John D. Rockefeller on Making Money

Synopsis

Advice and words of wisdom from the greatest American businessman and philanthropist.

John D. Rockefeller is considered to be the wealthiest man to have ever lived, after adjusting for inflation. An American businessman who made his wealth as a cofounder and leading figure of the Standard Oil Company, he also had a pivotal role in creating our modern system of philanthropy.

Collected in John D. Rockefeller on Making Money are the words from the man himself, offering advice on how to successfully start and manage a booming business, as well as the most efficient ways to preserve your wealth once you have acquired it. These quotes also cover:

Happiness in the face of great wealth
Money and its effects
Thoughts on facing public criticism
Thoughts on big business in the USA

Included are John D. Rockefeller's thoughts on the most sage and conscientious manner of distributing and sharing your wealth when your wealth is overflowing. Finally, we get a glimpse into Rockefeller's life with the inclusion of some of his most personal correspondence.

Summary

Chapter 1: The Importance of Setting Goals

* Summary: Emphasizes the crucial role of establishing clear and well-defined goals for achieving success. It stresses the power of writing down goals and reviewing them regularly to stay motivated and on track.
* Real Example: John D. Rockefeller set the ambitious goal of building the world's largest oil company, Standard Oil, and meticulously pursued this goal by acquiring smaller oil companies and implementing innovative strategies.

Chapter 2: The Power of Hard Work

* Summary: Advocates for the relentless pursuit of hard work and dedication as the foundation for success. It highlights the importance of perseverance, determination, and never giving up on one's dreams.
* Real Example: Rockefeller exemplified this principle by working tirelessly for long hours and investing countless efforts into his business ventures, ultimately amassing an unprecedented fortune.

Chapter 3: The Value of Saving Money

* Summary: Emphasizes the wisdom of saving money as a cornerstone of financial success. It recommends living below one's means, avoiding unnecessary expenses, and investing wisely to build wealth over time.
* Real Example: Rockefeller was known for his frugal lifestyle and conservative financial habits. He believed in saving every penny and reinvesting profits back into his businesses, contributing to his extraordinary financial success.

Chapter 4: The Importance of Patience

* Summary: Stresses the virtue of patience and the ability to delay gratification for long-term success. It highlights the need to avoid impulsive decisions and focus on building a solid foundation before seeking immediate rewards.
* Real Example: Rockefeller demonstrated immense patience in developing his oil empire. He waited for the right opportunities, carefully planned his expansions, and didn't give up even during challenging times, eventually reaping the rewards of his foresight.

Chapter 5: The Power of Opportunity

* Summary: Explores the importance of recognizing and seizing opportunities for growth and success. It encourages taking calculated risks, being adaptable, and embracing change as catalysts for progress.
* Real Example: Rockefeller's keen eye for opportunity led him to invest heavily in the nascent oil industry and dominate the market through strategic acquisitions. He recognized the potential of oil and seized the opportunity to establish a monopoly, transforming Standard Oil into a global powerhouse.

Chapter 6: The Importance of Character

* Summary: Emphasizes the significance of strong character and ethical principles in achieving lasting success. It highlights the importance of honesty, integrity, and a commitment to fair play as foundations for building trust and respect.
* Real Example: Rockefeller believed that character was paramount and insisted on ethical business practices throughout his career. He valued trustworthiness, transparency, and fair competition, fostering a culture of integrity within Standard Oil that contributed to its enduring success.