Devang Patel went back into American history to find a single idea that generated him $3 million a year. It’s the story of Rothschild v. Vanderbilt.
Here’s a glance at what you’ll learn from Devang in this episode:
- Rothschild vs. Vanderbilt: How to build wealth, grow it and keep it
- One idea that has helped Devang generated $3 million a year in his business
- Devang shares how the Rothschild family and Vanderbilt family became worth $360 billion and $215 billion respectively
- 3 characteristics wealthy people focus on to get and keep their wealth
- The Rothschilds were so wealthy, that the wars did not start until they said that they would finance them.
- In today’s dollars, the Rothschild’s were worth $360 billion and the Vanderbilts were worth around $215 billion.
- If you don’t know the names of your great grandparents, it’s probably because they didn’t leave you any money.
- Mayer Rothschild learned everything about banking from his dad that he could and took it to the next level.
- The real wealth of the Rothschild family came about when Mayer Rothschild partnered with his sons and passed on all his intellectual property and money.
- Even though the Rothschilds were persecuted because they Jewish, they managed to thrive because they were in five different countries, similar to diversifying your businesses.
- Cornelius Vanderbilt built his wealth in sail and steamboats, and later with ocean going steamboats and railroads. When Cornelius died, he left 95% of his money to just one of his sons.
- Hard work is the most important common trait. There is no substitute for hard work. You will not hear them say “I want to take time off because I’m so successful.”
- Mind your own business, focus on your one thing that makes you successful.
- Put family first, do you want to be a Rothschild or a Vanderbilt?
- The main takeaways are Hard Work, Focus, and Diversity.
- Bill Gates made more money by diversifying his wealth out of Microsoft. You make money by being focused but you keep it by being diversified.
- Be very close to your spouse and bring them into your business, make them a true partner.
- Go out and be a Rothschild.