Book SummaryWhat Would the Rockefellers Do, by Garrett Gunderson and Michael Isom

1-Page Summary1-Page Book Summary of What Would the Rockefellers Do

The strategy referred to as the Rockefeller Method is designed to protect and sustain family wealth through multiple generations.

Gunderson and Isom outline an approach to accumulate and sustain family wealth over several generations, an approach they dub the Rockefeller Method. The writers underscore their concept by contrasting the stories of wealthy American families, particularly the Vanderbilts and the Rockefellers.

Examining the divergent economic heritages of the Vanderbilt lineage and the Rockefeller empire.

The authors emphasize the need for a tactical method in safeguarding and overseeing wealth by contrasting the enduring financial heritage of the Rockefellers with that of the Vanderbilts. The wealth of the Rockefeller family continues to support their descendants, now into the sixth generation.

The fortune of the Vanderbilt lineage diminished rapidly over several generations because they lacked a carefully devised financial strategy.

Upon his death in 1877, Cornelius Vanderbilt left behind an estate worth more than $250 billion in today's money. However, his descendants, known for their extravagant expenditures and failure to exercise financial caution, squandered the accumulated fortune within a few generations because they lacked a systematic approach to safeguarding their financial legacy. Despite Vanderbilt's aspiration that his heirs would amass their riches, they did not succeed in preserving it, leading to the steady diminishment of the immense wealth they once held.

The methodical and cohesive approach of the Rockefeller family has effectively preserved and grown their wealth through many generations.

John D. Rockefeller amassed a fortune that eclipsed Vanderbilt's by meticulously managing his financial resources in the oil industry. He was not only a generous benefactor to charitable organizations but also took steps to ensure his wealth was preserved by creating trusts that would advantage his descendants. Rockefeller Jr. not only upheld his father's tradition of charitable giving and wise financial management but also fortified his family's economic base by setting up trusts for his heirs and forming an office dedicated to managing the economic interests of his lineage. The Rockefeller family has preserved its financial dominance for six generations through a concerted approach to managing their finances collectively and deliberately distributing their resources.

The Tripartite Structure of the Rockefeller Strategy

The authors propose a concept called 'Family Legacy Rings,' inspired by the Rockefeller approach, aimed at protecting, preserving, and facilitating the intergenerational transfer of wealth. The method involves setting up a structured...

What Would the Rockefellers Do Summary Whole life insurance is a key component in the strategic methods employed by the Rockefellers.

Gunderson and Isom recommend utilizing whole life insurance that is both fully paid and correctly set up as the primary instrument in the financial strategy used by the Rockefellers. This acts as a reliable and readily available pool of capital that not only fosters growth but also guarantees consistent rejuvenation and preservation of the family's financial legacy.

The Advantages of Opting for Permanent Life Insurance Over Other Insurance Options.

Gunderson promotes a unique form of life insurance that, in contrast to term life insurance, is marked by its steady growth in cash reserves, guaranteed death benefit, and inherent financial stability. This tool is perfectly suited for the accumulation and safeguarding of wealth over an extended period.

The guarantee of a payout upon death, along with steady increases in cash value, supports financial security.

Beneficiaries of the insured are guaranteed a financial benefit when the insured passes away, as the policy offers lifelong coverage. As a person ages, the premiums for term insurance increase, while those for whole life insurance remain unchanged. Whole life insurance provides the advantage of accumulating cash...

What Would the Rockefellers Do Summary Creating a strong governance structure that involves a diverse group of financial specialists.

The authors suggest that individuals assemble a robust team of financial experts, taking a cue from the approach utilized by the Rockefeller family to manage and protect their wealth. The group of proficient professionals must work collaboratively to ensure the lasting economic security of the household.

A Family Office is a group of experts tasked with managing the financial holdings of a household.

The authors suggest creating a holistic strategy for financial management by bringing together specialists dedicated to addressing the family's varied financial needs. This assembly of specialists, drawing inspiration from the strategies employed by the renowned Rockefeller dynasty, could include professionals skilled in asset protection and estate planning, adept tax advisors, savvy investment strategists, authorities in property management, and insurance experts. By harnessing the expertise of specialized professionals, families can ensure that all facets of their financial health are meticulously overseen and handled with proficiency.

Professionals like accountants work in close partnership with financial consultants.

Gunderson and Isom highlight the importance of...

What Would the Rockefellers Do Summary Calculating the essential funds required to implement the strategy used by the Rockefellers.

The authors acknowledge the necessity of a substantial initial financial commitment to begin a whole life insurance policy effectively. Gunderson offers a variety of practical strategies to free up funds for the creation of a family trust and the procurement of whole life insurance policies.

Strategically enhancing financial outflows and maintaining cash availability.

Gunderson advocates for prudent financial management, emphasizing the importance of thoroughly understanding one's financial patterns and movements. The strategy focuses on creating automated processes, fostering the growth of financial resources, and increasing accountability, which shifts the focus from constraints to possibilities for expansion. Individuals can improve their financial efficiency by carefully analyzing their spending patterns and wisely allocating their resources, thereby liberating funds.

Cutting out costs that don't enhance one's way of living.

Gunderson categorizes different patterns of expenditure to shed light on how they influence the continuous growth of a person's financial assets. Expenses that drain resources, such as penalties for insufficient funds and high-interest...

What Would the Rockefellers Do Summary Developing an attitude focused on preserving a legacy that will benefit subsequent generations.

Gunderson underscores the significance of cultivating an outlook that prioritizes creating a lasting heritage, rather than merely concentrating on monetary resources. The core idea stresses the importance of imparting values and beliefs, as well as creating opportunities for contributions that lay the foundation for wealth to enrich the lives of descendants, instead of simply passing on an inheritance.

Creating a compelling vision for the future that advances the family's well-being.

The authors emphasize the importance of creating a comprehensive strategy for the family's future that extends beyond just financial readiness. The vision should include not just financial success but also the ethical values of the family, their societal impact, and the enduring heritage they strive to establish globally.

Formulating a charter that embodies the family's core values and goals.

The authors recommend establishing a documented declaration, known as a Family Constitution, which delineates the guidelines for wealth management and distribution across future generations. This document could outline the family's mission, their core values, and specific guidelines for...