Lasting Legacy

Cornelius Vanderbilt certainly knew a thing or two about making a fortune… Born in Staten Island, New York, in 1794, young Vanderbilt began his working life on his father’s boat at just 11 years old. He went on to build a fortune through shipping and railroads and, when he died in 1877, his net worth stood at $105 million (approximately $3 billion today).

His eldest son, William Henry (known as Billy), took charge of the family business and doubled its fortunes in less than a decade. When he died, in 1885, he split the estate between his two eldest sons, Cornelius II and William Kissam. It was then things started to go awry…

In the boom years of the Gilded Age, the Vanderbilt family spent nearly half a billion dollars (at today’s rate) buying and building palatial homes.

William Henry’s youngest son, George, rumored to be his father’s favorite, ran through his share of the family fortune constructing Biltmore House, a 250-room French Renaissance château set in a 125,000-acre estate in Asheville, North Carolina. Still today it’s the largest privately owned house in the United States.

In New York, the family owned so many homes along Fifth Avenue it was dubbed Vanderbilt Row while out on Rhode Island, the 70-room mansion known as The Breakers served as the Vanderbilt’s summer residence.

On paper, the family’s real estate portfolio was staggeringly impressive. In reality, owning scores of lavish, high-maintenance property generated zero income, proved a drain on family finances in terms of upkeep, and racked up significant tax liabilities.

But the family’s greatest mistake was their failure to diversify. They concentrated almost their entire fortune into the railroads—a single, capital-heavy industry which peaked come the 1920s. What wealth remained was divided time and again among children and grandchildren, with each generation inheriting a smaller, harder-to-protect share.

Fast forward a couple generations to a 1973 Vanderbilt family reunion where 120 of Commodore’s descendants gathered… and there wasn’t a millionaire among them.

Like I always say, diversify or die broke.

And do it, no matter what…

Democrats, Republicans, bull runs, bear markets, inflation, deflation, wars, pandemics, tax cuts, tax hikes, boom or bust… set yourself and your assets up right and none of that needs to hurt you or your nest egg.

When it comes to international diversification, I’ve spent the past 30 years doing just about everything you could think about doing in another country… from educating my kids to running businesses, obtaining residency and citizenship, opening bank accounts, buying and selling real estate, you name it…

I’ve made it my mission to share that experience with my readers across the past few decades, too. But I know enough to appreciate that mine is just one perspective and there’s a whole world of them out there with valuable insights that can help you to protect and grow your wealth.

That’s why, next month, at my LIOS Money Event, I’m bringing together more than 30 of the sharpest minds in residency, citizenship, gold, taxes, investing, real estate, wealth protection, estate planning, banking, relocation, offshore structures, and more to share everything they know and everything you need to know to keep your wealth and legacy intact for generations to come.

You can find all the details and book your spot to join us, here.

Stay diversified,