2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
For financiers, Rockefeller's biography is a role model, because he was the richest man of the 20th century. Having gone from bookkeeper to owner of a corporation, Rockefeller made a fortune with a lot of zeros. At the same time, John was an example not only in financial prosperity, but also in charity.
Birth
Rockefeller's biography begins in 1839, when he was born in the city of Richford. William, the father of the future millionaire, worked in various fields: lending money, trading in timber, etc. Thanks to his risk appetite, he managed to put together a small capital ($ 3,100), part of which went to buy land. William prudently invested the other part in several enterprises. He told little John about his investments, explaining the specifics of doing business.
First earnings
John Rockefeller, whose biography will be discussed in this article, earned his first money at the age of 7. He fed turkeys for sale and dug potatoes from his neighbors. John recorded all his incomein a small notepad. Having accumulated $50 by the age of 13, the future oil tycoon lent them to a farmer at 8% per annum. At the age of 16, after completing accounting courses, he went in search of work. Six weeks of searching were unsuccessful. Finally, John got a job at Hewitt and Tuttle as an assistant accountant. Working 16 hours a day, Rockefeller quickly established himself as a professional, and soon he was offered the vacant position of the manager. True, they began to pay three times less than his predecessor. John retired… This was the first and last time he was employed.
Own company
Further, Rockefeller's biography leads us to 1857, when the future oil tycoon opened a joint business with Maurice Clark. The partners were lucky: a civil war broke out with the southern states. The US government needed tons of biscuits, tobacco, sugar and meat, as well as hundreds of thousands of rifles, uniforms and millions of rounds of ammunition. To fulfill these orders, the start-up capital was not enough, and John decided to take out a loan. The probability of refusal was high, but Rockefeller went to the director of the bank and frankly told everything. The banker was impressed by the sincerity of the young man, and the loan was approved.
Standard Oil
John Rockefeller's history as an oil tycoon began in 1865. At that time, everything was lit with kerosene lamps, and kerosene itself was obtained from oil. John immediately realized the prospects of this business and engaged in its production, opening the Standard Oil Company. When the business began to generate income, Rockefeller began buying otheroil companies. By 1880, thanks to numerous mergers, Standard Oil owned 95% of the oil production market. Even the Sherman Act did not change the situation. The millionaire simply split Standard Oil into 34 small firms, each of which was controlled by him.
Charity
Rockefeller's biography is filled not only with financial victories. He is the biggest philanthropist in American history. At the beginning of the 20th century, John handed over the management of the business to reliable partners, while he himself was engaged only in charity work. In 1905, he donated $100 million to the church, and by the end of his life he gave away more than half a billion.
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