A while back I watched a fantastic documentary on Amazon Prime called “The Men Who Built America.” The episodes on John D. Rockefeller and Cornelius Vanderbilt are my favorites. These men became the patriarchs of two of America’s richest families.
Fast forward to present day: the Rockefellers are still rich and the Vanderbilts are dead broke. Why?
The Vanderbilts didn’t understand how to preserve and grow wealth. They learned only how to consume it. And it, in turn, consumed them.
The Rockefellers, like many other wealthy families in America, understand wealth preservation. They understand legacy planning. They understand how to put up guardrails for future generations so they can’t drive off the cliff with the family’s wealth in tow.
It is widely documented that the Rockefellers use permanent life insurance as a key aspect and cornerstone of their legacy planning. Their strategic use of this asset guarantees that the Family Trust will always be replenished.
Many of America’s wealthiest families use this same strategy. So do many “average” American families. Because they understand that to become wealthy, you must start thinking like the wealthy and doing what the wealthy do.
Who will start the legacy of wealth in your family? If not you…who?
Check out episode #179 of the Wealth Warehouse Podcast Top 5 Reasons We Want to Pay Premium Until The Day We Die:
Cheers,
Dave
