Strangers in Paradise How Families Adapt to Wealth Across Generations eBook James Grubman
Download As PDF : Strangers in Paradise How Families Adapt to Wealth Across Generations eBook James Grubman
An astonishing fact is that the vast majority of the wealthy come from middle-class or working-class backgrounds. Born and raised in modest economic circumstances, they find themselves as adults in the wonderful but unfamiliar world of wealth, like immigrants to a new land. Their adjustment is often harder than they anticipate. Yet awaiting wealth’s newcomers is an even more daunting task how to raise children and grandchildren successfully in the family’s new world of affluence. Written by a prominent wealth psychologist, Strangers in Paradise takes an innovative approach to the challenges facing wealth’s “immigrants and natives.” Combining clear reasoning with real-world stories, Strangers in Paradise outlines for the first time how the key process for families of wealth - like all immigrant families - is adaptation.
Strangers in Paradise How Families Adapt to Wealth Across Generations eBook James Grubman
Dr. Grubman is a pioneer in the field of financial psychology and was the first person I called when I became interested in the field. He has worked for many years as a consultant to families and financial advisors and is a person for whom I have deep respect. He has taken the field of cross-cultural psychology and applied it to social class mobility issues. Changing social class is much more difficult than people think it will be when you are moving up. Becoming wealthy is often associated with a loss of community and friendships; becoming the target of envy,hostility,sales pitches and other's needs; being viewed as your wealth instead of as the person you are are; and fearing what wealth can do to your children. It is a major life transition like moving to a new country.This book has practical advice and an easily understood model for those who are coming into wealth. It is well written in a conversational style and gives practical advice for this transition. The book gives examples of families going through changes and how they cope or do not cope with the change. Some families lose their values and traditions or hide in secrecy and some successfully integrate the best of the old life with the new life. Families, advisors, and mental health professionals will find this book useful as they work with the issues of becoming newly wealthy, a change that many naively believe should only be easy.
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Strangers in Paradise How Families Adapt to Wealth Across Generations eBook James Grubman Reviews
Jim Grubman's book, Strahgers in Paradise, has become the bible on how to engage children and spouses into the family wealth discussions. This book is easy to read and highly recommended.
Strangers in Paradise is a thought provoking innovative book. It certainly made me think about the families I deal with as an estate planning attorney in a different way. This is groundbreaking work and I commend it to both families and their advisors.
Patricia Annino
Excellent book that all who want their wealth and families to succeed for generations. This is especially important for those who have made the leap from middle class to high net worth
Jim Grubman’s Strangers in Paradise is a groundbreaking book that clarifies many of the mysteries of wealth and the relationships among the residents of the ‘land of wealth’. It charmingly explains the simple, yet multifaceted, concepts in very clear language and adds further granularity with insightful real-life case studies sprinkled throughout the text. Everyone, from wealthy family members to advisors who work with these families, should read this book.
Dr. Grubman builds this book on a surprisingly apt metaphor -- newcomers to the land of wealth being analogous to newcomers to a new country. I've seen Dr. Grubman speak on a couple of occasions and he speaks the same way he writes -- with a nice blend of accessibility and expertise. As an estate planning attorney, these concepts are very relevant to my client families and I find myself recommending this book to colleagues and clients frequently. Nice work Jim!
I'm so impressed by the quality of this book. I purchased it for one reason and was amazed at its helpfulness. It is not a typical financial self help book, in that it addresses the issue of sudden wealth acquisition in what I can only term a holistic way. It's broader theme gave me help with what I now realize are questions and problems I hadn't considered before, such as how to react to my family's unexpected reactions to my wealth. I learned my feelings of guilt were based on events from my past, irrelevant to the present quandaries, enabling me to move forward in a much improved and comfortable manner. This rich content has helped me in an unexpectedly positive way. I highly recommend this book and commend its author.
James Grubman’s book has offered us a revolutionary way of looking at issues we have been dealing with for years. The concept he offers, that our wealth has taken us into new territory, has made us immigrants in a new land, resonates with us and offers us more clarity than we’ve had for assessing our lives and planning for our family’s future.
Family stories were the foundations for many of our values and beliefs. We were fascinated and moved and proud as we heard about our immigrant grandparents, their convictions, thrift, hard work and perseverance in the face of adversity. We planned to model ourselves after them even though our lives were already filled with education and opportunities that they had never had. Five years into our marriage we found ourselves to be the financial beneficiaries of their labors and accomplishments. We were suddenly living in an entirely different landscape, different than our friends and neighbors, different than our parents; we were quite alone and wandering, without a map.
Looking at ourselves as immigrants in a new land of wealth, “strangers in paradise,” is useful to us in reviewing and assessing choices that we’ve made, conflicts we’ve felt, directions we’ve taken in in light of our family stories and lessons. We can see how we’ve adapted to wealth, places where we’ve hit roadblocks, made mistakes, and found alternate routes to realize our intentions. This book helps us examine our lives with compassion, insight and humor. We’ve found it comforting and renewing to discover that we have clearly not been alone as we often thought we were.
We are reading this book because we want to be as wise, clear and helpful as possible to our children as they are charting their own courses and have become parents themselves. We think that James Grubman’s book is a valuable guide for our work. And we will pass it on to them.
Dr. Grubman is a pioneer in the field of financial psychology and was the first person I called when I became interested in the field. He has worked for many years as a consultant to families and financial advisors and is a person for whom I have deep respect. He has taken the field of cross-cultural psychology and applied it to social class mobility issues. Changing social class is much more difficult than people think it will be when you are moving up. Becoming wealthy is often associated with a loss of community and friendships; becoming the target of envy,hostility,sales pitches and other's needs; being viewed as your wealth instead of as the person you are are; and fearing what wealth can do to your children. It is a major life transition like moving to a new country.
This book has practical advice and an easily understood model for those who are coming into wealth. It is well written in a conversational style and gives practical advice for this transition. The book gives examples of families going through changes and how they cope or do not cope with the change. Some families lose their values and traditions or hide in secrecy and some successfully integrate the best of the old life with the new life. Families, advisors, and mental health professionals will find this book useful as they work with the issues of becoming newly wealthy, a change that many naively believe should only be easy.
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