How the Vanderbilt Bloodline Lost Their Entire Fortune

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[DikteonTemple]

Wealth tends to last 3 generations on average. The grandfather breaks his back making it. The father sees how hard he worked for it works to maintain it yet still takes some time off for the family. The son only sees the wealth and time his father took off. As a result they blow the fortune.

[InvestmentJoy]

If you work with the children of the wealthy, you find that these are super common stories. The biggest real estate portfolio I purchased was off a second generation owner who had been given everything

[peteryvesclement]

My dad taught me one critical thing: if you have a business, you make that business your children’s second home from the moment they are born. Show them the ‘behind the scenes’ of the operations, put them simulated in situations such as having them handle a client who demands to see the boss when he isn’t around (this one he actually did to me…. The business he co-founded with his brother is DEFINITELY NOT Vanderbilt-level but it is very active: overseas clients, seemingly non-stop legal disputes on services provided and other complications). Over and above all, keep them involved.
Also, if they are siblings, there are 2 ways you can go: (a) you can teach them how to share and work as a team all through their early lives so that when you are long gone, they can split control of the business equally and work together towards the common good of the business. (2) Spot the most passionate kid who shows most interest in the business and leave him/her with everything but be sure to also leave the siblings with a small stake of the business and a substantial amount of money.
And the final critical item to succession success: REMIND THEN TO PASS DOWN WHATEVER THEY’VE LEARNT TO THEIR KIDS.

[jacobmackenzie]

the reason the vanderbilts lost their money is because...they spent it

and no, being rich is not a curse, ever. it's always better than being poor.

[blueplayer]

Disagree on that last sentence, being born into money is a blessing not a curse, maybe there are higher expectations on you or maybe not everyone can maintain riches but even the worst offenders in this video simply had a great life, it's those who no longer were rich at birth that had to have decent jobs and well if that's a curse it is one that affects every non rich and very very few rich.

[tafaragadze]

So it's true what they say, dynasties are a cycle. The firat generation starts poor and makes their money, the second maintains it, the third spends it and the fourth starts from scratch. Except in this case Billy actually did a good job growing it the third and fourth wasted it all away and the fifth started from scratch. Good job to Billy for breaking the mold and extending the forturn by an extra generation.

[TheGreekGodOfWallStreet]

The assertion that none of the Vanderbilt heirs are worth even $1 million is just incorrect. Sure their last name may not be as prominent as some of the other dynasties but that doesn’t mean that none of them have money. Anderson Cooper is the first heir that comes to mind but Josiah Hornblower (a Vanderbilt-Whitney heir) is another I can name off the top of my head. Josiah being featured in Jamie Johnson’s Born Rich documentary about inherited wealth. Don’t mistake old money’s whisper's for no money silence.

[maggiejetson]

I visited my family's graveyard and saw that our ancestors, 6 generations back, had already build a massive yard with the name already laid out for all of us. By the time my dad was born they were already in poverty. Sometimes it is due to mismanagement, sometimes political climate change, and sometimes just bad economy. I don't know which one but it was merely a fun fact to me now.

[Accountdeactivated_]

Who hasn’t heard of the Vanderbilts? There’s a famous university named after them, a giant building in Manhattan, and Gloria Vanderbilt was a famous socialite in the 1970s and 1980s who had a line of designer jeans and clothing that actually was very chic for a while. Everyone knows that one of her sons is a famous news anchor and they grew up in a penthouse on Park Avenue. Hardly growing up in poverty or living in obscurity.

[briscoedarling]

The Biltmore Estate is the largest privately owned home in the United States. Built near Asheville, North Carolina, it is still owned by the descendants of one of America's richest families, the Vanderbilts. They may have lost their massive fortune….but certain of them are not destitute…

[yasinmahmudchowdhury]

It's amazing just how even a fraction of their existing wealth if invested in the stock market index at the time would have compuded into obscene amount of money.

[firstnamelastname]

One of the more memorable vacations my family went on when we were kids, we toured the Vanderbilt mansion during Christimas. The house was mine blowing, and it being decorated for Xmas made it all the better.

[anthonysmalawipredators]

The Vanderbilt's have several mansions that are walk-through museums. It's like time froze in there. Marble from floor to ceiling. 20'+ high mind you!

[Cherrypi]

This reminds me of the story about Johnny Depp from a few years ago when he was suing (and being counter sued) by his accountant. He claimed his accountant lost him his money but the accountant counter sued and came with receipts. Depp’s spending was out of control and he had burned through a lot of his ~200 mill fortune. It’s crazy how much you can spend. And that’s just 1 dude and his family. Imagine multiple generations of that kind of out of control spending.

[amberklaire]

Well, we have to take into consideration that not all of the Vanderbilt bloodline has the name Vanderbilt.

Anderson Cooper is a Vanderbilt.
Several Vanderbilts married, changed their names to their spouse's name, and are still very wealthy.


Most millionaires/billionaires at the time were not happy people.

[Dusted]

It's crazy how so much money can be made just to eventually be lost

[bad_money]

The first generation makes the fortune, the second generation enjoys the fortune, and the third generation loses the fortune.

[burntthetoast]

There is a reason they say, "It takes one generation to start it, the second to built it up, and a third to run it into the ground." It's a Chinese proverb and a well known thing. The grandson will have no idea how much work it took to start, or what is dad sacrificed to continue to build it, and will destroy all of it.

[Vandius]

A curse? This was no curse, they got to spend decades living their life to the fullest without having to work a day in their lives! Could you imagine not going to work for your hobbies and one of your hobbies include traveling the world! They're great grandfather earned that money so they wouldn't have to work and if he didn't see that coming he should've left the company to people outside his family.

[jasonx-ray]

One of my favorite biographies I have ever read was that of Cornelius Vanderbilt. I highly recommend it. A wonderful life story. Incredible man.