How The Rockefellers Went From "New Money" To “Old Money”
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- Опубліковано 30 тра 2024
- Cleveland, Ohio on the brink of the 19th century... we meet a young John D. Rockefeller - a man not BORN great - but upon whom greatness would be bestowed by the trials of life.
Embark with us on this journey from the freshly minted wealth of the “new money” Rockefellers to the prestigious “old money” dynasty John would build, as we describe…
How The Rockefeller Family Went From "New Money" To “Old Money”.
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How The Kennedys Went From “New Money” To “Old Money”: • How The Kennedys Went ...
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How The World’s Richest Man Picks An Heir (The Arnault Family Succession): • Video
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TIMESTAMPS:
0:00 Introduction
1:37 1. A Baptism of Oil
4:55 2. The Rise of John D. Rockefeller, Sr.
9:03 3. The Next Generation of Rockefellers
14:08 4. The Rockefeller Family’s Transition From “New Money” To “Old Money”
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The financial landscape of America’s Gilded Age was indeed a volatile crucible, with fortunes being made and lost almost overnight.
Within this climate, a distinction arose between “new money” - the freshly minted wealth of entrepreneurs and industrialists - and “old money,” the inherited wealth of established families that had accumulated assets over generations.
The terms encapsulated more than just the age of wealth; they signified cultural differences, social acceptability, and the capacity for wealth preservation.
The Rockefellers - beginning as “new money” - were no strangers to this volatility.
However, their pragmatic approach to wealth accumulation and preservation arguably allowed them to transition into the esteemed category of “old money.”
Key to this transformation was their ability to integrate into high society and form strategic alliances through marriage.
Addtionally, embedded in the core of the Rockefeller family’s legacy is their remarkable philanthropy.
The Rockefellers became known as patrons of education and the arts, helping to shape America’s cultural landscape.
They lent their considerable resources to institutions such as the University of Chicago and the Museum of Modern Art.
This deep-rooted philanthropy wasn’t simply about donating money; it was an essential tool for shaping their public persona, showcasing their commitment to societal advancement.
Yet, alongside this is their equally noteworthy ability to amass and preserve substantial wealth. This duality reflects the character of John D. Rockefeller himself, who was known to be a ruthless businessman yet an incredibly generous philanthropist.
Their philanthropic ventures were strategic. They served to not only improve public welfare but also to bolster their societal standing, assisting in their seamless transition from “new money” to “old money.”
Through these actions, the Rockefellers were not just cementing their place within societal elites, but also highlighting their dedication to the public good.
Therefore, simultaneously, the Rockefellers adopted several strategies to safeguard their wealth, ensuring that it would endure across generations.
One significant step in this regard was the establishment of the Rockefeller Foundation in 1913.
This move was more than an act of charity; it was a calculated effort to shield their wealth from heavy estate taxes, thereby allowing it to grow and benefit society simultaneously.
Over time, the Foundation’s immense contributions to public health, education, and arts helped to further establish and fortify the Rockefeller name.
Trusts also played a critical role in their wealth preservation strategy.
John D. Rockefeller Sr. formed his first trust in 1891, transferring a significant portion of his fortune to it.
This move offered both tax advantages and protection against potential heirs’ mismanagement, thereby ensuring the continuity of the Rockefeller fortune.
In addition, the Rockefellers innovatively used holding companies to manage their diverse business interests.
These corporate structures provided a protective shield for their wealth while also promoting growth.
This use of corporate entities set a precedent for future wealthy families, showing how wealth could be protected and multiplied simultaneously.
As such, the Rockefellers are a perfect example of how one family managed to become synonymous with philanthropy while maintaining an iron grip on their wealth, demonstrating a duality that has become part of their enduring legacy.
COMMENT: Much like the Kennedys - who we’ve featured in a previous video - some say that The Rockefellers are not technically “old money”, as they originally got their wealth through business, as well as many members being high profile politicians. Do you agree with this sentiment, or do you believe The Rockefellers have officially reached “old money” status in the United States?
I believe The Rockefellers are Old Money!😊👊😊☕☕☕
They cleared the hurdle long ago. They cleared it early because of their moral character, tho' some of the 3d gen (Five Brothers) acted like playboys. All of their offspring, however, tended to modesty and unassumingness.
The US really isn’t all that old! We don’t have several centuries of royalty and so forth, so yes, these families represent old money.
Old Money Definition: a wealthy family that is at least 4 generations old and not only maintained but have grown and increased their wealth and influence with each generation
One can define Old Money as one likes.
Few would disagree that values rather than money separate sheep from goats. Serious prosperity seems required but not stratospheric wealth. Those with the right esthetic and ethical standards can be prosperous two generations and be welcome in all the right clubs and groups. The Rockefellers had the right esthetic and ethical standards early and were old money by 3d generation. The 1st generation of wealthy Rockefellers kept their fortune, but JDR Sr and Laura did not care for display. JDR Jr was the same, but his wife Abigail Aldrich knew just what to do. Her five sons were considered venerable though one was a misguided playboy, another was a womaniser, and a 3rd son a gentleman of leisure. The child of the 3d generation, a daughter, was somewhat showy, but did not care how she seemed.
All things considered, few American families that make money ever keep it over two generations.
A book about the Rockefellers that notes that one big difference between them and other Gilded Age families is that they realized that the fortune would be dissipated if it was broken up & inherited by each subsequent generation. Instead, they chose to keep the money together. According to John D. Rockefeller's will, every lineal descendent has the right to borrow money from the family trust at zero interest. The trust takes out a life insurance policy on the borrower for each loan, so it is always assured of getting the money back one way or another. The borrowers get a massive advantage by not having to pay interest on the loans, and the family maintains its values of work, thrift, and charity while avoiding the usual trend of the family devolving into a herd of lazy freeloaders who are simply pissing away the money.
Thanks for that great information.
Very Clever, Bravo , Rockefeller senior deserves the title and name to be The Great Tycoon and Pioneer of the American Gilded Era.
That's genius
Thnx fr d info bro
That's a smart plan!
Old Money Definition: a wealthy family that is at least 4 generations old and not only maintained but have grown and increased their wealth and influence with each generation
You can belong to old money and still be stony broke😂
@@piked261 if you’re broke, by definition you don’t belong to old money, case in point the Vanderbilt Family.
The name maybe old money but most of the descendants are broke, except for Anderson Cooper who is a self-made millionaire.
@@piked261how if you don’t mind me asking?
Old money is money inherited from families of the original ' clans ' to this very day .
Alot of wealth accumulated ( mainly in art and prestigious metals ) passed from generation to generation..
The introduction of oil made the way for new money .
Leave in mind there has been alot of name changing going on especially around the 17th century !!
Well Im portuguese i dont know but here its Said that what comes from oil beginners is new from royalty families but old money to the ALL world!! To the oldest democrática republic oil money is old money.
ONLY Monarchy are old money. There os no sich thing as old money on USA ❤🇱🇷. ITS ALL BRAND NEW. THE GREATEST OF ALL. I think so
Never thought I'd see a Boondock Saints and a Harry Potter clip in a documentary about the Rockefellers yet you made it work. Nicely done.
Thank you for this informative video, on a personal note my mother family is similar the Rockefellers but for the British Virgin Island, Road Town, Tortola. One day I might visit the family estate.
Very cool! Thanks :)
They definitely deserve the "old money family" status!
American Old Money by far.
Wisdom is a gift from God. Look at the old man's foundation...his mother was spiritual, his father was a conman & you had to be smart to do that...did young Rocafella gripe? No, he harnessed strengths & positives from both parents and channeled it into something great...morale values, compassion would have touched the 'soft' side most likely reminding him of scriptures & God's laws
Old money refers to wealth that "ages" as the individuals of a given family age. The more people's lifespan such wealth transcends, the older the money. On the contrary, money that "dies" after one or two generations is no longer money. Money that has "been born" (in regards to the era) still has to pass the test of time. If i succeeds in aging with the family, it will become older; if it dies as the individuals die, then the family will never be old-money.
Well said! Poetic!
Great channel! Just discovered it and have been binging your videos. Love hearing how some families are able to preserve their wealth over generations and how some blow it all in a generation or two. Keep it up! Great videos.
Wow! Awesome you discovered our channel, Tom. Glad you enjoyed - your interviews are amazing as well! Great work
Very instructive. It tells us the more you give to worthy causes, the more God blesses you. The father put structures in place to safeguard and grow their wealth,to shield the heirs from wasters in their midst. A very wise man, far above in his times. Everyone should glean from this patriot.
There is no god and the idea that if there were he'd bless the kind of people who like John D. Rockefeller if there were is disgusting. Just look at the conditions his employees labored under and look at how he responded to attempts at unionization. I find your comment vapid and without value.
Excellent presentation. This is the history that needs to be preserved. The personal experiences teach valuable lessons that are ignored in todays historical education. Job well done .
These elite families all have one thing in common…they all had a lot of children. With proper financial education and duties given to your children is what keeps your wealth preserved for generations to come.
JDR Sr's family upbringing lacked refined manners and cultivated tastes of old money, but lacked nothing of the restraint, modesty, hard work, frugality and lasting values of families that finally make it to respectability (Which this series quaintly labels "old Money'). JDR Sr gave 10% to the Baptist Church, and went to church twice on Sundays. When he worked he knocked off at 12:00 most days, because he was very effective and tho' a master of detail wasted no time on trifles. .
JDR Sr and his wife were both modest, sober Baptists and skilled accountants. As JDR, Sr prospered they were able to give their children ponies, their own gym, and play-house. All the time the parents focussed on basic virtues. The Rockefellers had five daughters and one son, JDR, Jr. Five daughters would have been great for making alliances with other powerful families. What happened to the five daughters?!! The Rockefeller children invited their friends over yet, somehow the parents still raised them to think their wealth made them nothing special. Dad could have bought the whole neighbourhood if he wanted.
As the one son, JDR, Jr, was destined to take over JDR, Sr's position. But he needed a wife. He got Abigail Aldrich, who was from a prominent New Money, Rhode Island family. Seeing all the Rockefellers had she knew just what to do. Reversing JDR, Sr, she one daughter and five sons. Abigail did not engineer that. Daughter Abigail was the oldest and the least Rockefellerish. She too was into the life of ease. Still the Rockefeller Family has backed more of the US's greatest civic, artistic, scientific, and intellectual institutions with a few well meant blunders like the Kinsey Institute.
JDR, Jr was a Mr Sobersides, but not his wife, Abigail was from a different mould. JDR III was another Mr Sobersides. The four other Rockefellers boys were misguided playboy Winthrop, lover and politician Nelson, traveler and investor Winthrop, and working professional David.
Barring JDR III, by the 3rd Gen, the Rockefellers were a mix of idly responsible and Old Money (with lasting values). Most feel they owe society, with a small 's', something.
I founded all my own products, firm etc , but all would stolen from me a against my excellent life.
I need true help. The best lawyer. Please connect!!!
Was they never criminal?
I have 5 diploma
You must have left your comment with the wrong UA-cam. So as not to raise your hopes here, I suggest trying to find an entertainment lawyer elsewhere. I am no lawyer at all .
@@maxroberts7393
No
A true lawyer one!
@@artistsingerwriterproducer8288 I don't know a single one.
Thank you for this very interesting information. I'm a fan of Mr. Rockefeller foundation's activities, that are protecting and strengthening our democracy. I've no doubt, that Mr. Rockefeller foundations representing old money traditions to the fullest degree.
As long as its people believe in capitalism, the U.S.A. will continue to be a strong and successful country.
Where are you from???
Well done
Great video,
More
More to come!
These videos are amazing.I agree.
$1,000,000 in 1883 is worth thirty times as much today. Imagine spending $30M on a party!
Haha right!!
Thanks ❤
Thanks
"I come from old money. My dad was the paperclip on Microsoft Word, I don't even need to be here tonight." - Casey Rocket
Everything has already been established there is really nothing else to say no comment.
A visionary person could do for their country the best financial management
I thinking than arguement could be made that the Rockafeller’s and Kennedy’s are old money.
Do not glorify them are responsible for the modern day pharmaceutical industry (based on petroleum) and the minimization of homeopathic medicine. JD Rockefeller learned a lot from his father.
Great video! ExxonMobil stock which is the reintegration of the former Standard Oil allowed me to become financially retired at 54 Thanks John D!
The Rockefellers deserve only one title, not old or new money, but The American Grandeur and Goodwill.
Rockefellers , there's more to them than this video shows. He bought out herbal medicine and wanted them to stop using herbs which is our medicine by nature and gave them big pharma drugs instead all just for them to get funding from them. Then created the FDA which has nothing to do with our foods quality . Do some more research ... this guy is something else
Every time my family would build up money, they would get divorced and lose it all through the court system. Put the family money in a trust and make sure everyone puts it back if they borrow. I wonder if a good lawyer today can break a trust in divorce today.
Why wasn't Spelman College mentioned along with the University of Chicago?
Your presentation does not mention generational roots prior to William A. Rockefeller .
But , I know .
Some books were removed , which I read , in the late 1990s .
First, their use of charity was 100% for their own benefit; let's not pretend they think there's some other G-d that is not named Rockefeller. Second, it's hilarious that someone considers them anything but old money at this point; by that standard my ancestors are more old money than them because they held seated title in England (aka a lord) before losing their wealth when coming to the US, and then gaining it back in the early 1900's; and then losing that fortune and the last fortune was my great grandparents whose wealth just kind of fizzled away but they were rich enough that my grandfather had his butler's accent lol. Rockefellers are 100% old money, but not aristocratic in that sense (some major political figures in there for sure.) I'd consider someone whose parents made vast wealth before their kids could talk to be old money kids, grandparents for sure. If someone comes from money and is refined, I'd call that old money as well. Finally, at this point; old money is any refined person who has money and isn't laboring for it (if you made a billion on bitcoin and converted to cash, then put it in SP500 index funds paying dividends; I'd call that old money if you're at least a tad refined (well dressed, educated & mannered.) But, for a definition; I'd say parents or earlier creating the wealth and no longer having to work for it (though CEO/president/chairman of a major company benefiting from business trips that are a tad luxurious is fine.)
Fascinating thoughts! Thanks for viewing and commenting, Ben!
they are in the same family of the rothschild!
Mansa musa 😂. John is a baby to him not even a child or a boy 😂
Looks like it was your family's problem that they lost wealth
Absolutely the Rockerfeller's are old American money spanning 3 centuries.
Was he ready to conquer the world? How about the worlds? What about the entirety of the universe? There are plans for those who make them. The surge from the man with the plan will not go unnoticed.
now that 4 (5?) generations have passed - OLD
Do y’all really think that the Rockerfeller’s care if they are old money or not ? Lol this family is so powerful that Old Money Vs New Money means nothing to them. They are on a level today of Power. When you have all the Money in the World all you seek is Power.
Exactly 😂 power was always been the case even for John D himself, he didn’t care that much about the money he just wanted total power over his industry, a monopoly, and he succeeded
Did we love Love on it all ??😂🎉🎉🎉🎉🎉😢😮😅😊🎉🎉🎉🎉🎉
..
Only two questions:
Are the peoples happy ??
Who should get the rewards ??
...
I have the following answers.
1. Some are happy, some aren't.
2. I should get the rewards. Me personally.
They were new money in the 1870s, so decares later, they are old money.
Rockefeller... oligarchs/gangsters😢
if your wealth reaches your grandchildren, then you are old money. i dont support the idea that you have to have money in the family for 200 years before you can be called old money. thats nonsense that someone made up as a rule to exclude all others from joining the old money club.
Interesting!
Nelson Rockefeller died mysteriously in 1979. 😟😟
😬
In flagrante delicto.
A confusing mix of authentic archival images and irrelevant Hollywood snippets.
🤔
For Americans they are old money but compared to the British they’re new money
Old money!!! There is nothing about the Rockefeller that says new money. Many people lost their property, because, of the Rockefeller family. 😢
Read Mathew 19:23-24 Question is how many “rich” people make it?
Your use of modern movie images of individuals unrelated to the subject family interlaced with actual family photos is distracting. It's not like there is a shortage of actual visuals related to the subject.
I couldn't agree more. The History channel done a series called "the men who built America" it was well done with actors. the way they done this made it feel cheap and lazy. the content was good though
Ida Tarbell’s work led to the Sherman Antitrust Act, not the Clayton Act which came later and addressed abusive business practices other mere monopolistic control of particular industries.
I hea philanthropy a lot, but not one word about the Ludlow Massacre
Anything on old money in the deep south?
Yes we definitely need to do that!
How much money this family they have in today's USD please ?
If u combine the neth worth of the split up standard oil companies, chevron etc. We are talking about 2 trillion +
And thats only the oil companies
Life has purpose, therefore collectively, there is a collective purpose for humanity. After the roaring 2os, people thought that the common man ought not be invested in the civilization, and America pivoted towards socialism. Social Security ought to be preserved, but it was the people thinking they were position to engage the market themselves, rather than whether they ought to have a stake in the equity of the civilization which was wrong. It is not possible to have a green revolution without getting the whole of the population invested in making the transition. We live at a time where if we pursue a collective purpose, a better world where we have eradicated poverty, we can have our cake and eat it too. The wealthy become wealthier and the poor gain to be rich. Everyone gets to be more happy. Charity is great, but it will never solve the problems of the human race. I will tithe as well, but when I do, it is to position the people I'm investing in to gain the skills to fully participate in the growth and development of the economy, which leads to them gaining equity from the world and economy. Over time, people who generate equity will eventually grow rich themselves.
Today, the world is primarily a tug of war between popularism and authoritarianism. As Churchill stated, popularism is better than authoritarianism, but reliance upon the government, or a family dynasty to resolve all the worlds problems will ultimately leave all of the issues unresolved. People who are privy to conversations with people who are lucky and fortunate to be born a member of a particular family will continue to encourage these members to be charitable and generally good people, but rather than government leadership, the world actually needs to recognize that the people need exceptional rule of law from the government, and that it is the people and how they engage with one another which actually solves the problems we all face.
There is no global problem that we all don't share. We will not have the world's support in making the world a place where people thrive. It is not possible for every person to be wealthy, but the wealthy need to recognize that they are with great intellect. Oftentimes, better intellect than the elected officials. There is no standard, and no requirement that elected officials be with intellect.
Earth is the only place where we know there is the existence of intellect. Using our intellect, and having rule of law, which does not detract from anyone, but encourages engagement between peoples of different education and skill sets solves the problems of the human race. The world must be lead by intellect. Our mutual ancestors were the one's who survived because they used their intellect.
There are multiple ways to invest in the world. John D. was exceptional because he understood the value of diversification. Today, our ability to diversify is greater than ever before, and good law, and intelligent and honest engagement, allows people to grow year to year. Rome is not built in a day, but the day the intellect of the world triumphs over the ignorance, which is the strongest force in the media today, and has plenty of strength and seems to be on the rise, the world will realize that life was never supposed to be tragic for any human being. We were created to master the universe. We are not the creator of the universe and we ought to always remain humble about what we accomplish within it, but mastery is within our capacity, and it starts with human rights realized for the world. Global problems take global solutions. I wouldn't believe the CCP when they say that they aren't going to pollute.
Diversification is crucial!
I understand the importance of the development of intellect, the nurturing and training of it. And this, too, is what I notice: the poor prejudiced against the rich and the rich prejudiced against the poor. The poor can see the rich as having the power to solve the problems of the poor; the rich can see the poor as lazy or as having brought their problems on themselves. One view is as unfounded as the other.
I see prejudices of the poor towards the rich and prejudices of the rich toward the poor: the rich may see the poor as lazy or as having brought hardship on themselves, while the poor see the rich as having the power to solve the world's problems (which they cannot do however advanced their intellect.) Both prejudices fail to see the flaws in individuals of human nature also equal the flaws in the larger human society.
@@user-ef1sl4yl9e People project themselves as having the solution to gain financing from the rich, and the rich are deferential to naivety. The solution is universal, we can't escape the universe. People need to respect one another, and when doing so, people ought already know who the decision maker is. I've worked for bosses I've disagreed with, and they are the one's who suffer from being pretentious. The universe has right and wrong, good and evil, the civilization has been too heavily influenced by 19th and early 20th century philosophers who didn't have a clue.
Rockefeller is now old money
Isn’t it by virtue of longevity that their money is determined to be ‘old money’ … in congruence with their influence in numerous political and philanthropic endeavors?
William rockefeller was the family's first millionaire not John D.
en.wikipedia.org/wiki/William_Rockefeller_Jr.?wprov=sfti1
Philanthropie rockefellers😂
Akron
3@@@❤❤❤
Our the in Jesus's names.. and the Lord's prayer by faith !!
Damn why people used to be so ugly is beyond me
good afternoon family proud to be considered partn of your common as of now i do have two highly educated personal private assisstent and do own bechtel rca and ass you are aware acura auto and mechanical including parts of ford agree old money required to balance and rescources for the young and adventurious who cares group also trusts excellent both servers in those i agree fully honest and choice naturally occuring now that does bnot mean natural meeting arrangements arent privately done but choice is always honored i do have very large dreams manhatten including owning an apt building all run down convertyed to my private resodence also complete restructuring harlem from sewer to aky scrappers or whatever the piople want
Our Heavenly Father plucked that devil eye out with his own hands and it was removed for disciplinary reason and postcarded to the back of the dollar bill where everyone can see it and there are no such thing of impunity.
🌎👑️🇷🇺🥰🥰💜️💜️🌹❤️
_...100% Respect For The Rothschild Legacy..._ ❤...
🌎👑️🇷🇺🥰🥰💜️
I kbow what you want. I can provide what you need.
😂😂😂 PLUKOVNÍK???😅 ROPA??? ZDRAVOTNÍCTVO??? a čo ďalej???
Byty???
All that money…still freaking ugly.
What's "fraugality"? Why do the youtube plagiarists refuse to learn proper English?
The Rockefeller family can definitely be considered old money most respectful over the Kennedys 100%. Joe Kennedy was mostly a self made man. But Rockefeller senior in my opinion made his in more respectable ways. Joe Kennedy was a crook and lack certain attributes he was shrewd intelligent but was mostly lucky with a lot of what today we would call insider trading techniques. The Rockefellers where intelligent thoughtful and there philanthropy in many respects contributed greatly to society. The family can definitely hold thee heads up high and be dignified in being considered old money.. the Kennedys ate a x political dynasty only really because of jfks over inflated legacy. They don’t really have any philanthropy contributions. And the family’s celebrity status from Jackie Onassis to her son John is just marrying well to moderate business success due to John being a Kennedy. You can hardly call that family old money with status. There just a wealthy dynasty. I think the Rockefellers are way more wealthy then the Kennedys and should be considered a step above the over rated Kennedys.
I recommend Thy Will Be Done: the Conquest of the Amazon : Nelson Rockefeller and Evangelism in the Age of Oil by Gerard Colby & Charlotte Dennett which illustrates just how the Rockefellers' "public service" can go hand in hand with their interests
This is definitely one of the richest families that should be paying a majority of the new carbon taxes imposed on taxpayers, when I was a kid going down through the States to visit family, one of the very first sights I was met with was smokestacks bellowing a thick black smoke. This smoke was coming from the stacks of Rockefellers steel mills, if the government went and charged this and every other huge carbon producers families with their crimes to the environment when they were happening ,then Trudeau's retarded carbon tax would not be needed right now.