Richard A. Morris & Jayne A. Pearl 
Kids, Wealth, and Consequences 
Ensuring a Responsible Financial Future for the Next Generation

Leaving children with a substantial amount of money can be a boon
or a burden. High-net-worth parents need to give their children an
education to navigate today’s complex world. The question
becomes how to raise children with a sense of reality and balance,
imparting a strong work ethic, and making them good stewards of
their wealth.

Kids, Wealth, and Consequences enlightens high-net-worth
parents about the unique issues they need to explore. The book
addresses the ‘hard’ financial issues, such as
investing and estate planning, as well as the ‘soft’
emotional issues relating to values, family, and communication.
Morris and Pearl detail strategies and techniques to help parents
raise children who appreciate and know how to manage the wealth
they inherit.

Richard Morris spent many years working for his family’s
multimillion dollar business, and learned firsthand the challenges
of business ownership and family wealth.

Jayne Pearl is an experienced journalist who writes about families,
family businesses, and money.

Table of Content

Foreword by James E. Hughes Jr. viii

Acknowledgments xi

Introduction 1

SECTION I: Financial Choices

1 Calculating Your Family’s Future 16

2 To Trust and How to Trust 38

3 Portfolio Management 59

SECTION II: Intellectual Choices

4 Financial Literacy 86

5 Skills and Experience 107

6 Goals and Purpose 130

SECTION III: Spiritual/Emotional Choices

7 Success and Happiness 146

8 Communication 160

9 Navigating the High-Net worth Environment 176

SECTION IV: Integrating Your Choices

10 The Family Glue 198

11 Pulling It Together 214

Appendixes 235

Index 263

About the author

RICHARD MORRIS is principal of Resource for Ownership Intelligence (ROI) Consulting, which helps family business owners grow and pass their business to subsequent generations. He is also an adjunct professor at Lake Forest Graduate School of Management. Previously, he spent many years working for the family business, Fel-Pro Inc. Morris has written articles for print media and is often quoted in the press. He received his MBA from Northwestern University.

JAYNE PEARL has been a financial journalist for almost thirty years, focusing on family business and financial parenting. She has been quoted extensively in the media. She was a senior editor at Family Business magazine, editor of a syndicated daily business public radio show, and also worked at Forbes. She has written or ghostwritten several books and written hundreds of articles.