Between the mid 1800’s and early 1900’s there were a number of Americans who amassed great wealth: John Astor, Cornelius Vanderbilt, Andrew Carnegie and John Rockefeller.
The Astor, Vanderbilt and Carnegie wealth evaporated within two generations. Yet, the Rockefeller wealth continues to grow.
Inscribed in stone at Rockefeller Center is the mantra of the Rockefeller family:
“For every right implies a responsibility; every opportunity, an obligation; every possession, a duty.”
Certainly, John Rockefeller’s wise creation of trusts has kept future generations from squandering that wealth (they are now entering their 7th generation, with 170 heirs and an $11 billion fortune). But, there is much more to the Rockefeller story than trusts.
Those trusts are passing along more than mere wealth. They have institutionalized many of the values and habits of John Rockefeller, which are passed along to every heir.
The family meets twice a year to share the values and habits passed down to them by John Rockefeller. Additionally, at age 21, every heir is invited to these family education sessions to learn the values and the habits of John Rockefeller.
One of the foundational habits passed along is charity – the importance of giving back to the community.
Another foundational value or habit is teaching heirs good money values – essentially how to live within your means. The means being provided by the trusts.
As I’ve articulated often in my writing, parents are the primary source of good and bad habits. When parents inculcate good habits in their children, their children thrive as adults.
However, when parents pass along bad habits to their children, their children struggle in life, financially and otherwise.
The Rockefeller trusts exemplify the enormous importance of parents passing along to their children habits that will help them to excel in life.
About Thomas C. Corley
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