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What Habit Helped Rockefeller Become a Billionaire
26.06.2024 19:20
Updated: 28.09.2024 01:32
Even in the company of two people there is something to learn, - this is what Confucius once said.
And that's true. However, if you're going to learn, learn from the best.
Keeping track of your finances is a habit of rich people. And who is the richest person in the world? John D. Rockefeller. His fortune is estimated at $340 billion.
What John Rockefeller Can Teach Us
From early childhood, little John had to sell turkeys. And he began to record every income he received in a small book. This is how he taught himself to keep track of income and expenses.
It should be noted that Rockefeller had no education. At the age of 16, he managed to complete only a three-month course in accounting. After that, he got a job as an assistant accountant in a company that dealt with shipping and real estate.
For his work he received 50 cents a day. And with his first salary the future billionaire acquired a large book of income and expenses, where he continued to meticulously enter all records of income and expenses. He treated this book with care, keeping it for the rest of his life.
At 31, John founded an oil company that within 9 years controlled 90% of the U.S. refining capacity. Income and expense records continued to be kept even as millions were being turned over.
Rockefeller also instilled in his descendants the habit of controlling their financial income. Thanks to this, the family was able to increase capital over 6 generations. And even after becoming a dollar millionaire, John continued to make financial entries.
So what can financial accounting teach us?
- Optimize costs.
- Start building a safety net that will give you confidence in the future.
- Buy consciously.
- Build capital for children.
Even if you haven't fully realized yet that keeping track of your finances is the first step to financial literacy, just start doing it.
Who knows, maybe in a few years your family name will become a symbol of wealth and prosperity.
Earlier, the National Statistical Committee (Belstat) recorded an increase in the average nominal accrued salary in the country.
