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There that's a few men in the history of humanity who have accumulated fortunes like that of Andrew Carnegie a man who is as complex as he was rich after selling his company his net worth would equal a staggering 2 percent of America's GDP in today's video we'll explore how one Scottish immigrant armed with just 5 years of schooling would rise from poverty to the status of the world's richest man. This video would not have been possible if it wasn't for our friends at acorns and investment app with over 6000000 users it makes investing as easy as spending acorns rounds up to debit card transactions to the nearest dollar and then automatically invests that spare change for you into a diversified portfolio sign up for a cones using the link in the video description below and they'll deposit $5 in deal portfolio that's free money to help you get started with investing so be sure to check them out the link is in the video description below. Carnegie is at 1.the richest American in history but he wasn't born in America Andrew story begins across the Atlantic Ocean in Dunfermline Scotland where he grew up in what could only be described as abject poverty his mother would work around the clock selling shoes his father would make cloth and other materials hand weaving looms that was of course until the steam powered loom came into the picture with weaving technology rapidly improving his father's loom business would crumble finding himself crushed by the industrial revolution watching his father suffer as he begs for what would impact the young Carnegie profoundly in 1848 the Carnegie set out in search of a better life outside Scotland after selling all of their possessions and borrowing 20 pounds the family embarked on that journey to the land of opportunity America they would restart their lives from scratch in Pittsburgh the hub of manufacturing but still found themselves unable to escape hardship in their new country his father and mother both struggle to find work leading and no choice but to drop out of school to support his family he would finally catch a break from the scorching heat of the boiler rooms when he landed a job at a local telegraph office as a messenger boy he would deliver telegrams by bike although the Pittsburgh he would memorize the faces of everyone he delivered to so that he could greet them by name if he saw them outside of work it would provide Carnegie with a unique opportunity to familiarize himself with the city's business community at 17 he would perfect his telegraph skills he would grow increasingly skilled at hearing Morse code impressively he could recite messages without needing to write them down this quote the I of Thomas Scott a regional manager for the Pennsylvania railroad company hi Carnegie to be his personal calligrapher and private secretary for the sum of $35 a month. At the time the Pennsylvania railroad company was the largest corporation in the world for the business savvy Carnegie it was an opportunity like none other of frontrow seat on how to run a successful business Tom Scott his boss realized Carnegie's potential and decided to take the boy under his wing man touring him like a second father it would later be Tom's advice to invest in stocks the provided Carnegie with his first taste of capitalism fast forward to the American Civil War Carnegie is drafted into the union but instead of fighting in the war Carnegie would profit from it he was able to escape harm's way after paying $850 for a substitute to take his place on the battlefield it was during this time the Carnegie noticed that the wooden bridges were easily bent by the troops and that there was a desperate need for I. in bridges to replace them he capitalized on the opportunity launching the keystone bridge company but it would be his next move that would define him as an astute businessman keystone didn't just build bridges they also have their very own I N. mills which provided the land that was needed for constructing the bridges owning the island source meant that Connie gay's bridge building company would not be dependent on mining or extracting companies finance like that competitors this not only gave Carnegie more control over the entire process it also improved their margins after the bridge was built he would leverage his connections in the railroad industry to make money that to essentially he was operating a triad of 3 companies each strengthening one another first a mining extraction company second of bridge building company which used the Iran provided from its mining company and then once the bridge was built his third business would monetize by selling rail the concept works to a tee always looking for the next big opportunity Andrew set his sights on New York City the on this. You did business capital of the world in the city he expected to find a hustling culture and mingle with other distinguished businessmen but what he found instead was disappointment he would describe the wealthy individuals around him as scoundrels Carnegie wrote a note to himself promising that in 2 years when he turned 35 he would retire and focus on making the world a better place but this note would go unfulfilled in 1856 a new invention by Henry Bessemer colds that Bessemer converter has shaped furnace would allow for the mass production of steel something previously thought to be impossible for the first time ever it would finally become feasible to create large structures from steel eventually giving birth to the fest's skyscrapers forever transforming a city skyline Carnegie moved with lightning speed successfully building America's first steel plants in doing so he hired the best engineers and architects that money could buy he focused midnight click on increasing efficiency always using the latest technology and pushing his employees to them maximum physical and mental capabilities he was also notorious for requiring employees to work 300 64 days a year only allowing the rest on July 4 as technology continues to advance he would seek ways to replace his workers with machines at every possible opportunity unlike men machines didn't need sleep they also didn't ask for raises and they certainly did not try to unionize Carnegie a master salesman decided to name the venture not Connie steel but rather J. Edgar Thomson steel works the name of 1 of his customers in the railroad industry Carnegie hope to steel mill named after a customer would show his appreciation for their business and maybe even secure more orders from their railroad. And it did the first order from Thompson consisted of 2000 steel rails naming a mill after a customer was more than a sales gimmick it was part of a larger strategy showing appreciation in public for others acts like this would continue to pay massive dividends throughout the Titans career to help run Kanye be steel mills he would bring on board a cut throat executive known for his ruthlessness and attention to the bottom line Henry Clay Frick as a team Carnegie and Frank we're a powerful force to be reckoned with and to show how ruthless the 2 could be look no farther than the story about Duquesne walks with the help of Frick Carnegie spread a rumor which alleged that Duquesne's mill was producing defective steel it wasn't true but it didn't matter Kanye he claimed to Duquesne's railroad customers that derails lacked what he called homo genetic few if anyone actually knew what the word meant but that wasn't important Carnegie used the word because it sounded scary enough to frighten off rail roads were concerned that they went getting good products if you Cain sales slowed they would eventually become unprofitable and run out of money to expedite that demise Carnegie and Frank would proceed to undercut do Kane on price further squeezing the company within 2 years Duquesne's finances were in ruins leaving it no other choice than to sell and none other than Kanye key at a bargain price for Frick and Carnegie the rules of engagement were clear do whatever it takes to win but this ruthlessness came with a hefty price as they would soon discovered one of their largest steel plants in homestead Pennsylvania Carnegie had just invested millions of dollars off some icing the efficiency of homes that enabling it to produce more steel than any other male compatible to its size but there was another part of the profit machine that was yet to be optimized labor costs this posed a problem for con. Achy who'd been working on rebranding his image from an oppressive steel factory billionaire put champion of workers rights so instead of risking his reputation he would have his right hand lieutenant Henry Frank execute the dirty work meanwhile Carnegie would distance himself traveling abroad to his home country of Scotland Kanye he knew that he wouldn't want to be around the plant off the cutting wages that 10000 already frustrated low paid workers in 1892 tensions between workers and mill owners were particularly heightened after an ever widening wealth gap continued to grow the richest people in America we're accumulating fortunes faster than at any time in American history meanwhile workers felt that they were property of the rich and that they shrinking voice could only be heard through a union to make things even worse Frank who took his orders from Carnegie demanded increased factory production which would mean even more hours slaving away but to top it all off Frank would not be increasing their income he'd be reducing it longer hours and less pay put homestead as a boiling point the strike is also demanded safer working conditions and for a good reason in 18989 percent of all steel workers industry wide would die on the job when the workers refused freaks aggressive demands for long hours and less pay he decided to lock out all employees and bring in a substitute group of immigrant workers who would be willing to do that dangerous jobs for less to escort the immigrant workers as they made their way to the factory Frank called on a 300 person army for Hyatt gold with Pinkerton armed with rifles they made their way to the factory where they were met by 10000 angry strike is refusing to give up what they called home historians don't know who fired the first gun shop but what we do know is that the day would no longer be cold the homestead strike but rather the homestead massacre by. The end of the battle 9 factory workers and 7 pink kittens will be dead hundreds would be injured the fighting was so extreme that the governor ordered for 8000 militia troops to provide back up under the protection of the state's troops the factory would be reopened and unfortunately for Carnegie's work as they would be returning with lower pay longer working hours and the same safety conditions another collateral damage from homes that came in the form of Carnegie's reputation prior to the tragedies of homes that he would often advocate in public for better conditions in steel mills and increased wages but these words were far from aligned with his actions. Receive was incredibly prevalent while he preached increased wages and improved safety conditions he was simultaneously reducing labor costs by slashing paychecks and doing little if anything to make his factories a safer place to work Carnegie was widely called a coward for using Frank as a scapegoat not only for the tragedy but for all the other day to work that he didn't want his name to be associated with but in spite of the tensions and animosity the steel mills continue to thrive in fact by 1900 the company would produce more steel than the entire nation of Great Britain but in 1901 Kanye he grew tired of the game and wanted to spend time with his wife and daughter financier JP Morgan was a rising competitor in the steel industry and Carnegie now nearing 70 became open to the idea of selling the company he'd spent his entire life building Carnegie wrote on a scrap of paper what he would be willing to accept Charles Schwab the president of Carnegie steel delivered the offer to move in as the story goes J. P. Morgan glanced at the offer and without hesitation accepted Logan would by Kanye key steel before $18000000 making Carnegie the single richest man in the world at the time Carnegie would completely cut ties with his business life and dedicate 100 percent of himself to serving the world through philanthropy not a single dollar would be left to his family because Andrew had only 5 years of schooling he had a soft spot for libraries which he credits for helping him achieve the financial success you quiet over the course of his life he would donate to have a 2.5000 libraries the cities all around the world but it wasn't all self promotion he was generous with generosity say his name was Tony displayed on less than 500 of those libraries 1 example of his generosity is Carnegie Hall 1 of new York's most recognizable landmarks built in 1891 con. They keep built and donated the building as the musical but its original name of the musical was only change to the current version after his death and not by his request but through the musical's board members and from 1901 until his death in 1919 and Lenox Massachusetts Kanye keys full time job was giving away the vast wealth he had built up for himself as we mentioned at the beginning of this story Kanye he was a man who was as complex as the once rich did he employ abusive labor techniques to keep his factories producing maximum profit yes was he hypocritical of course did he make up slander to put his competitors out of business absolutely while these things are all true Carnegie's philanthropic impact is also equally great complexing to say the least how can a man commit such sins and then become a Saint perhaps he view donating his money as a way to atone for his business sense making money is a great feeling but an even better feeling is giving it away if you want to grow wealth and perhaps donate to noble causes like Carnegie did

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