Date: 2024-10-19 Page is: DBtxt003.php txt00025327
WEALTH
THE VANDERBILTS
Old Money Luxury: How The Vanderbilts Went From 'Old Money' To No Money
THE VANDERBILTS
Old Money Luxury: How The Vanderbilts Went From 'Old Money' To No Money
Original article: https://www.youtube.com/watch?v=1rWyPN6uf7Y
Peter Burgess COMMENTARY
Peter Burgess
However, within a few generations, The Vanderbilts had gone from 'old money' to no money, and dwindled away a $300 billion (in today's money) empire.
What happened?
Join us on this intriguing journey to answer your query, as we embark on an expedition to once and for all explain:
How The Vanderbilts Went From “Old Money” To No Money
How The Rockefellers Went From 'New Money' To 'Old Money': • How The Rockefellers Went From 'New M...
How The 5 Richest 'Old Money' Families in America Made Their Wealth: • How The 5 Richest 'Old Money' Familie...
TIMESTAMPS:
- 0:00 Introduction
- 1:22 #1 The Commodore - Cornelius Vanderbilt
- 5:31 #2 “Kendall Roy” Vanderbilt
- 7:30 #3 The Third Generation of The Vanderbilt Family
- 10:04 #4 The Vanderbilts vs. The Rockefellers: A Case Study
- 15:17 #5 The Vanderbilt Family Legacy Today
In the late 19th century, the Vanderbilts represented the epitome of wealth and prosperity. The family's impressive lineage traces back to Cornelius Vanderbilt, known as 'the Commodore'. Born in 1794, Cornelius transformed a small ferry operation into a colossal fortune, amassing over $100 million - equivalent to over $200 billion today.
The Vanderbilt family's opulence was mirrored in their grand 'Triple Palace' in New York City, an architectural marvel reflecting their vast wealth and refined tastes. However, by 1947, this once-dazzling mansion was a shadow of its former self, encapsulating the family's dramatic financial decline.
The downfall of the Vanderbilts is a tale of epic proportions, filled with excess, mismanagement, and a departure from the Commodore's doctrine of frugality. Despite his business acumen and relentless work ethic, Vanderbilt's descendants failed to sustain his hard-earned fortune.
Following the Commodore's demise, the Vanderbilts embraced a life of extravagance and grandeur, contrary to their patriarch's frugal lifestyle. With each generation, their massive inheritance was spread thin, gradually depleted by escalating family size, hefty inheritance taxes, reckless financial decisions, and extravagant spending habits.
The mid-20th century saw the final dwindling of the Vanderbilt fortune. The grand mansions and opulent lifestyle were gone, leaving behind an invaluable lesson of wealth management for the American elite.
We'll also compare the Vanderbilt saga to that of the Rockefellers, another iconic American dynasty. Unlike the Vanderbilts, the Rockefellers managed to sustain and grow their fortune through generations, showcasing the stark contrast between these two Old Money Families.
Join us on this intriguing journey as we unravel the story of the Vanderbilts' financial decline. Witness the dramatic shift from prosperity to poverty, from the heydays of their 'Triple Palace' to its eventual decay, and from the influential titan Cornelius Vanderbilt to his ill-fated descendants.
So, if you're interested in understanding the dynamics of wealth, the dangers of financial mismanagement, and the history of one of America's most storied families, then this video is for you. Discover how the Vanderbilts, once an icon of American wealth, ended up losing it all.