There are tons of families in the USA and around the world who take joy in the fact that they’ve been able to pass on millions of dollars to their children. But is that honestly the best way to raise your kids?
Some rich parents leave their children billions of dollars, but never train them in the best way to take care of their fortune. Then, these young heirs who have no business sense and who are used to being taken care of let their family’s hard-earned money slip through their fingers because they have no idea how to keep it safe.
Here are a few heirs who completely squandered all of their family wealth:
By the time the first Vanderbilt patriarch Cornelius died, he had amassed a fortune of over $100 million — more money than was held in the US Treasury at the time. His son Billy did a reasonable job when he inherited the family fortune, expanding their business and doubling their money. However, by the time the fourth generation rolled around, the fortune was divided between many different family members — many of whom were serious spenders — and with it, the family legacy began to disappear as well.