Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years

"We welcome Bill and Will Bonner's radical new way of addressing the complexities of intergenerational wealth. The traditional approach has a track record of losing family well-being as well as family wealth. It is time for fresh ideas and systems." —Susan Bradley, CFP®, Founder of Sudden Money® Institute The how-to guide to building a family legacy that will last for generations—from bestselling author Bill Bonner From New York Times bestselling author Bill Bonner, and Will Bonner, comes Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years , a radical new way of looking at family money and a practical guide to building and maintaining multigenerational wealth. Revelatory and contrarian, the book rejects almost everything you think you know about building a family legacy, from why giving your children as much education as possible is not a good idea to why charitable donations are generally a waste of money. Filled with real-life stories from families with money, as well as recollections from the Bonners' own experiences, this is the only book you need to keep your money in the family.

Preface ix Acknowledgments xxi INTRODUCTION: Families That Won’t Fail and Money That Won’t Die 1 CHAPTER 1 Who Ya Gonna Call? 7 CHAPTER 2 The Family 35 CHAPTER 3 What About the Money? 73 CHAPTER 4 Making Your Fortune in Business 119 CHAPTER 5 Making Your Fortune in Investments 153 CHAPTER 6 Our Beta Bets 191 CHAPTER 7 Hard Structures 215 CHAPTER 8 Creating Prosperity for Generations 249 CHAPTER 9 Families with Money 275 CHAPTER 10 The Family Stronghold 295 Notes 307 About the Authors 313 Index 315

BILL BONNER is President and CEO of Agora Publishing, one of the world's largest financial newsletter companies. He is the creator of the Daily Reckoning , a financial newsletter with more than 540,000 readers of six different global daily editions, including French and German. Bonner is coauthor of the international bestsellers Financial Reckoning Day and Empire of Debt with Addison Wiggin, as well as Mobs, Messiahs, and Markets (coauthored with Lila Rajiva), the New York Times bestseller . In 2011, he wrote Dice Have No Memory: Big Bets and Bad Economics from Paris to the Pampas. He files his Daily Reckoning dispatches from a ranch in Argentina, the home office in Maryland, various joint ventures, and other hot spots around the globe. WILL BONNER is Executive Director of the Bonner & Partners Family Office, an independent estate planning and investment research group. Will got his start working in the "mailroom" of the family business, Agora, at age eleven. Later, he helped launch, and served as CEO of Early to Rise, a leading self-improvement publishing business. In 2007, he opened Agora's South American office in Buenos Aires, Argentina, and set up a successful business partnership that is one of the largest investment research and education companies publishing in Spanish. He is a graduate of St. John's College's Great Books program, earning a double major in philosophy and mathematics. Bonner lives with his wife and two children in Delray Beach, Florida. He's the eldest of Bill's six children.