The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors, + Website

Wealth and Happiness

The first duty of a family in the possession of private capital, then, is to manage that capital competently. This is a serious and honorable business, it is hard and demanding work, and success in that enterprise is the only sure platform from which the family can pursue its own happiness. In addition, as I have noted at great length (see Part One of this book), its implications for the continued preeminence of America and for the continued economic and social progress of the rest of the world can hardly be overstated. The failure of stewardship is a momentous defeat for a family, and it is a momentous defeat for the society that depends so heavily on wealth as the engine of its competitiveness.

The goal of life is not wealth but happiness. But happiness cannot be pursued directly. It is the result of a process, and for wealthy families that process begins with the successful stewardship of their capital. Like everything else on which happiness ultimately depends, the stewardship of wealth is a process that is filled with day-to-day irritations and that requires effort and persistence. But it is neither impossible nor beyond the capability of any family that takes the issue of stewardship seriously. See Chapters 1 through 22.