What We Can Learn From The Mistakes Of Millionaires
People drink during good times. They drink when times are bad.
Bernhard Stroh knew this. He also learned how to build a fortune. In 1850, he left Germany with $150 and his family’s beer recipe.
As recently as the 1980s, the Strohs controlled the country’s third largest brewing company. They were worth about $700 million.
But today, their once-great fortune is a fiscal train wreck. They’re no longer rich. Rampant spending, high debt loads and poor investment decisions sank their wealth.
Unfortunately, stories about a wealthy family’s fall are as common as pimples on a teen.
Time journalist, Chris Taylor, references data from the Williams Group wealth consultancy. He says 70 percent of wealthy families lose their fortune after one generation.
A whopping 90 percent lose their fortune by the third generation.
Image by Pixabay