Will My Wealth Go Beyond My Grandkids?
by Hitesh Mohanlal
Most people have never heard of Cornelius Vanderbilt. He was the Elon Musk of the 1800s — only better dressed and he never tweeted.
Anyway when he died in 1877, Vanderbilt left behind $105 million. And before you think that’s just a decent Powerball win, that would be around $3.2 billion today. But if his empire had kept compounding he’d be worth something closer to $100 billion in today’s coin.
That’s a lot.
So, you’d assume his descendants are now wafting about on private jets made of solid platinum, sipping cocktails in glasses that cost more than your house.
Nope.
Not a single Vanderbilt descendant today is even a millionaire.
That’s right. The family managed to torch a $100 billion fortune in three generations. Silk shirts to polyester polos in record time. How is that even possible?
How Do You Blow $100 Billion?
Apparently, there’s science behind this — something about effort. And because we are talking about scientists, this one probably had mad, frizzy hair, white lab coat and twitchy eyes.
Anyway, the theory goes that if you stop trying, everything crumbles. Many from the Indian subcontinent who migrated to the western world know what I am talking about. The first generation of migrates worked hard, saved and created wealth. And that meant going out to Coffee Club for breakfast was never considered. Why pay for breakfast when you can make it at home for free?
And it turns out, wealth behaves just like empires. Rome. Great Britain. Nokia. They all had their day in the sun, and then… kaboom.
The Rise, The Blow-Up, The Disaster
Here’s the usual pattern:
1. Generation One: Builds the empire with grit, sweat and the occasional highly questionable tax strategy.
2. Generation Two: Keeps it ticking along and spends some it.
3. Generation Three: Buys a 150-room mansion, 15 supercars, a 120-foot yacht, and invests heavily in a business that never make it.
Here’s what happens. Once the hard work stops, so does the money. The decline isn’t immediate. It’s gradual. Like the smell in a teenager’s bedroom. But it’s definitely happening.
I’ve Seen It. You’ve Seen It.
I’ve personally seen families where one generation worked like absolute lunatics to build something amazing — only to have the kids blow it on Rolexes, fast cars and a series of failed gluten-free vegan burger chains.
Why?
Because money doesn’t manage itself. You can’t just throw it into a pot and hope it becomes something magical. It needs attention. Focus. Respect.
So, here’s the big question:
What kind of relationship do you have with money?
Is it loving? Is it toxic? Is it like your relationship with your in-laws — polite but secretly full of loathing?
More importantly: Do you respect it?
Because if you don’t — and if your children don’t — your legacy is going to go the way of the Vanderbilt billions. Poof.
It’s Not Just Billionaires
Think this doesn’t apply to you? Think again.
I’ve seen ordinary families blow through modest inheritances — houses, superannuation balances, even grandma’s secret savings stash in the cookie tin — like it was Monopoly money.
And in most cases, I blame the parents. And that may include me. And yes, probably you too.
Because we didn’t teach our kids what money is, how it works, or how not to waste 100% on crypto and breakfast, lunch and dinner.
Vanderbilt vs. The Winners
Cornelius built the empire. His sons kept it warm. And then the “blowers” arrived. They made blowing money an art form. If blowing money was an Olympic sport they would have received gold medals for decades.
Contrast that with the Rothschilds or the Rockefellers — dynasties still going strong because they did something clever:
They didn’t just pass on wealth. They passed on purpose.
They made philanthropy, giving back and legacy part of their family DNA. Each generation had a mission. Not just “don’t blow it”, but “build something even bigger.”
What Should You Do?
So, if you’re sitting there thinking, “I’m not a billionaire, this doesn’t apply to me,” let me remind you: If you’ve got a house, a car, and a bit of super, you’ve got enough to blow away.
1. Stop Waffling Around
Be clear about your legacy. Don’t leave it vague. That’s like handing your teenager the keys to an Aston Martin and saying, “Just be careful.” We all know how that ends.
2. Talk About Money
The education system won’t. Your kids will learn about photosynthesis, but not how compound interest works. That’s your job. Make them earn it. Make them understand it. Tell them about your struggles and sacrifices — not just your wins.
3. Write a Bloody Will
And no, not just one you scribbled on a napkin or the one from the Post Office. A proper one. Assume the worst. Even if your kids love each other now, plan as if they’ll go full Prince William vs. Prince Harry after you’re gone.
4. Use Professionals
You wouldn’t try to do your own brain surgery, would you? So don’t try to DIY your estate plan.
And yes, I know as Indians we dislike spending money on professional advice but this is one area you should.
Use someone with a suit, a calculator, and the emotional warmth of a Siberian winter. These people know how to say “no” to a daughter-in-law asking for a Learjet or a grandson wanting to sell the family townhouse to fund a poker habit.
The Problem with Inheritance?
It’s seen as a lottery win, not a responsibility. And lottery winners, as we know, usually end up broke, divorced, or in a Florida jail.
That’s why I always say:
Don’t just leave money — leave a mission.
Leave a purpose. And someone to say “NO” on your behalf.
Because the truth is, if your grandkids don’t respect money, they’ll burn it faster than a bonfire made of Elon Musk tweets. And along with it, they’ll torch your legacy, your name, and your story.
Which, frankly, will be the real tragedy.
