Wealth: Grow It, Protect It, Spend It, and Share It PDF
Preview Wealth: Grow It, Protect It, Spend It, and Share It
WEALTH In the face of accelerating turbulence and change, business leaders and policy makers need new ways of thinking to sustain performance and growth. Wharton School Publishing offers a trusted source for stimulating ideas from thought leaders who provide new mental models to address changes in strategy, management, and finance. We seek out authors from diverse disciplines with a profound understanding of change and its implications. We offer books and tools that help executives respond to the challenge of change. Every book and management tool we publish meets quality standards set by The Wharton School of the University of Pennsylvania. Each title is reviewed by the Wharton School Publishing Editorial Board before being given Wharton’s seal of approval. This ensures that Wharton publications are timely, relevant, important, conceptually sound or empirically based, and implementable. To fit our readers’ learning preferences, Wharton publications are available in multiple formats, including books, audio, and electronic. To find out more about our books and management tools, visit us at whartonsp.com and Wharton’s executive education site, exceed.wharton.upenn.edu. WEALTH GROW IT, PROTECT IT, SPEND IT, AND SHARE IT Stuart E. Lucas Vice President,Editor-in-Chief:Tim Moore Wharton Editor:Yoram (Jerry) Wind Executive Editor:Jim Boyd Editorial Assistant:Susan Abraham Development Editor:Russ Hall Associate Editor-in-Chiefand Director ofMarketing:Amy Neidlinger International Marketing Manager:Tim Galligan Cover Designer:Chuti Prasertsith Managing Editor:Gina Kanouse Project Editor:Kayla Dugger Copy Editor:Elise Walter Senior Indexer:Cheryl Lenser Senior Compositor:Gloria Schurick Proofreader:Water Crest Publishing,Inc. Manufacturing Buyer:Dan Uhrig ©2006 by Stuart E.Lucas Publishing as Wharton School Publishing Upper Saddle River,New Jersey 07458 Wharton School Publishing offers excellent discounts on this book when ordered in quantity for bulk purchases or special sales.For more information, please contact U.S.Corporate and Government Sales,1-800-382-3419, [email protected] sales outside the U.S., please contact International Sales at [email protected]. Company and product names mentioned herein are the trademarks or registered trademarks oftheir respective owners. All rights reserved.No part ofthis book may be reproduced,in any form or by any means,without permission in writing from the publisher. Printed in the United States ofAmerica First Printing February,2006 ISBN 0-13-236679-7 Pearson Education LTD. Pearson Education Australia PTY,Limited. Pearson Education Singapore,Pte.Ltd. Pearson Education North Asia,Ltd. Pearson Education Canada,Ltd. Pearson Educatión de Mexico,S.A.de C.V. Pearson Education—Japan Pearson Education Malaysia,Pte.Ltd. Library ofCongress Cataloging-in-Publication Data Lucas,Stuart E. Wealth :grow it,protect it,spend it,and share it / Stuart E.Lucas. p.cm. ISBN 0-13-236679-7 1. Investments.2. Finance,Personal.3. Portfolio management. I.Title. HG4521.L862 2006 332.024’01—dc22 2005025552 WHARTON SCHOOL PUBLISHING Bernard Baumohl THE SECRETS OF ECONOMIC INDICATORS Hidden Clues to Future Economic Trends and Investment Opportunities Sayan Chatterjee FAILSAFE STRATEGIES Profit and Grow from Risks That Others Avoid Sunil Gupta, Donald R. Lehmann MANAGING CUSTOMERS AS INVESTMENTS The Strategic Value of Customers in the Long Run Stuart L. Hart CAPITALISM AT THE CROSSROADS The Unlimited Business Opportunities in Solving the World's Most Difficult Problems Lawrence G. Hrebiniak MAKING STRATEGY WORK Leading Effective Execution and Change Robert Mittelstaedt WILL YOUR NEXT MISTAKE BE FATAL? Avoiding the Chain of Mistakes That Can Destroy Your Organization Mukul Pandya, Robbie Shell, Susan Warner, Sandeep Junnarkar, Jeffrey Brown NIGHTLY BUSINESS REPORT PRESENTS LASTING LEADERSHIP What You Can Learn from the Top 25 Business People of Our Times C. K. Prahalad THE FORTUNE AT THE BOTTOM OF THE PYRAMID Eradicating Poverty Through Profits Arthur Rubinfeld BUILT FOR GROWTH Expanding Your Business Around the Corner or Across the Globe Scott A. Shane FINDING FERTILE GROUND Identifying Extraordinary Opportunities for New Ventures Oded Shenkar THE CHINESE CENTURY The Rising Chinese Economy and Its Impact on the Global Economy, the Balance of Power, and Your Job David Sirota, Louis A. Mischkind, and Michael Irwin Meltzer THE ENTHUSIASTIC EMPLOYEE How Companies Profit by Giving Workers What They Want Thomas T. Stallkamp SCORE! A Better Way to Do Busine$$: Moving from Conflict to Collaboration Yoram (Jerry)Wind, Colin Crook, with Robert Gunther THE POWER OF IMPOSSIBLE THINKING Transform the Business of Your Life and the Life of Your Business WHARTON SCHOOL PUBLISHING Editorial Board The Editorial Board of Wharton School Publishing is comprised of the following members from the senior faculty of the Wharton School. The Editorial Board ensures all manuscripts and materials meet Wharton’s standard by addressing important topics with ideas and insights that are • Relevant • Empirically based • Timely • Conceptually sound • Implementable in real decision settings (cid:1) Dr. David C. Schmittlein (cid:1) Dr. Olivia S. Mitchell Ira A. Lipman Professor International Foundation of Employee Benefit Professor of Marketing Plans Professor Deputy Dean, The Wharton School Professor of Insurance and Risk Management and Chair of the Editorial Board Business and Public Policy Executive Director, Pension Research Council (cid:1) Dr. Yoram (Jerry) Wind Director, Boettner Center for Pensions and The Lauder Professor, Professor of Marketing Retirement Research Director, The Wharton Fellows Director, SEI Center for Advanced Studies in (cid:1) Dr. David J. Reibstein Management William Stewart Woodside Professor Professor of Marketing (cid:1) Dr. Franklin Allen Nippon Life Professor of Finance (cid:1) Kenneth L. Shropshire Professor of Economics David W. Hauck Professor Co-Director, Financial Institutions Center Professor of Legal Studies (cid:1) Dr. Peter Cappelli (cid:1) Dr. Harbir Singh George W. Taylor Professor of Management Edward H. Bowman Professor of Director, Center for Human Resources Management Co-Director, Mack Center for Technological Innovation (cid:1) Dr. Thomas Donaldson Mark O. Winkelman Professor (cid:1) Dr. Michael Useem The William and Jacalyn Egan Professor (cid:1) Dr. Richard J. Herring Professor of Management Jacob Safra Professor of International Banking Director, Center for Leadership and Change Professor of Finance Management Co-Director, Financial Institutions Center Management Committee (cid:1) Dr. John C. Hershey Daniel H. Silberberg Professor (cid:1) Barbara Gydé Professor of Operations and Information Managing Director, Wharton School Publishing Management Director of Advertising Strategy, The Wharton School (cid:1) Dr. Paul R. Kleindorfer (cid:1) Mukul Pandya Anheuser-Busch Professor of Management Science Contributing Editor, Wharton School Publishing Professor of Business and Public Policy Editor and Director, Knowledge@Wharton Co-Director, Risk Management and Decision Processes Center (cid:1) John Pierce Vice President, Director of Marketing (cid:1) Dr. Ian C. MacMillan Wharton School Publishing, Financial Times Prentice Fred R. Sullivan Professor Hall, and Prentice Hall Business Professor of Management Director, Sol C. Snider Entrepreneurial Research Center (cid:1) Timothy C. Moore Vice President, Editor-in-Chief (cid:1) Dr. Andrew Metrick Wharton School Publishing, Financial Times Prentice Associate Professor of Finance Hall, and Prentice Hall Business (cid:1) Dr. Yoram (Jerry) Wind Wharton Editor To Mom for being the glue, To Dad for inspiration, To Susan for her love, And to our kids for the future. This page intentionally left blank CONTENTS Foreword xi Acknowledgments xv About the Author xix Introduction xxi 1 PROTECTING AND GROWING YOUR WEALTH 1 2 EIGHT PRINCIPLES OF STRATEGIC WEALTH MANAGEMENT 17 3 EVERYTHING BEGINS WITH VALUES 39 4 DEFINING YOUR FINANCIAL OBJECTIVES 67 5 THE ENCHANTED FOREST, THE SECRET SOCIETY,AND THE CAPITAL KIBBUTZ 109 ix Contents
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