{"product_id":"family-inc-isbn-9781119577416","title":"Family Inc.","description":"\u003cb\u003eActionable, intelligent CFO training for the Chief Family Financial Officer\u003c\/b\u003e \u003cp\u003e\u003ci\u003eFamily Inc.\u003c\/i\u003e is a roadmap to financial security for the family CFO. Too much personal wealth management advice essentially boils down to goal-setting, which isn't helpful or effective in terms of overall financial planning. This book takes a different track, giving you a crash course in corporate finance and the tools to apply the field's proven, time-tested principles in the context of your family's financial situation. You'll learn the key principles of wealth creation and management, and learn how to make your intellectual and real capital work for you. Your family situation is unique, and your principles must sometimes differ from the standard financial advice—and that's okay. Life is not a template, and even the best strategy must be able to adapt to real-life situations. You'll learn to chart your own path to financial security, utilizing the author's own tools that he developed over 15 years as an active board member, chairman of the board, or chief financial officer of multiple companies. \u003c\/p\u003e\u003cp\u003eOversimplified wealth management advice does not leave you equipped to manage your real-world finances. This guide is written with intellectual rigor, but in the language of family discussion, to give you a real, practical guide to being an effective family CFO. \u003c\/p\u003e\u003cul\u003e \u003cli\u003eCreate your own financial prosperity and security\u003c\/li\u003e \u003cli\u003eAlign financial acumen with your family's specific situation\u003c\/li\u003e \u003cli\u003eAdapt to real-world situations and make your financial advisor work \u003ci\u003efor you\u003c\/i\u003e\n\u003c\/li\u003e \u003cli\u003eUtilize powerful financial tools to help you build financial independence\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eEvery family needs a CFO to manage wealth, and the principles of corporate finance apply from the boardroom to the living room. \u003ci\u003eFamily Inc.\u003c\/i\u003e delivers actionable advice in the form of CFO training to help you plot a real-world family financial plan. \u003c\/p\u003e\u003cp\u003eForeword ix\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003eWith Appreciation for America’s Armed\u003c\/p\u003e \u003cp\u003eForces Service Members xv\u003c\/p\u003e \u003cp\u003eIntroduction xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection I Every Family Needs a Chief Financial Officer 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Why Do I Need a CFO? I Don’t Even Own a Business 3\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection II Maximize the Value of Your Single Biggest Asset—Your Labor 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 2 Double the Value of Y our Labor through Education 19\u003c\/p\u003e \u003cp\u003eChapter 3 Make Career Choices That Extend Your Possibilities 29\u003c\/p\u003e \u003cp\u003eChapter 4 Think Like an Investor When Making Career Decisions 33\u003c\/p\u003e \u003cp\u003eChapter 5 Don’t Overlook Retirement Benefits Just Because They’re Not Imminent 45\u003c\/p\u003e \u003cp\u003eChapter 6 Complement Your Career Decisions with Insurance 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection III Manage Your Assets Like a CFO Manages a Business 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 7 Your Financial Assets Serve Many Functions in Your Family Business 57\u003c\/p\u003e \u003cp\u003eChapter 8 Diversify Your Family Business with the Right Investments 61\u003c\/p\u003e \u003cp\u003eChapter 9 Define the Right Goals for Your Asset Management Business 75\u003c\/p\u003e \u003cp\u003eChapter 10 Use History to Make Reasonable Investment Assumptions 81\u003c\/p\u003e \u003cp\u003eChapter 11 Safeguard Your Assets from the Main Risks 97\u003c\/p\u003e \u003cp\u003eChapter 12 Not All Debt Is Bad! Use Debt to Purchase Assets and Maximize Your Liquidity 101\u003c\/p\u003e \u003cp\u003eChapter 13 Which Is Better, Active or Passive Investment Management? It Depends. . . . 105\u003c\/p\u003e \u003cp\u003eChapter 14 Use Indexing for Your Low-Cost Investment Portfolio 113\u003c\/p\u003e \u003cp\u003eChapter 15 Understand When It Makes Sense to Pick Individual Stocks and Managers 117\u003c\/p\u003e \u003cp\u003eChapter 16 The CFO’s Step-by-Step Guide to Building the Family Investment Program 125\u003c\/p\u003e \u003cp\u003eChapter 17 Know Yourself—Understand the Psychological Factors That Can Torpedo Your Goals 131\u003c\/p\u003e \u003cp\u003eChapter 18 Don’t Sweat the Details of Your Asset Management Business 135\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection IV Family Inc. Does Not Manage Itself 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 19 Create Tools and a Reporting Dashboard for Managing Family Inc. 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection V Manage Your Family Endowment in Retirement 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 20 Understand How Your Family Business Changes in Retirement 167\u003c\/p\u003e \u003cp\u003eChapter 21 Sleep Well—Protect Your Retirement through Insurance 169\u003c\/p\u003e \u003cp\u003eChapter 22 What’s Your Number? Determine When and How Much You Can Afford to Spend in Retirement 179\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection VI Avoid the Rat Race—Change the Game by Changing the Rules 201\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 23 Pay Yourself What You’re Worth through Entrepreneurship 203\u003c\/p\u003e \u003cp\u003eChapter 24 Jump-Start Your Heirs’ Financial Security 209\u003c\/p\u003e \u003cp\u003eChapter 25 Develop a Succession Plan to Groom Your Replacement(s) 213\u003c\/p\u003e \u003cp\u003eChapter 26 Develop and Manage Your Estate or Uncle Sam Will 217\u003c\/p\u003e \u003cp\u003eChapter 27 Maximize Your Charitable Legacy 221\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection VII A Call to Action 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 28 “But It’s Different This Time. . . .” 227\u003c\/p\u003e \u003cp\u003eChapter 29 Put Down the Book—Just Do It! 229\u003c\/p\u003e \u003cp\u003eAppendix: How to Calculate Expected Lifetime Labor Value 231\u003c\/p\u003e \u003cp\u003eGlossary 233\u003c\/p\u003e \u003cp\u003eNotes 237\u003c\/p\u003e \u003cp\u003eIndex 243\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDOUGLAS P. M\u003csmall\u003eC\u003c\/small\u003eCORMICK\u003c\/b\u003e has a lifetime of experiences that provide the foundation for the framework, principles, and tools in \u003ci\u003eFamily Inc\u003c\/i\u003e. 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.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePraise for FamilyInc.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Financial illiteracy is not only an individual problem; it is a threat to our national welfare and global competitiveness. In today's world, it's more important than ever for individuals and families to understand how to create financial independence and security. \u003ci\u003eFamily Inc\u003c\/i\u003e. offers a new perspective on personal financial security, applying time-tested business principles to real-world family situations.\"\u003cbr\u003e\u003cb\u003e—Carlos Gutierrez,\u003c\/b\u003e 35th U.S. Secretary of Commerce; Former Chairman and CEO of the Kellogg Company\u003c\/p\u003e \u003cp\u003e\"Personal finance books have always had a problem. The people who know what they are talking about can't write. And the people who can write are often charlatans. Not any longer. \u003ci\u003eFamily Inc\u003c\/i\u003e. delivers something that families across the country desperately need: a clear, accessible guide to making financial decisions based on the best available data and research. No gimmicks, no get-rich schemes—just sensible and intellectually honest guidance for making good financial decisions at every stage of life.\"\u003cbr\u003e\u003cb\u003e—Charles Wheelan,\u003c\/b\u003e author of \u003ci\u003eNaked Economics\u003c\/i\u003e and \u003ci\u003eNaked Statistics\u003c\/i\u003e; Professor at Dartmouth University\u003c\/p\u003e \u003cp\u003e\"By taking a different perspective—seeing a family's full financial situation the way an experienced private equity investor would—McCormick shows us how to appreciate the full range of our choices and opportunities as a family 'CFO.' \u003ci\u003eFamily Inc.\u003c\/i\u003e is an easy read which offers a solid blueprint for making sound financial decisions.\"\u003cbr\u003e\u003cb\u003e—Charles D. Ellis,\u003c\/b\u003e Author of \u003ci\u003eWinning the Loser's Game\u003c\/i\u003e and \u003ci\u003eThe Elements of Investing\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eFamily Inc\u003c\/i\u003e. provides a fresh perspective for the important financial decisions that families face at each stage of their lives. I particularly like the chapters on career choices and on family budgeting. Readers will learn how to approach personal budgeting and investment decisions as dispassionately as any business would.\"\u003cbr\u003e\u003cb\u003e—Richard C. Marston,\u003c\/b\u003e Professor of Finance and Director of Private Wealth Management Program, Wharton School, and author of \u003ci\u003ePortfolio Design\u003c\/i\u003e and \u003ci\u003eInvesting for a Lifetime\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"McCormick makes a compelling case that at some level we are all entrepreneurs—selling our labor and skills like any business owner. Most importantly, \u003ci\u003eFamily Inc\u003c\/i\u003e. provides actionable advice on how to maximize the value of your labor through education, career choice, and skill development while combining it with your capital to achieve financial independence.\"\u003cbr\u003e\u003cb\u003e—Patricia Greene,\u003c\/b\u003e Paul T. Babson Chair in Entrepreneurial Studies; Academic Director, Goldman Sachs 10,000 Small Businesses and 10,000 Women\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989196456165,"sku":"NP9781119577416","price":19.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119577416.jpg?v=1761783168","url":"https:\/\/k12savings.com\/es\/products\/family-inc-isbn-9781119577416","provider":"K12savings","version":"1.0","type":"link"}