{"id":68332,"date":"2024-05-23T13:26:51","date_gmt":"2024-05-23T18:26:51","guid":{"rendered":"https:\/\/olduvai.ca\/?p=68332"},"modified":"2024-05-23T13:26:51","modified_gmt":"2024-05-23T18:26:51","slug":"the-old-money-secret-to-wealth","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=68332","title":{"rendered":"The \u201cOld Money\u201d Secret to Wealth"},"content":{"rendered":"

The \u201cOld Money\u201d Secret to Wealth<\/a><\/h3>\n

I believe that we\u2019re heading for another liquidity crisis or financial crisis. That doesn\u2019t mean it\u2019ll happen tomorrow, but there are disturbing signs that it might not be too far off.<\/p>\n

It doesn\u2019t mean the world\u2019s going to end. But investors who aren\u2019t prepared could see large portions of their portfolios wiped out. It could take years to rebuild them, and many investors just don\u2019t have the time to recoup those losses.<\/p>\n

But how do you prepare? You might want to start by looking at how \u201cold money\u201d preserves its wealth. Today I want to explore that.<\/p>\n

On a cool evening in the fall of 2012, I joined a private dinner in Rome with a small group of the world\u2019s wealthiest investors.<\/p>\n

We dined at Palazzo Colonna, a private palace that\u2019s been owned by one family for 31 generations or 900 years. My dinner companions were mainly Europeans, some Asians and relatively few from the United States.<\/p>\n

Amid marble, gold, paintings and palatial architecture, I mused on the meaning of old money compared with the new money crowd that congregated for cocktails near the Connecticut home in which I lived at the time.<\/p>\n

Old Money vs. New Money<\/strong><\/p>\n

Old money has proved they know how to preserve wealth over centuries, while the jury is still out on new money busy buying yachts, jets and exotic vacations.<\/p>\n

In the United States, the \u201cold money\u201d is generally about 150 years old with fortunes dating to the mid-19th century. Families in this category include the Vanderbilts, Rockefellers and Carnegies.<\/p>\n

Some U.S. family fortunes are almost 200 years old. But most of the great wealth today isn\u2019t old at all.<\/p>\n

It comes from success in the past 30\u201350 years including Mark Zuckerberg, Jeff Bezos and Warren Buffett.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

The \u201cOld Money\u201d Secret to Wealth I believe that we\u2019re heading for another liquidity crisis or financial crisis. That doesn\u2019t mean it\u2019ll happen tomorrow, but there are disturbing signs that it might not be too far off. It doesn\u2019t mean the world\u2019s going to end. But investors who aren\u2019t prepared could see large portions of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[13599,21387,868],"class_list":["post-68332","post","type-post","status-publish","format-standard","hentry","category-economics","tag-james-rickards","tag-the-daily-reckoning","tag-wealth"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68332"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68332\/revisions"}],"predecessor-version":[{"id":68333,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68332\/revisions\/68333"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}