Family Wealth

George T. Downing (December 30, 1819 – July 21, 1903)
Family Wealth, History

George T. Downing (December 30, 1819 – July 21, 1903)

George T. Downing (December 30, 1819 – July 21, 1903) was born in New York City. His father Thomas was born in 1791 in Chincoteague, Virginia, to parents who had been freed from slavery when their master, John Downing, a prominent planter, converted to Methodism. The couple took his surname and were also Methodists.⠀⠀⠀⠀⠀⠀⠀⠀⠀The local Methodist congregation named their meeting house in Oak Hill after Downing because of his acts. Downing hired Thomas' parents to serve as caretakers at the meeting house, and provided a tutor for Thomas. Thomas grew up learning about refined tastes from guests hosted by John Downing at his own house, near the land his parents were given,⠀⠀⠀⠀⠀⠀⠀⠀⠀George Downing was an abolitionist and activist for African-American civil rights while building a successful...
How To Turn Your Family Into Old Money
Family Wealth

How To Turn Your Family Into Old Money

By Jill Krasny Sep 7, 2012, 10:47 AM Some families are born into wealth. Others create it.  Will and Bill Bonner wrote Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years to teach people the latter.  "Family wealth is money that no individual is going to spend," Will told Business Insider. "It's capital that is used to advance the collective goals of the family, and help the individual members be successful and find their calling in life."  And anyone can have it.  "Every family started somewhere, and you start with what you've got," said Bonner. "People who aren't wealthy yet could implement a lot of these systems. But they need some breakout wealth creation."  Excerpted with permission of the publisher John Wiley ...
A 5 Point Strategy for Creating And Building Family Wealth
Family Wealth

A 5 Point Strategy for Creating And Building Family Wealth

Article by Linda Davis Taylor, author of The Business of Family: How to Stay Rich for Generations When you think of your family, mission statement and strategy are probably not the first terms that come to mind. But, as I explain in my new book, The Business of Family: How to Stay Rich for Generations, when families are organized with a business mindset, parents set up their kids for future success. I’ve found that families who truly understand wealth tend to invest in their families with as much discipline as they do with their business. Here are five strategies for your family to use to create and keep prosperity: 1. Come up with a family mission statement. Business leaders know that if they don't deliver on their promises, they'll lo...
A Refection on the Art and Practice of Ritual Within a Family Governance System
Family Wealth

A Refection on the Art and Practice of Ritual Within a Family Governance System

By James E. Hughes, Jr. I have noted in my work with families that those families, who recognize the important passage in their families’ members’ lives with ritual, seem to do better in their pursuit to overcome the “shirt sleeves” proverb. Perhaps this should not be surprising since the creation and practice of rituals designed to recognize the important developmental steps in the life of a human being, and of the family and the tribe of which he is a part, are at the core of what anthropology teaches us is successful to tribal life. Tribes, as I will explain below, are the extended generations of an original family. Anthropology further teaches that tribes are the result of a family in its second and third generations forming clans and then those clans in the fourth and fifth gene...
Having the family ‘wealth talk’: Four tips to remember
Family Life, Family Wealth

Having the family ‘wealth talk’: Four tips to remember

Article By Thane Stenner Let me ask you: How much have you spoken to your kids about wealth? I'm not talking about teaching them savings habits or giving them the occasional investment tip. I'm thinking about a family wealth discussion: how wealthy the family is, how much the kids will inherit, and on what terms. If you answered, "We haven't," you're not alone. In fact, a recent survey from U.S.-based SEI Private Wealth Management reveals a shocking knowledge gap about family wealth, even among some of the wealthiest families in the world. Its findings: More than 80 per cent of United States, ultrahigh-net-worth parents (average net worth: more than $18-million) haven't let their children know how much inheritance they will receive. And only 20 per cent of them had given their ...