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Ever read the book “Meet You In Hell” by Les Standiford? It recounts the Pittsburgh based history story of Henry Frick and Andrew Carnegie and the business relationship they had which eventually went very bad. Both Carnegie and Frick were extremely wealthy even by today’s standards, however, both started out in poverty. They are true rags to riches stories. That fact makes their story even more appealing to those of us who work hard to increase our financial status. The traits that made them successful are applicable to all of us. They were wise in their investments. While they both did make a few investment mistakes in their lifetimes, in general they studied investment opportunities thoroughly and were masters at timing their investments. They did a phenomenal job at buying investments when purchase prices were rock bottom. They were hard working. Both of them were very involved in their businesses and personally worked very hard, even when away from their business operations. They were fanatical about getting regularly increasing value for their money. They relentlessly looked for ways to cut their expenses to the bone. However, they were not opposed to investing in tools or technology that would ultimately lower their costs. The fact that they were masters at getting much more value for their money then others, worked hard, and made major purchases when the price was well below normal made these men two of the most wealthy people in the world’s history. We can do the same things. We can work hard at our income producing activities every day. We can time our purchases so that we are only buying when prices are far below what others have paid. Finding ways to cut costs and still receiving the same or more “stuff” is an exercise we can do every time we review our budgets. These activities will make us much better off financially than most other people. For more information visit BowmansMoneyCollege. You are invited to join me at LinkedIn! |
