Being at the right time at the right place: “How to benefit financially?”
By some estimates, the total number of human beings that have ever lived is about 110 billion, of which approximately 7% are alive today. The world population keeps growing every year, so, statistically, you might say more humans have a chance of being at the right place at the right time than at any given time before, right? Yes and, uh, no. Statistics and big numbers have a powerful way of suggesting the wrong answer. Merely because more people play the lottery certainly does not mean your chance to win increases; only the total amount the winner will take away increases. That is of course unless we change the rules of the game itself. So, what does it
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You might have heard of him. Andrew saw a huge opportunity while working for the railroads, expanding tracks West and South from Philadelphia, Pennsylvania. Rail tracks and bridges were needed in great numbers all the way to the West Coast. A new, much more efficient process to make a stronger iron had just been invented by Henry Bessemer in the United Kingdom and Andrew Carnegie saw an enormous opportunity in making this new iron called steel from Pittsburgh, Pennsylvania, close to the iron ore mines and rivers for easy transport. But, the most important factor in deciding to start this business was a law adopted in 1870 supported by the Republican Party, which had the presidency and a majority in Congress. The law was a $28 tariff on imported steel, basically taking out the British competition in one stroke. The tariff was upheld for a good 30 years. You may or may not favor laws like this one, but it is beside the point: it was a Ka-Ching moment for Andrew and the other eight steel companies in the United States. They essentially got a license to print cash for themselves. Their timing was right. The rest is history. Andrew Carnegie went on to become one of the wealthiest men ever… only to give it all back to Society. The thinking behind his philanthropy was that he had been given a huge opportunity, largely by the good fortune of being at the right time and the right place. Of course, there is more to it than
Andrew Carnegie was one of the wealthiest men in America but his wealth didn’t come without hard work and dedication. Carnegie was born in “Dunfermline, Scotland on November 25, 1835” (Tyle). According to Laura B. Tyle, the invention of the weaving machine unfortunately pushed Carnegie’s family in to poverty “In 1848, Carnegie’s family left Scotland and moved to Allegheny City, Pennsylvania, where his father and eventually him worked in a cotton factory” (Tyle). After leaving the cotton factory “Carnegie became a messenger boy for the Pittsburgh telegraph office and eventually made his way up to telegraph operator” (Tyle). According to Laura B. Tyle “Thomas A. Scott, the superintendent of the western division of the Pennsylvania Railroad, made Carnegie his secretary at the age of eighteen.” Later, Carnegie took over Scott’s position of the railroad. Furthermore Carnegie “began to see that steel was going to replace iron and by 1873 he organized a steel rail company” (Tyle). According to Laura B. Tyle he continued to build his company when he “cut prices, drove out competitors,
As young as 33, Carnegie was pulling in an annual income of $50,000 a year, a huge amount at that time, and this was enough for him. Carnegie was a firm believer that anyone could make it to the top, and that it was the wealthys’ duty to help the poor work towards a more comfortable life. Carnegie said that “the man who dies rich, dies disgraced.” This is a greedy, unselfish philosophy that a robber baron could not conceive.
The Carnegie Steel Company was a successful factory, which employed many hundred of workers. Andrew Carnegie, who was the owner of the company, wanted a large successful business, which he had achieved already, but he was always looking for ways to save and make more money. By 1892, unions had been formed
Finally, Carnegie should be considered a hero because of his philanthropy contributions and donations to society. Andrew Carnegie believed that the best way to spend your fortune was to devote it for the most beneficial results for the community by providing them what they could not do for themselves (Doc 8). Carnegie spent most of his life gaining immense amounts of money and becoming one of the richest men of the 19th century. Once he retired, he felt he needed to use his
Andrew Carnegie (1835-1919) was a major American industrialist in the late 19th century and after obtaining substantial wealth from his steel industry, became an advocate for giving back to the less fortunate. Carnegie’s desire to donate to those less fortunate came from past experiences, growing up as an immigrant and working in a cotton factory young. He knew and understood the hardships that people faced when not able to acquire the type of wealth he rose to earn. Through his long life this atypical businessman advocated for many and dedicated the later years of his life to promoting the general welfare of the world.
Let us first look at Mr. Andrew Carnegie. Carnegie was a mogul in the steel industry. Carnegie
Carnegie didn’t let the Industrial Revolution that destroyed his father’s business destroy him. As a young boy in Pittsburgh, Pennsylvania Carnegie began working in a factory. He despised this position but it made him stronger and he pushed on in his hunt for his new future. In so doing, he was able to gain a fresh outlook with a position in a telegraph office. From here, he developed a skill that all successful business men need to master; Carnegie learned the artful skill of making business connections. This new talent is what led Carnegie to his relationship with Thomas Scott. Scott helped Carnegie by getting him a job with Pennsylvania Railroad. This position was a crucial turning point in Carnegie’s career.
Andrew Carnegie was a man who started from nothing and built his way up to find his fortunes in world of steel and factories and after retiring set himself to a life of philanthropy donating his fortunes to the people. This isn’t to say he was an entirely good person however, as his time as a business owner and as an employer. Whether he was a captain of industry or a robber baron is up to your opinions, but I believe he was a true captain of industry.
The richest man in the world, in his time, was Andrew Carnegie. His story of success was truly one of rags to riches. After coming to the U.S. from Scotland as part of a working-class family, he moved from job to job, eventually becoming more influential and gaining a large sum of money. Soon he was using his wealth to contribute to many public services, such as libraries and schools. Andrew Carnegie's life and actions have left a long-standing legacy and have contributed greatly to the American way of life, particularly toward education.
When Carnegie decided to go into business for himself, he chose the steel industry, but his success came at the expense of his workers. He decided he should own the entire supply chain from iron mines and coal fields (to supply his raw materials) to ships and railroads (to deliver his products). He expanded rapidly; not
It illustrated the poor conditions of labour, which contributed to industrialization and a labour union, which took care of fighting for benefits and the working conditions of these child labourers. Andrew Carnegie’s article (as seen in document D) proposes the idea of the rich using their wealth to improve society, as he believed that the fact that a person was rich, showed that he was more fit than others. Carnegie acknowledged that the living conditions were poor and wanted to help change that. This introduced industrialization into the Gilded Age. In the late 19th Century, Carnegie led the enormous expansion of the American steel
[B] a bookkeeper in the textile industry in his native Scotland. [C] a foreman in the meatpacking industry in Chicago. [D] a bartender at an Edinburgh pub. [E] a secretary for the Singer Sewing Machine Company. 11. What did Andrew Carnegie consider “the eighth wonder of the world”? [A] the United States Constitution [B] the manufacturing process of the steel business [C] the telegraph [D] the American railroad system [E] J.P. Morgan’s creation of United States Steel Corporation out of Carnegie Steel and Federal Steel 12. The United States Steel Company was [A] the steel company operated by the United States government when it nationalized the steel trust. [B] the first business capitalized at more than $1 billion. [C] Andrew Carnegie’s steel company. [D] created by J.P. Morgan to compete with Federal Steel. [E] the first company to issue stock to meet its huge capital needs.
Well Carnegie steel business was a great success but all he was trying to accomplish was to be richer than John D. Rockefeller and make him pay for the mistake of cutting of his apprentices railroad business. While working for the railroad company Carnegie began making investments. He made
This was the era when mass production of commercial goods was booming. Everything was getting produced at an accelerated rate. Which was the perfect time for budding businessmen like Carnegie to be in. All the booming businesses inspired Carnegie and he saw an opportunity in steel.
Carnegie’s had many views about wealth, but his main belief was that if you’re a rich man you should contribute to society and help the less fortunate and if you die a rich man and you don’t benefit society in any way you are simply disgraceful. He believes that wealth should be used to help others who need the aid perhaps even aid the life of an average miner.