When Cornelius “Commodore” Vanderbilt died in 1877, he was by far the wealthiest American, with a fortune of $100 million. And in the ten years after Vanderbilt’s death, his son William succeeded in further doubling those assets. It was an astonishing level of wealth. But that’s precisely when [...]
Managing a windfall
A few days ago, life changed for 24-year-old Manuel Franco of West Allis, Wisconsin. The winner of a recent Powerball lottery, Franco took home $326 million after taxes. With this large a sum, it shouldn't be hard for Franco to make his winnings last a lifetime. But that's an extreme case. More [...]
