Summary of Wealth

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Rating

9 Overall

9 Applicability

8 Innovation

7 Style

Recommendation

This is one of the best books yet written on the subject of personal financial management. The author, Stuart E. Lucas, is heir to one of the biggest family fortunes in America. When he and his family took a close look at their finances, they discovered that mediocre management was eroding their wealth. They decided to take a new, very disciplined approach to money management. This book recounts their experiences and summarizes their guiding principles. Although few readers will have wealth on the scale of the author's family fortune, getAbstract believes that even those in modest circumstances, and certainly the well-to-do or up-and-coming, will benefit from Lucas' advice about spending, saving, investing, taxes and family values.

In this summary, you will learn

  • How to manage a family fortune; and
  • How to use many wealth management strategies that can be helpful even if you do not have a family fortune.
 

About the Author

Stuart E. Lucas is a fourth-generation heir to the Carnation fortune, chairman of a wealth management company, former senior managing director of private client services at a major bank and Vice Chairman of the National Public Radio Foundation.

 

Summary

Being Rich Isn't Easy
E.A. Stuart established the Pacific Coast Condensed Milk Company in 1899, paying $25,000 for the technology to make evaporated milk. He had his share of business misfortunes, but lucked out when the Alaskan Gold Rush began and prospectors stocked up on evaporated ...

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Contained in Knowledge Pack:

  • Knowledge Pack
    Family Wealth
    How to solve a great problem: keeping that fortune in the family.

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