It’s a brilliant article about rich people, money, their death and an important question EVERYONE needs to ask of themselves… Here it goes:
We think we can pile up money to last our life time and leave for our children!!
In 1923, nine of the wealthiest people in the world met at Chicago’s Edge Water Beach Hotel.
Their combined wealth, it is estimated, exceeded the wealth of the government of the United States at that time. These men certainly knew how to make a living and accumulate wealth.
Attending the meeting were the following men:
1. The President of the largest steel company,
2. The President of the largest utility company,
3. The President of the largest gas company,
4. The President of the New York Stock Exchange,
5. The President of the Bank of International Settlements,
6. The greatest wheat speculator,
7. The greatest bear on Wall Street,
8. The head of the World’s greatest monopoly, and
9. A member of President Harding’s cabinet.
That’s a pretty impressive line-up of people by anyone’s yardstick.
Yet, 25 years later, where were those nine industrial giants?
Let’s examine what happened to them 25 years later…
1. The President of the then largest steel company (Bethlehem Steel Corp), Charles M Schwab, lived on borrowed capital for five years before he died bankrupt.
2. The President of the then largest gas company, Howard Hubson, went insane.
3. One of the greatest commodity traders (Wheat Speculator), Arthur Cutten, died insolvent.
4. The then President of the New York Stock Exchange, Richard Whitney, was sent to jail.
5. The member of the US President’s Cabinet (the member of President Harding’s cabinet), Albert Fall, was pardoned from jail just to be able to go home and die in peace.
6. The greatest “bear” on Wall Street, Jesse Livermore committed suicide.
7. The President of the then world’s greatest monopoly, Ivar Krueger, committed suicide.
8. The President of the Bank of International Settlement, Leon Fraser, committed suicide.
9. The President of the largest utility company, Samuel Insull, died penniless.
What they forgot was how to “make” life while they got busy making money!
It’s one of the main reasons we wrote ‘The 8th Day Of The Week’ Book…the 20 Lessons show you what you need to do to ‘do life and business’…
Money in itself is not evil; it provides food for the hungry, medicine for the sick, clothes for the needy. Money is only a medium of exchange.
We need two kinds of education:
1) One that teaches us how to make a living
2) One that teaches us how to live…
There are many of us who are so engrossed in our professional life that we neglect our family, health and social responsibilities.
If asked why we do this, we would reply “We are doing it for our family”.
Yet, our kids are sleeping when we leave home. They are sleeping when we come back home!!
Twenty years later, we’ll turn back, and they’ll all be gone, to pursue their own dreams and their own lives.
Without water, a ship cannot move.
The ship needs water, but if the water gets into the ship, the ship will face existential problems.
What was once a means of living for the ship will now become a means of destruction.
Similarly we live in a time where earning is a necessity but let not the earning enter our hearts, for what was once a means of living will surely become a means of destruction for us as well.
So take a moment and ask yourself:
Has the water entered my ship?
Our way of doing things is unique and it’s why it produces unique results for our clients…
We would love the opportunity to help you clear your head on what is the right way for you to accelerate your business…
We highly recommend you watch this step-by-step case study of how we grew Beefy’s Pies into a Famous Aussie Icon from a small stressed out bakery into a family owned chain. Click here to get all the insights into their success…
Or if you have heard enough about how we work with our small business owners, then let’s have an off the record chat about your current situation and see what we can do to immediately guide you…click this link to see what time best suits you.
P.S. Ask if our Boardroom Program intake is open for enrolments…It works best for business owners who see the benefit of having us on as their ‘external partner’ so that they are not alone in the day to day decisions of their business.