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

by Douglas P McCormick

Actionable, practical CFO training for the Family Chief Financial OfficerFamily Inc.  is not just a personal finance book; it is a "how to" guide for achieving financial security. By borrowing time tested principles used in business and applying them to family financial planning,  Family Inc.  provides a powerful framework for navigating all of life's big financial decisions. You will learn how to think strategically as the Family Chief Financial Officer; how to make investments in education and yourself to benefit your career; how to manage your hard earned money to make it work for you; how to use financial products like insurance, investments and debt; how to think like an entrepreneur; how to achieve peace of mind in retirement and how to teach your family these important life skills.  Every family needs a CFO to navigate the "financial game of life", and the principles of corporate finance apply from the boardroom to the living room.  Family Inc.  delivers practical, actionable advice in the form of CFO training to help you plot a real-world family financial plan. Family Inc.  and the author have been quoted or featured by major media outlets to include The NY Times, Wall Street Journal, USA Today, CNBC, TIME, PBS, NPR, Fast Company, The Larry Kudlow Show, Huffington Post, Investor's Business Daily, American Association of Individual Investors, Stars & Stripes, Home and Family Finance Radio,Military.com and The Motley Fool.

Genres: Finance, Nonfiction, Personal Finance, Business, Self Help, Money

227 pages, Kindle Edition

First published March 14, 2016

Reviews

[Jero · Rating 5 out of 5]

I have read many books about personal finance as I like to handle and optimize my own economy for the future, and have been doing it for several years now; so I'm by no means new to the concepts and traditional practices about this subject. I must say that for me, this is one of the best books I've read on personal financial planning. The author describes a solid portfolio of tools to measure, control and safely grow the family's assets or wealth using available instruments; with thorough explanations of why he recommends them. I appreciated McCormick's take on family financial planning coming from his professional experience managing much larger financial portfolios and businesses. I've certainly learned new concepts about family financial planning that I will use in my own life, for me that's what makes a book stand out.

[Mat · Rating 5 out of 5]

Practical and Actionable

I've read or perused many personal finance books. Many are either filled with fluff or just don't provide actionable advice. I read Family, Inc. in about a day after seeing a NYT book review. I read it on my Kindle, but am also buying a hard copy for my family. The booked is filled with practical and actionable advice both on a big picture and granular level. I'm off to check my asset allocations. Thanks Doug--what a great resource!

[Karen Briscoe · Rating 4 out of 5]

The information is based on the perspective that all are entrepreneurs, particularly in the age of knowledge workers. And because of that financial literacy is key to a sound future. The book bases the principles on business practices in order to maximize a family's wealth. Karen Briscoe, author and podcast host "5 Minute Success"

[Nathan Miles · Rating 5 out of 5]

Douglas McCormick does a fantastic job of providing a holistic financial paradigm for the average person which dispels conventional wisdom in a way that still makes sense. This book should be required reading in high schools and universities.

[Brian · Rating 4 out of 5]

An excellent reference book. Definitely recommended.

[Jaison · Rating 3 out of 5]

First half is sort of interesting…the latter half is sprinkled with a couple nuggets, but superfluous… using Monte Carlo simulation for personal finances, really?

[鉴 杨 · Rating 5 out of 5]

读过几本理财书籍，这本是讲的最好的。尤其关于保险的部分，因为之前有较多了解，所以更能认识到作者言论的含金量。作者在一开始就非常坦诚地表明：“我认为本书的读者都有能力成为出色的资产经理人，但很少会成为优异的投资人。”整本书就是教你科学地、全面地去管理家庭财务，让人生各个阶段都能财务安全。

[Jakub · Rating 2 out of 5]

Huge potential at the beginning (introduction to creating long term family wealth) not fulfilled, weird chapter divisions.

[Henry · Rating 4 out of 5]

Tough read for someone not in the financial game. Very informative in the way of thinking about financing using the family as the business.

[Alexander · Rating 4 out of 5]

A framework for taking a business-like approach to building and managing your family's wealth.

[Marshall Hunt · Rating 5 out of 5]

The investment advice is pretty standard, but 4-5 stars for the suggestions on how to plan finances as a family, both from estate and retirement purposes.

[Adam · Rating 4 out of 5]

A great introduction to financial planning for a family. The most helpful concept was about the future value of labor and seeing education and even the family as a means of making yourself more valuable. Turning that value into profit would be a huge follow up book.

[Raymond W. Barton · Rating 4 out of 5]

Well done. Great read for any family thinking about their future and finances.

[Brian · Rating 4 out of 5]

Excellent reference, highly recommended.

[Brad]

Listened to interview with author on Art of Manliness podcast.

[Judy · Rating 5 out of 5]

Finally, a book that lays out a roadmap to financial security for all stages of your life. I read this book on and off again, taking time to digest Mr McCormick's principles, many of which I was fortunate enough to have developed earlier in my life. He presents an overview and specifics to not only achieve financial security, but to see the larger picture and manage your finances throughout your life.
The short chapters are well written and organized in a clear and progressive way, so that each section builds upon the ones before it. Although the reader might be tempted to skip parts (ie. a young person skipping retirement info or ignoring the numbers) it is important to read it all to see the real arc of principles that allows for truly evaluating where you are and where you need/want to go for financial security.
I highly recommend this book to all adults and think it should be required reading for high school/college students.