Episode 008 John D. Rockefeller, Mr. Monopoly

NaRagsToRiches

SHOW NOTES- Episode 008 John D. Rockefeller, Mr. Monopoly

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WELCOME

• Welcome comments- Welcome to the NaRagsToRICHES Show! Inspiring you to start writing your own rags to riches story, do work you love and make more money! This is Jayson Narag, your host, broadcasting from the NaRagstoRiches Vault. Thank you so much for hanging out with me!

CALL TO ACTIONS

• Please be sure to sign up for the NaRagstoRiches Newsletter by filling out the form on my website naragstoriches.com. This newsletter will be of value to you. I’ll be giving you my best tips to support you on your journey to be debt-free, increase your income and start your own rags to riches story.
• Please complete a review of the NaRagstoRiches Show on iTunes or any of the podcast platforms. Doing a review helps get more listeners to the show and helps me to continue improving as a podcaster.

SUCCESS QUOTE

“The people who get out of the Rat Race in the game the quickest are the people who understand numbers and have creative financial minds.” -Robert Kiyosaki

RAGS TO RICHES STORY OF: JOHN D. ROCKEFELLER (On this episode we’re going way back for our rags to riches story)

• Considered by many as the wealthiest American of all time and richest in modern history. We’re talking about John D. Rockefeller.

Facts about His Life

• Born on July 8, 1839 in Richford, New York and then his family settled in Cleveland, Ohio.
• He came from a large family, where his dad was a con man and his mother was a very religious woman.
• She taught him to work, save and give.

Childhood Years

• As a kid, he raised turkeys for his mother to earn some money.
• His mom encouraged him to loan a local farmer $50 at 7% interest to be paid in one year. When the fellow paid him back with interest the next year Rockefeller was impressed and said this, “The impression was gaining ground with me that it was a good thing to let the money be my servant and not make myself a slave to the money…”
• When it came to money, he followed the teaching, “gain all you can, save all you can and give all you can.”
• At age 16, he became an assistant bookkeeper.
• He wanted to make a total of 100k in his life (in today’s numbers that would be $3M adjusted for inflation) and he wanted to live to be 100 years old.
• By age 20, he left his job and went into business. This is where I am today in my life.
• So, John D. Rockefeller went into a business partnership with his brothers and another fellow.
• Before he went into drilling for oil, he and his partners just concentrated on refining it.
• In 1867, Henry Flagler joined in a partnership with Rockefeller.
• Three years later, Standard Oil was born and Rockefeller ran it for 27 years.
• At one point his company controlled 90% of all the oil in the United States. He literally built up his business so large that it was an absolute monopoly of the oil industry.
• It was so huge that the US Supreme Court had to step in and rule that it had to be broken up.
• Some of the gas companies we know of today that came from Standard Oil being broken up are: Chevron, Texaco, ExxonMobil, Conono Phillips, Amoco and BP.

I’m going to take a quick break here to thank our sponsor, Audible. For you, the listeners of the NaRagstoRiches Show, Audible is offering a free audiobook download with a free 30-day membership to give you the opportunity to check out their service. I recommend that you get the audiobook, Quitter by Jon Acuff, which I will be talking about in a bit more detail later in the show. You can download this audiobook free by trying audible at www.audibletrial.com/naragstoriches or you can pick an audiobook of your choice.

This is NaRagstoRiches Show inspiring you to start writing your own rags to riches story, do work you love and make more money. This is Jayson Narag, your host. Thank you for joining us. We’ve been talking about John D. Rockefeller and his success.

Peak Net Worth

• John D. Rockefeller had a peak networth of $900M, which is $336B when adjusted for inflation, which would’ve made him the first billionaire alive.

The Standard of Philanthropy

• Rockefeller gave large amounts to Baptist colleges.
• He gave $80M to establish the University of Chicago.
• He founded Rockefeller University.
• He gave toward the Central Philippine University, the first Baptist college in the Philippines.
• The foundations created because of his wealth had a major impact on medicine, education and scientific research.
• He gave nearly $250M to the Rockefeller Foundation.
• In total, Rockefeller gave about $500M.

Personal Life

• Rockefeller was an avid golfer.
• He was a Sunday school teacher, trustee, clerk and occasional janitor at his church.

What can we learn from John D. Rockefeller’s life?

• We could learn that it doesn’t matter if your dad is a con artist, you don’t have to be one and you can be quite successful despite your dad’s background.
• Money should work for you. It shouldn’t be that you are a slave of money. There are a lot of people that are slaves of money and they don’t even realize it.
• If you’re too successful, the government will punish you. Standard Oil got too big and the government said, “Break it up!”
• Giving money is super important whether you have a lot of it or very little. Giving is important!

RICH HABIT/ POOR HABIT

Based on 350 interviews of rich and poor people by Tom Corley.

RICH HABIT

• You can’t succeed on your own.

Tom Corley says, “The rich build teams. They find apostles for their cause- individuals devoted to them and who share their vision and purpose. Their team players benefited financially from their success. You need the cooperation of others to help you succeed in life. The rich are good at forming teams of people who cooperate together, focused on pursuing a singular dream or purpose. No one does it on their own.”

POOR HABIT

• Gamble too much.

Tom Corley says, “75% of the poor in my study gambles every week on the lottery. They are relying on random good luck to bail them out in life rather than the opportunity luck that the rich rely on. Gambling involves risk you have no control over. The rich rely on calculated risk. They take risks they have some measure of control over.”

BOOK RECOMMENDATION

• Quitter: Closing the Gap Between Your Day Job and Your Dream Job by Jon Acuff

This book is a fun read. It’s funny, it’s serious when it comes to quitting your job to follow your dream, whatever it may be.

This book talks about the ideal time to leave your job to pursue your dream. If you jump too early, you’re guaranteed stress and financial issues. If you never jump, you’re guaranteed misery and regret.

I’m glad I read this book a few years ago because the day I could quit my job was always in the back of my mind and I really was working toward that.

CALLS TO ACTION

• Please be sure to sign up for the NaRagstoRiches Newsletter by filling out the form on my website naragstoriches.com. This newsletter will be of value to you. I’ll be giving you my best tips to support you on your journey to be debt-free, increase your income and start your own rags to riches story.
• Please complete a review of the NaRagstoRiches Show on iTunes or any of the podcast platforms. Doing a review helps get more listeners to the show and helps me to continue improving as a podcaster.

CLOSING COMMENTS

• Thanks again for hanging out with me! I hope you were inspired by something that was said on this show. Take that bit of inspiration and write another sentence of your rags to riches story.
• Let’s improve our lives and the lives of others! I’m Jayson Narag, your host! Thank you for listening!

Show Sources:

https://en.wikipedia.org/wiki/John_D._Rockefeller

http://www.history.com/topics/john-d-rockefeller

http://www.biography.com/people/john-d-rockefeller-20710159

http://www.pbs.org/wgbh/americanexperience/features/biography/rockefellers-john/