Popular magazines collection
Building a business with your spouse can be immensely rewarding — but what happens if the marriage goes belly-up? Fashion retailers Chris and Tory Burch are finding out just how difficult it can be to run a family business when you’re not a family anymore. By Lynsey Santimays.
1976 to 1981
While studying in England, Christopher Burch, a senior at Ithaca College, decides to launch a men’s sweater company and places a $2,000 order with a Scottish sweater factory.
How can wealthy families keep their most valuable information secure from hackers and thieves?
By Richard Bradley
What does Summitas do?
Summitas is a technology platform that allows wealthy families and individuals to communicate amongst themselves and share information in a secure, private manner. It provides a communications portal so that a person can share tax documents, account statements, wills and trusts, and get dialogues going that include members of the family, all within a closed space.
What to do if your kids don’t know the meaning of money.
By Richard Bradley
Abby Raphel, executive director of the New York-based Redwoods Initiative, specializes in helping children of high net worth parents learn how to handle their wealth.
What is the Redwoods Initiative?
A nonprofit organization focused on education and family sustainability. We work with the next generation, ages 18 to 30, and we teach the basics: personal development, financial skills and philanthropy.
Teaching children about philanthropy has benefits for charities and children.
SOURCE: “Raising Philanthropic Children: Lessons from the Field,” Federal Street Advisors, federalstreet.com
Will my children live by the values that have guided my life? Will they do their part to make the world a better place? Wealth managers at Federal Street Advisors hear these questions again and again, so the Boston-based firm has created a white paper on philanthropy.
Kids who help pay for college job-hunt more vigorously than those who don’t.
SOURCE: Journal of Adult Development, Volume 19, Number 1, phys.org
A study of 402 undergraduates at four different colleges found that the ones least likely to engage in “provocative” behavior — such as smoking pot, drinking and smoking cigarettes — were the ones who had to contribute the most financially to their education. The study looked at four different levels of financial responsibility from students: those whose parents paid for everything,