How One Of America's Richest Families Lost Everything
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- Опубликовано: 12 мар 2024
- During the Gilded Age, the mass accumulation of money by families like the Vanderbilts changed the economic, social, and physical landscape of the United States. The Vanderbilt family's wealth grew out of the shipping and railroad industries, both of which were largely monopolized by the the family patriarch, Cornelius "Commodore" Vanderbilt, in the late 19th century. His hard work set the foundation for his sons and grandsons to continue making money, but their descendants became less inclined to earn and more likely to spend.
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Father starts company, son builds on it, grandson collapses it. The old trope.
Hunter Biden?
Yeah it really sound like it in this case and good video.
That's from the 19th century. Today's generational wealth is never lost and never taxed via trust funds. Gen Z is on track to inherit the most wealth of any previous generation, simply from trust funds and pass-through corporations.
Frederick, Fred Sr, Donald in progress
@@tankueytryn Hold still, I'm trying to catch your tears in my Dark Brandon mug
I was born with nothing, I seem to have kept most of it.
😂😂😂😂
Same 😂
Ashes to ashes. Dust to dust...
😂❤
I love your comment- your brilliant, you were born with that ❤
Imagine spending a lifetime amassing wealth only to have your grandkids ruin it. That must hurt
Man was long dead, he never knew either way.
I know a Billionaire and he is giving all his wealth to the state. He has beautiful Grandchildren though and I feel it is unfair to them. They are like 14 years old or so. What could they have done to deserve that?
Hurt real bad ❤
This video is a powerful reminder of the impermanence of wealth and the importance of financial literacy across generations. The rise and fall of the Vanderbilt family is a cautionary tale of how even the greatest fortunes can dwindle if not managed with foresight and prudence. It's fascinating to see how the Gilded Age shaped America, but also sobering to witness the consequences of unchecked extravagance."
Something useful to consider is the concept of "shirtsleeves to shirtsleeves in three generations," which is a proverb that suggests family wealth is often built, expanded, and then lost within three generations. This pattern is not unique to the Vanderbilts; it's a common phenomenon observed worldwide. It underscores the importance of educating future generations about the value of money, investment, and the hard work that goes into building and maintaining wealth. Financial planning, sustainable investing, and instilling a strong work ethic are crucial for ensuring that wealth can benefit multiple generations.💯💫
Or just create financial tools that shield generational wealth from bad usage and taxes. Trust funds so inherited wealth isn't taxed nor splurged, pass-through corporations so trust funds can be replenished without being taxed, and finally user-lead charities so deferred taxes don't have to be paid.
Shirtsleeves to shirtsleeves is so 19th century.
Bro we came to watch the video not read your bull
Someone is in student debt
Bro wrote a whole thesis
The dummies that are criticizing this comment are the grandson type that lose the family fortune. How ironically poetic
My father was an estate attorney. When people would inherit large chunks of money, he would say: "Be careful. For at least one year, do not buy a car or a house. Do not quit your job. Do not marry or get divorced. Do not sell your parents' assets. Whatever asset class they had--stocks or real estate--continue to hold it. It made them rich. It will probably keep you rich." Very few of them took the advice. Almost all spent the money before they died, leaving nothing to their kids.
Sympathies to your father. He must have felt like he was screaming into the void.
You just confirmed that most people are idiots.
@@Inukshuk67I think it’s less people being idiots and more people being selfish :/
Wealth rarely survives three generations. The father passes his values to his son as best he can, but the son lacks the humble origin, and does try to maintain it, but the grandson is raised with no humility, and no values, and often no restraint on spending, and so the money goes down the drain.
Europe: Exists
IMF bankers also exist.
Often the original fortune was made in a dying industry, or one that undergoes enough change that the subsequent generations can't do it like 'ole grandpappy did. The next generations also know they have inherited wealth so they try to make their own stamp and often fail, but not for a lack of vision or effort.
The history always repeats grand pa rich father millonarie grand son homeless
Damn it, nobody wants to hear that @RubenDeanda-lb9wr
It is always interesting how so many family businesses go out because of younger generations that never got their hands dirty doing the original work.
No really it makes sense
Facts ppl spoil their kids and they grow up never respecting money or hard work
Rogers Communications
Well sometimes younger chooses so due to extenuating economic conditions 😮
@@tankueytryn
Eaton's, Birks Jewellers, Woodwards. All went the same way.
My grandfathers family was well off and owned numerous properties/land on Long Island, NY. Now we just have old stories.
My aunt used to own fields and fields of grape leaves in California where wine is made…now she’s gone(passed away) and the land is gone. Some people just don’t have any idea how to handle money.
That's literally my story as well. Homes that he owned he bought back for 30,000 sold them for 200,000 but if he waited just a couple more years he could sold each home for millions. He regretted it till he died.
There's so many additional stories of the kids missed here, including the introduction of the vanderbilt racetrack, how they are the reason speed limits exist.. how long island had a racetrack.. how the canonball races were originated by a vanderbilt.
Crazy how fast they lost everything Cornelius worked for .. how can you have everything given to you and still fk it up lol
I would think the answer is obvious; they didn't have to work for it.
There's a saying: "The first generation makes it, the second generation spends it, and the third generation blows it" and that's happened with tons of families.
The first generation works hard to build something; they start from nothing and create things that bring wealth. The second generation inherits something that's already built, so they don't have to work as hard. The third generation doesn't have to do anything; they're born into wealth so it's all they know. There's no struggle, no work to go from nothing to everything.
That's how. It's pretty easy to figure out.
That's very true that's why most of these rich families specially in Europe and Asia they're not leaving any inheritance to their children they're teaching them to work for your own fortune @@candice_ecidnac
@@candice_ecidnac was a rhetorical, hence the "lol".. but yes thank you
@@candice_ecidnac Seriously, read your own words and tell me with a straight face that you don't sound like an insufferable knowitall
Quite easily. 🤔
The Vanderbilts also played a major role in the early days of auto racing in this country as they were the ones behind the Vanderbilt Cup which was the first major trophy in American auto racing. The first Vanderbilt Cup took place in 1904 on Long Island on a 30 mile long course through Nassau County. The race was held on Long Island until 1911 when it got moved around the country until 1917 when it got cancelled due to the US's involvement in World War I & would not be held again until 1936. This revival would only last 2 years before the race went on another hiatus which lasted until the 1960's when the SCCA took over the name & ran the race first as a junior open wheel event, then as a sports car race. The Vanderbilt Cup would not return again until 1996 when it was used as the trophy for the US 500 run by CART during the height of the infamous open wheel racing split between them & the IRL. In 2000 CART would use the Vanderbilt Cup trophy as the trophy they would give to the season champion. This lasted until 2008 when CART's successor Champ Car & the IRL merged & the newly united series decided to use a new trophy to give to the season champion.
7:00 Must be the same film projector they were still using when I was in school in the 80s and 90s.
In every video you talk about the Vanderbilts, you're always oblivious to the fact that Anderson Cooper IS NOT THE ONLY famous Vanderbilt direct descendant. Actor Timothy Olyphant is also a Vanderbilt descendant.
And those two aren't the only ones.
“We are an immigrant nation. The first generation works their fingers to the bone making things; the next generation goes to college and innovates new ideas. The third generation snowboards and takes improv classes.”
Third gen majors in Art History..😮
@@marknewton6984 Third gen majors in Art History...... and Gender Studies.
Imagine mutton chops... but, like.. way more.
I got a beard that is about twice as long as this guy's and I was thinking how it would look if I just reverse mohawked it now I do.
Buffalo chops?
Gloria also wrote some books. Her memoir, "Once Upon A Time" was an interesting read.
good thing Gloria had her jeans as a back up 😆
👍
I love those jeans tbh
@@misssabina235 u no wat SO DO I!!!
The vanderbilits owned the shipping and railroad industries. If they invested in the auto and trucking industry later they would still be the richest family in the world today
The could have just shifted to commercial real estate in NY.
The Vanderbilt Trust Company built many towns along their railroads.
What if you do an episode on the most lavish parties in history? That could be interesting.
There is one called The Most Decadent Banquets in History
lol this 👆🏻
I'd rather not watch that drivvle
You have a great voice for these videos! Very interesting stuff!!
The definition of poor,according to the rich , is having a few million in the bank
Been to the Biltmore... Quite impressive.
A+ video!
LOVE IT! What a fascinating American history!
My Great Great Grand Father spent a lot of his money. He told them that he "Pissed it away!"
My grandmother and grandfather started out dirt floor poor, when they passed away they had built a small fortune with their business (around $10 million and another roughly $5 million in antique cars and property after they gave my father the business and shortly after passed away) my sister and I was left $10000 each, my father inherited everything thing else, he sold the business and everything they had and retired to Florida, bought some rental properties and retired in his early 40s. I left the Army and moved down to care for him in 2013 when he was diagnosed with cancer at which point I discovered he had drank and smoked his wealth to the point we had to sell all except 2 of his house's in order for him to survive the rest of his short time left. A year after he was in the same position and doing the same shit that put him there to begin with, that was the moment I knew I wasn't ever putting myself or kids in that position but I also knew I didn't want to take the road my grandparents did accumulation of wealth and property by working myself to the point I am in my 80s and body so broken they never enjoyed life so their son could kill himself with ease by 55. So I spent the ages of 33 to 38 investing in all the same businesses my grandmother and grandfather did busting my ass for 5 years at which point I had enough to retire comfortably with a passive income could invest in education for my wife to follow her dream career, we can be comfortable and not stress while being available to be a full time dad before my sons were 3 and 1. The biggest lesson I have learned from those in my family is 1) you need to enjoy life with moderation 2) once you accumulated a steady flow of wealth it is imperative to not over spoil the next generation without leaving the wisdom of retaining the stream and a good work ethic combined with a lot of financial literacy.
@@cottoneyedJoe29looking at your channel a lot doesn't make sense - I call BS. Nice euphemism though; consider get your stories published and maybe you could make a small retirement nest egg
@@workingfortheirfuture cool I could care less of your opinion
@@cottoneyedJoe29
Which means that you do care, even just a little. Should have stayed in school, son.
@JB-yb4wn ok cool, you are smarter than me too. Feel and think how you wish, I still don't have any negative feelings towards you either way and wish you the best. Hope some day trying to do whatever this is on the internet is gratifying for you.
Here let me help you out:
You have a nicer and bigger house than me.
You are wealthy beyond my wildest dreams.
You drive a nicer car than me.
Your wife is prettier than mine.
Your kids are all better than mine.
You are more handsome than me.
You have a bigger dick than me.
Great! I am truly happy for you, but I still don't need to try to find my happiness trying to swing my dick around in comment sections to try and drag other strangers down with nothing to gain. Truly and I mean this from the bottom of my heart, I wish you nothing but the best and hope you find something more creative to do with all this misguided anger at a complete stranger.
Its a saying. One weak link can break the chain of a mighty dynasty!
I understood that reference 🫡
Apparently, Gloria had the right genes/jeans...🤣
"how a very rich family became a less rich family
0:36 The public school system I attended from 1st-12th grade was Burwell Public Schools, which was also District 100.
$100 or $2800 today is enough to buy a boat? Someone needs to redo that conversion.
Everything changes. Not just the money
How to make a small fortune: start with a very large fortune
You mentioned Anderson Cooper but not a word on James Vanderbilt. He's written a ton of popular movies.
He's a really nice dude! We used to hang out WAY back in the day, when he summered on Nantucket.
I met him on the island of Phuket
Thank you for this! 💰
There is no way that $1,000 in 1812 would be only 28,000 in today's money.
6:51 I've visited their manson in Hyde Park NY as it's now a historical site. Beautiful!
"Less inclined to earn and more likely to spend" - the final nail in the coffin.
love this!
Real story about the Rockefeller would be nice.
You should do a video of George C. Boldt and Boldt castle
Tough times create tough men
Tough men create easy time
Easy times create weak men
Weak men create tough times
Like today?😮
Eternally true.
*Laughs in working class*
Better strap up those boots.
I question Cornelius’s spending policy as it was obvious Vanderbilt’s weren’t money savy or literate 😂😂
I read somewhere that generational wealth only lasts 3 generations, and it's gone.
Very interesting
I guess when you start out with nothing, you aren't freaked out when you Lose everything... Like *I've* done. ... ....three times.
Haha yeah ok
I hear ya! 😎
Edward G Robinson once said about his extensive art collection that he didn't really own anything, he was merely renting it while he was alive.
Same with my collection of Hummel figurines. I just take care of them for the next generation.
So interesting! Thank you for your great videos!
Love this narrator ❤
Can’t get over the fact that the architect was named Dick Hunt!
We need more of these Feel Good stories!!!!
I live about 20 minutes from the “Biltmore” it’s spectacular. I recently discovered that Cornelius Vanderbilt is a cousin of mine through Jan Von Harlem he was a barbery pirate from the Netherlands.
My grandmother's family had several women's clothing stores and my grandfather had a business in life insurance. My family lived in beautiful homes that were featured in magazines, had live-in housekeepers, vacationed in Hawaii, owned villas in Mexico, had beautiful artwork, and were living fabulously! It's hard to say where the breakdown began, but they eventually ended up in a mobile home community for seniors. There were at least two occasions where they sold homes just a little too early and those homes would have been worth much more just 1 year later. Maybe they were living outside their means and had no choice, but ended up selling their way to the bottom with each home they moved to.
Now we're all humble people who work hard and live normal lives.
I didn't grow up rich, but my mom did and it definitely affected her perspective on what acceptable spending is. I think often when you're brought up with a lot of resources, you never learn how to save because you always think the money is going to be there. I wasn't taught how to save and only started to figure it out in my early thirties.
I'm sure the same was true for the Vanderbilts, though because they had gotten to such a high level of wealth and fame, they still have nepo baby status, giving them advantages that average people don't have. Anderson Cooper may not be receiving a trust fund, but he likely has the career that makes him millions because he's a Vanderbilt.
This family’s story makes a great argument for not donating money to charity.
2:31 Railroads, ferries, steamboats...those are some valuable investments!
It would be awesome to have more of those, especially the railroads, in the country today.
I wish they were as valuable of an investment in Monopoly. 😄
@@Stephanie-ip9yj Right!
Theres a railway that also hired lots of Chinese immigrates in western areas to help built it🤔
nice history
A trucking company I drove for started in 1919 as Puget Sound Tug and Barge and then added Puget Sound Truck Lines. It folded in 2008 with equipment paid for, run into the ground by the founders' grandson. Too many chiefs and not enough indians.
My mother's maiden name was Brightman.
If you look up Brightman in American history you will find it to be prominent and central to many of the large land aquisitions beginning in the early 1600's. The Freeman Purchase and earlier.
My brother traced our ancestry back to Newport RI where the Brightmans were allotted extensive amounts of land directly from the king of England after purchase from the Narraganssetts. My family arrived here on thier own ships and were wealthy beyond imagination.
My brothers and I were raised in Dorchester, MA on welfare, attending public school and poor.
You guys shoud create a documentary on us.
lol yeah sure
That’s actually really cool!
Yea no lmao
@@williamphillips2671 look it up.
@@CreedK if you're from the new england area you can easily learn more about this history. Many towns in southern Massachusetts have streets named Brightman. Look into it. It's fascinating.
Can you do a video about the Glensheen Mansion in Duluth, MN?
Never heard of it
@@PInk77W1 cool story, bro
@@franklymaria1532 ok thx
If you watch the numerous videos on European nobility, you'll find that most of them did a very good job of passing their fortunes on thru the generations, as long as they didn't lose it all in this war or that.
The current American dynasties who seem to be successful in generational wealth are the Fords, the Waltons, the Heinz family and the Mars family.
Well, this was something. The Rise and Fall of the Vanderbilts. Any other families like this?
Lots of them. You just don't know their names. Most wealthy families in America lose that wealth within 2 or 3 generations. All it takes is 1 cocksucking grandkid that ruins the family with his cocksucking ways
Many, but none were as prominent as the Vanderbilt's.
Of course. The saying "The first generation makes [the money], the second generation spends it, the third generation squanders it" came about because it's so common that the kids of magnates end up blowing the vast fortune they inherited.
There are [very] few exceptions though. Paris Hilton comes to mind; she makes lots of money on her own.
On a long enough timeline, all of them.
Honestly, most of the fortunes from that era are gone now. I do know that the Strauss family (Co Founder of Macy's, and the old couple you see on the bed in Titanic who both perished) lost everything eventually as well.
"a b boy" 😂😂😂I haven't heard of the b boy break dancing team since the 1990s n that was already old footage ,bang up job in this video
Could you please do one about the Astors, or the Spencers
4:52 Spree: The Unofficial Candy for Shopping
I heard it put like this, "The first generation builds it, thecs3cond generation enjoys it, the third generation destroys it."
My family apparently was pretty well off before the depression.
FYI if you're talking about the event, the d should be capitalized, as in the Great Depression. Otherwise you're just talking about mental health issues, garden variety depression.
@@candice_ecidnac pedantic.
Use context cues
@@noneyabizz8337 I said it as an FYI. I wasn't rude or judgmental but sure, call me pedantic because you don't like to be informed. Always best to belittle someone than to learn. I'll mute you and we don't have to interact anymore but I do hope you'll be more open to learning in the future; there's so much you obviously need to learn.
@candice_ecidnac lol, I know you'll check back.
You're not educating, you're being annoying. If I must explain to a pedantic, one who likes his own comments too, I type lowercase. I dropped uppercase a long time ago, I type well over 100wpm, have been up around 140 when I checked a long time ago.
Yes, you're a pedantic. No, you're not helping people. Go away, stay away.
@@candice_ecidnac They meant what they said as an FYI too; you're the one who decided to take it personally, get self-righteous, and assign your own wrong perception to their intent
I’ve been to the biltmore twice, and it’s a really cool place. If you have the chance, you should go
Insane. Same thing happened to Mansa Musa. All the worlds wealth reduced to zero
Same happened to our family. One uncle who had the most money in the beginning ruined the entire family name and anything we had.
0:36 Speaking of $100 bills...
The new mini series Franklin, which stars Academy Award winner Michael Douglas as Benjamin Franklin, is beign released on April 11th.
7:37 name of the song?
FYI Gloria even launched the perfume 'Vanderbilt'. Gloria's life would make a great video....there was the book ' Little Gloria..... Happy at Last' which was made into a docuseries.
Could you make a video on beatrice cenci?
See people have been wasting money for years
Yes, because they didn't have to work for it. It's easy to squander something when you have no idea what the alternative is like. The first generation built up the empire from nothing. The second generation inherited an empire and didn't have to work nearly as hard. And the third generation didn't have to do anything, as the previous ones already did it all. They're born into wealth so it's all they know. They don't have to work for it; it's just there from birth. So they have no concept of working to go from nothing to everything. That's how they squander it.
It happens often. Stupidly often.
The prodigal son over and over again
@@candice_ecidnac exactly!!!
Idk how they managed to squander it all so quickly.
I will no longer feel bad about getting “a little treat”
in hopes of finding the answer in taking down current/modern "old money" families to our levels, i found this video very fascinating; i never knew Anderson Cooper was related to the Vanderbilts, but i'm also shocked, if not pleased/chuffed, that he understands his family's history and knows how not to fall into that trap i've taken to calling it: the curse of too much wealth and very little knowledge.
still, this is why the rich needs to be taxed: too much of it really IS bad for you in a myriad of ways.
Generational wealth has gradually but almost entirely changed to trust funds and pass-through corporations. The trust fund is used to inherit wealth without ever paying taxes, while the pass-through corporation funnels money into trust funds without ever paying taxes. Combined, these two financial tools allow children to never squander their wealth. A third tool, called "user-directed charities", allows the few remaining taxes to be deferred into charities; a tax deferred is a tax not paid.
Essentially, after a few false starts, the US has learned a system to keep the children of the affluent in perpetual wealth, without ever paying taxes.
I'm all for capitalism, but I'm also all for taxing inheritance. It's friggin income you got for being part of the lucky sperm club. It's income. It's money that comes in you "earned" by not being insufferable enough to be taken out of the will. Why hard earned money from your 9-5 is taxed all kinds but wealth transfers aren't is insane.
@@jasondashney The US does tax inheritance. It's just that your estate has to be 14 million (if single) or 28 million (if a couple) before it gets taxed. Interestingly, that figure is pegged to inflation.
@@langhamp8912 interesting. Thanks..
Very interesting! As someone from the Hudson Valley region of NY, and not far from their Hyde Park mansion. I find this interesting
Any plans on making a video about The Russian Imperial Romanov family?
Pls mention the historical homes owned by the Vanderbilt family
Can we get a video of the top 400 people in New York’s high society? ❤
My family has the same M.O. we owned a farm, my great grandfather bought it, his children inherited it, ruined it, and we never had the opportunity to have a piece of it. It was sold off before I came of age to make a difference, and now we are all effed😂
The Scottish proverb “shirtsleeves to shirtsleeves in three generations” describes the cycle of families starting with little means who build their wealth through hard work, but by the time great-grandchildren are in charge, the family is back to where they started, with nothing.
Does not apply to some of the banking families who have funded wars for centuries
I never heard of the Vanderbilts until designer Gloria came out with her jeans. Didnt know that Anderson Cooper was her son until later in life.
No, I'm pretty sure Anderson Cooper was her son right from the start.
I thought the Vanderbilts were still wealthy. I didn't know Gloria had been reduced to hawking jeans.
I thought there was no way I could care less about the Vanderbilts. I was mistaken.
I am going to watch the Weird History video:
x ---TIMELINE 1990---
The Vanderbilt's remind me of Ghengis khan's family, just because dad could make a fortune and empire doesn't mean the kids can keep it going.
Those are ladies glasses!
In Korea, where the conglomerates are reaching gens 3~5. We're seeing the consequences of never experiencing hunger.
Little known fact: I was just at The Breakers yesterday. Today, you release this video. That's some Weird History.
That ridiculous mansion in the thumbnail probably explains some of it 🤔🙄😂
I think I’ve been there before it’s like kinda time capsule idk
OK, I’m not an economist or a historian but I must address what they said at about the one minute and 15 second mark. He said that $100 in 1810 was equivalent to $2,800 today. The whole Civil War cost the Union about $2 billion. Today a nuclear submarine cost about $10 billion. I think the inflation factor would be closer to 280 not 28.
fun fact - Anderson Cooper is a vanderbilt, his mother is gloria vanderbilt
He's a freak.
Thank you, sweetheart 🥰
7:49 Vodka martinis are amazing!
I’m 63. Never had one
@@PInk77W1 I have probably had at least 100 Vodka martinis, it was the main drink of mine for grad school.
They are all over pop culture, like James Bond, Crocodile Dundee, etc...actually martinis (not sure if they are vodka martinis) were just in three films I watched yesterday (Batman, Beverly Hills Cop, and Matrix Revolutions).
@@btetschner
I’m weird. I’m 63 never had a beer. I don’t drink in general. Last year I rode my bicycle from
Tx to key west Fl. I stopped at my brothers house in Gainesville. He walked up to me and
Said “I know u don’t drink, but try this.”
It was Bailey Irish creme on the rocks.
I drank it and said
I can see how people get addicted to this stuff
@@PInk77W1 I really like Bailey's in coffee.
@@btetschner I don’t drink, but I can tell that was some good stuff. LoL
Cornelius the 3rd looks like eric trump....lol
It is shame. What is handed down soon will dwindled away. The one on the receiving end did not work hard to make that wealth. In the future, there will probably be a lack of wealth in the US. Because our young people are uneducated about a lot things including finance. So, maybe 2 generations that hands down the wealth this generation will not know how manage it. Plus, the wealthy needs look at who to leave business or wealth to. If the son is not responsible, leave it to the one who will.
So who owns the Biltmore now? It has to be worth a few million. I thought it was still owned by the Vanderbilt family.
Anderson Cooper. His story is the best.
Had no idea Cooper is a Vanderbilt
There are a bunch of interviews with him telling stories about his mother.
His cousin is Timothy Olyphant, also a Vanderbilt.
Like to hear about JFK
One of humanities' greatest weaknesses is our inability to efficiently transfer wisdom to our offspring.
If you'd like to know more I can recommend the book "Fortune's Children: The Fall of the House of Vanderbilt" by Arthur T. Vanderbilt II