Renowned industrialist and philanthropist Andrew Carnegie once advised that one should focus one’s efforts on one enterprise and carefully monitor its progress in order to achieve wealth. In an interview published in 1902 in The Empire of Business, the steel magnate gave the key to becoming rich.
Quote of the day by Andrew Carnegie: “The way to get rich is to put all your eggs in one basket and then watch that basket.”
Andrew Carnegie, who built a steel empire and reshaped the relationship between wealth and responsibility, became one of the richest men in the world. His most popular belief was that wealth comes with responsibility, and to set an example, he gave away his fortune, funding more than 2,500 free public libraries around the world. His famous quote, “a man who dies rich dies dishonored” is a testament to his ideology.
The Scottish-American industrialist who led the expansion of the American steel industry in the late 1800s began with very humble beginnings. Born in Dunfermline, Scotland on November 25, 1835 to William Carnegie and Margaret (Morrison), he emigrated with his parents to Pittsburgh, Pennsylvania in 1848.
The immigrant, who became a cotton mill boy at age 12, has given away about 90 percent of his fortune — nearly $350 million — to charities, foundations and universities. He invested massively in various sectors, including railways, railway sleepers, bridges and oil rigs.
Andrew Carnegie founded the Carnegie Steel Company in Pittsburgh. Andrew Carnegie, a key figure in America’s industrial boom, sold the world’s largest steel company to JP Morgan in 1901 for an incredible $303,450,000, forming the foundation of the US Steel Corporation.
“Andrew Carnegie was successful because….”
The president of the Carnegie Corporation of New York, Dame Louise Richardson, said: “He (Carnegie) said the mantra in his factory was to take care of the costs and the profits would take care of themselves,” CNBC reported.
Reflecting on Andrew Carnegie’s achievements, Dame Louise said: “He built the biggest steel company in the world. In fact in the 1890s it produced more steel than the whole of Britain, Carnegie Steel in Pittsburgh, and he was successful because he was innovative. He was always looking for talent. He was very aware that he was not educated, so he wanted to surround himself with people who were much more educated.”
He advocated progressive taxation and property tax. In his 1889 article proclaiming the “Gospel of Wealth,” he urged the rich to use their wealth for the betterment of society. His rich legacy continues to inspire and motivate the current generation.
