Family Inc.: Using Business Principles to Maximize Your Family's Wealth

ISBN-13: 9781119577416 / Angielski / Miękka / 2019 / 272 str.

McCormick, Douglas P.

Spis treści

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

O autorze

DOUGLAS P. MCCORMICK has a lifetime of experiences that provide the foundation for the framework, principles, and tools in Family Inc. As a professional investor, he has spent two decades managing money for institutional clients such as insurance companies, pension funds, entrepreneurs, and high net worth families. Unlike Wall Street money managers who seek to generate paper profits through passive investing, Doug partners with families and entrepreneurs to build and grow their businesses to create sustainable value. Holder of a BS in Economics from West Point and an MBA from Harvard, he is a cofounder and a Managing Partner at HCI Equity Partners. His motivation for writing this book started with his own challenges finding good personal finance advice as a young adult and his belief that financial literacy is one of the largest problems facing Americans today. He is optimistic this problem can be solved through awareness, education, and hard work.