The Vanderbilt family's handling of their fortune offers several lessons. First, it's important to heed the advice of those who have successfully managed wealth before, as Billy did when he doubled the family fortune. Second, maintaining control over wealth-generating assets, like Billy's 87% share of New York Central, is crucial. Third, succession planning is key to preserving wealth across generations. The fortune dwindled when it was split and divided between two sons, one of whom died early and the other retired. Lastly, the story underscores the importance of financial education and management skills in preserving and growing wealth.
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