 15 Understand When It Makes Sense to Pick Individual Stocks and Managers 117Chapter 16 The CFO's Step-by-Step Guide to Building the Family Investment Program 125Chapter 17 Know Yourself-Understand the Psychological Factors That Can Torpedo Your Goals 131Chapter 18 Don't Sweat the Details of Your Asset Management Business 135Section IV Family Inc. Does Not Manage Itself 139Chapter 19 Create Tools and a Reporting Dashboard for Managing Family Inc. 141Section V Manage Your Family Endowment in Retirement 165Chapter 20 Understand How Your Family Business Changes in Retirement 167Chapter 21 Sleep Well-Protect Your Retirement through Insurance 169Chapter 22 What's Your Number? Determine When and How Much You Can Afford to Spend in Retirement 179Section VI Avoid the Rat Race-Change the Game by Changing the Rules 201Chapter 23 Pay Yourself What You're Worth through Entrepreneurship 203Chapter 24 Jump-Start Your Heirs' Financial Security 209Chapter 25 Develop a Succession Plan to Groom Your Replacement(s) 213Chapter 26 Develop and Manage Your Estate or Uncle Sam Will 217Chapter 27 Maximize Your Charitable Legacy 221Section VII A Call to Action 225Chapter 28 "But It's Different This Time. . . ." 227Chapter 29 Put Down the Book-Just Do It! 229Appendix: How to Calculate Expected Lifetime Labor Value 231Glossary 233Notes 237Index 243
Responsibility: Douglas P. McCormick.

Abstract:

"Actionable, intelligent CFO training for the Chief Family Financial Officer Family Inc. is a roadmap to financial security for the family CFO. Too much personal wealth management advice essentially boils down to goal-setting, which isn't helpful or effective in terms of overall financial planning. This book takes a different track, giving you a crash course in corporate finance and the tools to apply the field's proven, time-tested principles in the context of your family's financial situation. You'll learn the key principles of wealth creation and management, and learn how to make your intellectual and real capital work for you. Your family situation is unique, and your principles must sometimes differ from the standard financial advice--and that's okay. Life is not a template, and even the best strategy must be able to adapt to real-life situations. You'll learn to chart your own path to financial security, utilizing the author's own tools that he developed over 15 years as an active board member, chairman of the board, or chief financial officer of multiple companies. Oversimplified wealth management advice does not leave you equipped to manage your real-world finances. This guide is written with intellectual rigor, but in the language of family discussion, to give you a real, practical guide to being an effective family CFO. Create your own financial prosperity and security Align financial acumen with your family's specific situation Adapt to real-world situations and make your financial advisor work for you Utilize powerful financial tools to help you build financial independence Every family needs a CFO to manage wealth, and the principles of corporate finance apply from the boardroom to the living room. Family Inc. delivers actionable advice in the form of CFO training to help you plot a real-world family financial plan." -- ONIX annotation.

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