Andrew Carnegie - The Gospel of Wealth

Credit: Entrepreneur

Some of you might not have heard of Andrew Carnegie or some might call him "The Gospel of Wealth".  He is an American industrialist who developed the steel industry in the United States of America.

His tale has still been told today and he has given much inspiration to society to be more successful. Not just that but he is also the starting point for this philanthropist wave which has led many of the rich to give back to those in need.

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Let's read more about how this journey begins.

Andrew Carnegie Biography

Andrew Carnegie was born on 25th November 1835 in the city of Dunfermline, Scotland. His father was a weaver so you can expect him to have a tough childhood.

When he was a teenager, he and his family decided to migrate to Allegheny, Pennsylvania in order to make their lives much better. With only $1 left in their pocket, he steps foot in America.

It was in the United States that he managed to get his first job in a textile factory with a measly wage of $1.20 per week. If it was to be converted to today's value, it will be worth $36.36.

However, in 1849, he decided to change his job towards becoming a telegrapher. One thing about Andrew is that he is very diligent and will put full dedication towards his work. He will memorize all the business locations in Pittsburgh as well as the faces of the most important person.

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Who knew that this finally came in handy for him in the future. In just one year he managed to get the promoter position. But things did not just stop there.

His passion for studying also got full support from Colonel James Anderson who opened his private library every Saturday for working teenagers. It was at this moment of time that the pinnacle of his success.

Step Towards Success

Later on in 1853, he worked for the Pennsylvania Railroad Company. He became even more successful after this when he decided to invest in the railway industry. He managed to rake in huge profits which were mainly due to the civil war that was currently happening.

Then, he moves to the fertilizer industry by establishing two firms related to fertilizer which are Keystone Bridge Works and Union Ironworks. His investment in these two firms definitely paid off and this is what made him the richest man in the world at the time.

Not just that but he also invested in other companies across the United States. His effort has made the US become the biggest fertilizer producer even beating England.

In 1901, to make things smooth for his companies, Carnegie combined all his fertilizer companies into one single entity. This was the time when United Steels Corporation(USS) was born. This company managed to make history when it became the company that managed to reach the highest market value of $1 million

All things came to an end for him as Carnegie decided to step aside from his business and focus more on charity work. This is what made him a very popular philanthropist out there.

With Power Comes Great Responsibility

Credit: Wikipedia

Do you also know that Andrew Carnegie used almost 90% of his wealth for the good cause? Some of his contributions include the establishment of Carnegie Libraries, Carnegie Mellon University, and Carnegie Hall.

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The story of his life has given much inspiration to millions of people to do the same and life is not going to get any easier with hard work and dedication just like the experienced Andrew Carnegie. 

If he can do it then why can't you?

Credit: Trading View

During this year, the price of USS stock has increased by a considerable amount.

Source:

• Wikipedia

• Amazine

Also read: Fastest Marathon Runner in The World