Quite some time ago, we offered a book we were working on to our clients and subscribers. At that time, we called it “The Family Banking Book.” It was going to be a short ebook showing people how to use life insurance to save and build multi-generational legacies.
Time has passed and some things have changed. It’s now called: Perpetual Wealth: How to Use “Family Financing” to Build Prosperity and Leave a a Legacy for Generations. And it’s no longer a “short ebook”!
It is still about using life insurance to save and build multi-generational legacies. And so much more!
The Definitive Book on Generational Wealth!
Perpetual Wealth may be THE definitive book about using life insurance as your family’s financial foundation. It details the advantages of using whole life as a powerful savings strategy, lending method, and legacy vehicle. It also gives the “how to” of multi-generational life insurance strategies… how to insure children, grandchildren, even parents.
And it’s not “just” a book about life insurance strategies. Perpetual Wealth also covers:
- Thirteen strategies for raising financially responsible children.
- Why “typical” financial advice actually sabotages generational wealth.
- Wisdom from the Rockefellers, Rothschilds, Gates, Buffets, and others about family wealth.
- Lessons and warnings from affluent families on what NOT to do if you want the inheritance you leave to be wisely used, not wasted.
- A step-by-step Prosperity Economics “financial blueprint” for each stage of life.
- Wills, trusts, wealth protection and wealth transfers.
- Ideas for family retreats, mission statements, a family finance “council” and more.
- The impact of long-term thinking on your finances… and how to nurture that in your family.
It is a meaty 320-ish pages, chock full of useful information. And for a short time only, we are GIVING it to you—at no cost—in PDF form.
If you have already signed up for the book, it should be in your email box now! (Check your spam folder if you don’t see it.)
If you have not signed up for the book, you can do so below:
This book was a partnership between our own Kim Butler and Kate Phillips (also co-authors of Financial Planning Has Failed.) And we thank Patrick Donohoe for the tip towards the title. Below the authors each share their thoughts on it.
From Kim Butler:
I am so pleased to be having this out in the world. It is as important as my original Busting the Financial Planning Lies (currently under update) because, as the title suggests, this is more about what to do (build generational wealth) than what to look out for (financial lies).
In Perpetual Wealth, Kate has helped me create a story of a family who is in the process of developing their “Family Fund,” partially by using whole life insurance as a place to store cash and partially by surrounding those policies (and hence each member of their family) with the values that the originating generation held so dearly. Along the way, they are helping the subsequent two generations learn valuable financial lessons as well as some clarity around their own values and priorities.
Each week, Kate and I meet and brainstorm ideas about how to help P4P’s clients get better results financially, and in life. She asks about the many meetings I have, the questions our team fields over email and helps craft an article that we trust many will find helpful. Some of those articles/blog posts have formed the foundation of this book. We brought in additional research about generational wealth and wisdom from families who have succeeded—and failed—at leaving the legacy they intended.
Additionally, my sister Tammi Brannan, who owns BluePrint Process and has helped quite a few of our clients, helped me create the story around our fictional Family Financing heroes, John and Carol. The book weaves this story in and out of the chapters because we all felt that sometimes, a story can tell the important points we wanted to make most effectively. (One of my favorite chapters is the one about their first Family Retreat—it really brings the concepts to life!) We trust you’ll also benefit from the sample letter to an heir and ideas around sharing wealth, both financial and intellectual, amongst family members.
Part of why this book took so long is that during that last 2 or 3 years, both Kate and I as well as my husband Todd Langford of TruthConcepts.com have realized that many people (both agents/advisors and clients) have been using the presence of their whole life policies as a license to spend money by borrowing too much, too soon and too often. Consequently, Kate and I wanted to help people focus on their whole life policies as the long-term financial vehicle it is designed to be, both as place to grow and store cash for emergencies and opportunities and for the legacy benefits. We wanted to emphasize that it’s the CASH that is valuable—more so than the ability to borrow—AND also to understand the good that the death benefit does, instead of marginalizing it. We kept changing the story line to support the message and we changed the title quite a few times (each time requiring a major overhaul) as we strove to get the message boiled down to its essence with terminology and examples that we knew worked.
As you may know, I’m a co-founder of the Prosperity Economics Movement (with a client site at ProsperityPeaks.com and an advisor site at ProsperityEconomicsAdvisors.com). A major goal of the movement is to help Americans realize the value of the traditional work that whole life insurance does for families as a place to store cash as well as leave a legacy. We do so through creating stories, books, blog posts, white papers, documents, audios and videos, along with Principles that families can use and financial software to test all financial theories and strategies.
In this book, we provide our 7 phases of financial success, written down for the first time in a public setting where you can learn which phase you are on (regardless of age) and see where you are going next. We are humbly submitting this effort at financial education of the most traditional methods we know—long standing, boring yet effective ways of building, storing and passing on wealth. We wrote this in hopes that advisors and clients alike would benefit from our over 30 years of helping families succeed financially. During those years, we’ve learned the words that make things clear to clients as well as advisors who are learning the age-old, tried and true wealth-building methods.
I’m grateful to have such a skilled and balanced left brain/right brain writer as a team-mate for this effort and Kate and I continue to strive for clarity and specificity in our work for you—without marketing hype and confusing terminology. Please reach out to us at firstname.lastname@example.org with either your feedback or your questions as we are looking forward to hearing from you.
Kim D. H. Butler, Mt. Enterprise, TX
From Kate Phillips:
What a journey this has been! Not only did it turn into project of enormous scale, but it has also been a personal journey that I know will have lasting impact on my own family’s prosperity.
I am a confessed “life insurance geek” and financial nerd, and I love learning more about those subjects from Kim. (I was also motivated to begin a new policy for myself while writing this.) And the research I did for this book really changed the way I think about wealth and what it takes to build and keep it long-term.
Now, there is no doubt that life insurance is the quickest, easiest and surest way to create an inheritance for future generations. It’s a strategy that doesn’t require great skill in choosing stocks, a degree in mathematics, good luck (or the ability to predict) economic cycles, or active involvement in businesses or investments. It’s literally a “no brainer.” If you purchase properly structured whole life insurance and pay premiums, you will create both savings and a legacy for beneficiaries. Yet how do you ensure that the money will be well-used, and that the cycle will continue?
While writing and doing research for this book, I delved deeply into the question of, “Why does generational wealth so often fail—and what does it take for it to succeed?” I ran across a large survey of affluent families who had lost wealth in subsequent generations. (This is detailed in the book.) The families were asked to identify the reasons for the lost wealth. I was blown away by the responses.
Most of the families—60 percent—identified failures in communication within families as the number one reason for loss of wealth. The lack of readiness of beneficiaries to receive, sustain and manage an inheritance was named as the next reason for the demise of wealth (25 percent). Once wealth had already been accumulated, poor financial and tax advice was blamed in only 3 percent of the cases of lost wealth.
I knew that the book, in order to truly serve an audience of parents and grandparents wanting to create multi-generational legacies, must address the root causes of why generational wealth so often fails. I believe we have succeeded in doing that in Perpetual Wealth.
I am super proud of this book and so happy it is out for you to benefit from! We look forward to feedback as we have plans to only improve it more and adapt the information to other platforms as well.
Kate Phillips, Cle Elum, WA
Now, if you don’t already have your copy, what are you waiting for? Sign up below and download Perpetual Prosperity now: