Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

6 Wealthy Families Who Lost Their Fortunes

5. The Goulds

$77 million (1892) to $5 million

Jason „Jay“ Gould (1836-1892) was very successful railroad developer and one of the richest Americans ever. He had worked with several partners before he started his career in the railroad business in 1859. By 1863, he started working as an appointed manager of the Rensselaer and Saratoga Railroad. Five years later, Jay Gould became the president of the Erie Railroad. He was a very powerful man, involved in gold speculations in 1869, which led to the Black Friday (September 24). He lost the Erie Railroads, but started again by building the railroads in the West.

Ten years later, he managed to control 10, 000 miles of railways. Jay Gould became rich, and it was estimated that he was worth $77 million. His children inherited the fortune. Unfortunately, George, Jay’s oldest son, had to give away more than a half to the creditors, and only three generations later, his children received only $5 million.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.