A Taste Of Capitalism | BGTV 007
Blog post: https://bengothard.org/a-taste-of-cap...
Andrew Carnegie, once a destitute Scottish immigrant, rose to become the richest person in the world.
His breakthrough into the world of capitalism came about as the result of an investment opportunity supplied to him by his at the time boss and mentor, Thomas Scott of the Pennsylvania Railroad.
Scott allowed Carnegie to invest into a private business which the railroad contracted out to, and after ponying up $500 by mortgaging the house he and his mother owned, Carnegie started to receive a dividend of $10 a month.
This may not seem like a lot in today’s figures, but it was a tremendous sum back then to the poor Scott who took home a measly $40 a month in full time pay.
The first dividend payment young Andrew received transformed his life completely. He immediately understood the power of capital, and got a taste of what we in modernity like to call passive income.
The rest is history.
But what are some takeaways for us from this story?
