In 1923 a group of our greatest leaders and richest businessmen held a meeting at the Edgewater beach hotel in Chicago. Among them were Charles Schwab, head of largest independent steel company, Samuel Insull, president of the largest utility, Howard Hopson, head of the largest gas Company. Twenty five years later they ended as follows. Schwab died penniless after living for five years on borrowed money. Insull died broke living in a foreign land. Hopson went insane.
I doubt if anyone can say what really happened to these men. If you look at the date, 1923, it was just before the 1929 market crash and the Great Depression, which I suspect had great impact on these men and their lives.
Today we live in times of greater and faster change than these men did. Most people fail to realize that in life, it is not how much money you make, it is how much money you keep. We have all heard stories of lottery winners who are poor, then suddenly rich, then poor again. They win millions and are soon back to where they started.
If you are going to build an empire state building, the first thing you need to do is dig a deep hole and pour a strong foundation.
Business is not all about making money but saving for future use.
Thank you
Sort: Trending