What We Can Learn From Some Of The Wealthiest Families In History
Some of the wealthiest families in history saw their enormous fortunes dwindle to nothing. They were able to squander generational money. How did that happen?
In this video I discuss the lessons we can take from it and apply it to our cryptocurrency future. We are embarking upon an era where vast fortunes will be made. The question is are we approaching it with the right mindset?
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The place of continuity to me can't be ignored at all and I want to say that is one of the things that as keep most of those families going
We must be careful with that point since we can store fortunes but in the same way we can spoil it in an instant so knowing all the details is very important for the future.
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We have to keep learning and adapting to new technology and developments. Nothing really stays the same and that is the way to make sure you're making good financial decisions.
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SO interested in The Vanderbilts! I spend so much time at Biltmore Estate. Watch any documentary I can get my hands on. Have a book about Vanderbilt family history. Book on The Astors that I haven't started yet. What do you like to study about them?
Squandered, or enjoyed? I'm personally impressed by how George set out as his life goal to spend that fortune. 🙂 An entire lifetime spent coming up with ways to spend it. A challenge indeed! And he rose to it! He innovated some interesting ways to spend it. I appreciate people who appreciate things and George was definitely that. There are people who consume things mindlessly just to do it, and then there are people who have taste, a sense of their own style, and appreciate things as an art. George was most certainly the latter. The haven he created at Biltmore is one of the greatest works of art I've ever seen, and so many of us relish every inch of it 130 years later. That's really something. But I digress I understand you're pointing out how they could've easily planned to keep the fortune going. I just wanted to use my opportunity to appreciate and gossip about The Vanderbilts here. 😂
"Are we prepared for the wealth that is ahead of us in cryptocurrency?" 😭 Those are my favorite words I've heard spoken for a long time!
New information about The Astors I didn't know!
"How do we become good stewards?" ❤ What an excellent question.
This was an especially useful video of yours. Maybe my favorite of yours yet! What I'm taking away from this is: how can I nurture my crypto holdings?
i didn't watch the video so my info is limited but something tells me it doesn't mention how much of these enormous fortunes were made from illegal activities, lol. So what's funny is how we listen to people teach us about capitalism and they leave out the most important formula all the crookedness and manipulation to create these vast fortunes and i don't care who it is.. even if you look at elon musk he's always at odds with government regulations and him being the head of a big corporation how he manipulated doge coin should be a crime lol.. although i like the guy from his support of ubi.. atleast he's smarter than most of you all but i believe he'd be no different and is no different than how every other crook made their money
it's disingenious for the historians and economist to tell these stories and leave out the most important formula of how most of these guys made their money and how and what was allowed and what wasn't. i dont think we can learn much of anything from anybody who propped up or created their fortune on criminal activities unless we ourselves are open to engage in such methods.
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Summary:
In this video, the speaker discusses the importance of learning from wealthy families' downfalls, such as the Vanderbilts and the Astors. He emphasizes the tendency for generational wealth to be squandered over time as descendants fail to sustain the financial empire built by their predecessors. The speaker compares historical business legends like Rockefeller and Ford to contemporary figures in cryptocurrency like Elon Musk and Warren Buffet. He urges viewers to consider their approach to wealth-building in the era of cryptocurrency, emphasizing the need for strategic financial management, investment in wealth-building ventures, and continuous education to adapt to evolving industries such as biotech, quantum computing, and renewable energy.
Detailed Analysis:
The speaker starts by highlighting the rise and fall of wealthy families like the Vanderbilts and the Astors, underlining the importance of understanding how generational wealth can be lost over time due to mismanagement and lack of adaptation to changing market dynamics. He draws parallels between historical business figures like Carnegie and modern-day innovators such as Elon Musk and Larry Ellison, emphasizing the significance of visionary leadership in sustainable wealth creation.
Furthermore, he delves into the significance of prudent financial management in the cryptocurrency space, cautioning against the pitfalls of instant gratification and advocating for a strategic approach to asset utilization. The speaker stresses the importance of utilizing cryptocurrency not just for immediate consumption but also for long-term wealth generation through prudent investment and risk management strategies. He introduces the concept of DAOs (Decentralized Autonomous Organizations) as potential avenues for wealth-building investments in the future.
Moreover, the speaker explores the evolving landscape of technology and its impact on wealth creation, pointing towards potential growth areas like biotech, quantum computing, and renewable energy as future hotbeds for investment opportunities. He underscores the need for adaptability and continuous education to stay abreast of emerging industries and capitalize on evolving market trends.
In conclusion, the speaker encourages viewers to cultivate a mindset of continuous learning, strategic financial planning, and forward-thinking investment practices to navigate the dynamic landscape of wealth creation in the cryptocurrency era. He advocates for a proactive approach to wealth management, emphasizing the transformative potential of cryptocurrency in reshaping traditional notions of financial prosperity.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.