Andrew Carnegie Net Worth
Andrew Carnegie had an estimated net worth of $80 Million at death. He was a self-made steel tycoon and one of the wealthiest businessmen of the 19th century. He later dedicated his life to philanthropic endeavors. He earned the majority of his income from Carnegie Steel Corporation.
Andrew Carnegie worked a series of railroad jobs after moving to the United States from Scotland. By 1889, he owned Carnegie Steel Corporation, the world’s largest of its kind. He sold his company in 1901 and devoted his time to expanding his philanthropic work, including the establishment of Carnegie-Mellon University in 1904.
To calculate the net worth of Andrew Carnegie, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as loans and personal debt, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$80 Million|
|Monthly Salary:||$300 Thousand+|
|Annual Income:||$4 Million+|
|Source of Wealth:||Entrepreneur, Presenter, Writer|
Andrew Carnegie was born in Dunfermline, Fife, Scotland, on November 25, 1835. Despite having little formal education, Carnegie grew up in a family that valued books and learning. Carnegie, the son of a handloom weaver, grew up to become one of America’s wealthiest businessmen.
Carnegie immigrated to the United States with his family when he was 13 years old, in 1848. They moved to Allegheny, Pennsylvania, and Carnegie found work in a factory for $1.20 per week. The following year, he found work as a telegraph messenger. In order to advance his career, he moved up to the position of telegraph operator in 1851. In 1853, he went to work for the Pennsylvania Railroad. He worked as a telegrapher and assistant to Thomas Scott, one of the railroad’s top officials. He learned about the railroad industry and business in general as a result of this experience. Carnegie was promoted to superintendent three years later.
Carnegie began investing while working for the railroad. He made many wise decisions and discovered that his investments, particularly those in oil, yielded substantial returns. In 1865, he left the railroad to concentrate on his other business ventures, including the Keystone Bridge Company.
By the next decade, Carnegie had devoted the majority of his time to the steel industry. His company, known as the Carnegie Steel Company, transformed steel production in the United States. Carnegie constructed plants across the country, employing technology and methods that made steel production easier, faster, and more productive. He owned everything he needed for each stage of the process, including raw materials, ships and railroads to transport the goods, and even coal fields to fuel the steel furnaces.
This start-to-finish strategy enabled Carnegie to become the industry’s dominant force and an extremely wealthy man. It also established him as one of America’s “builders,” as his company helped to fuel the economy and shape the country into what it is today. Carnegie Steel Corporation was the world’s largest of its kind by 1889.
Some people believed that the company’s success came at the expense of its employees. The most notable instance of this occurred in 1892. Employees at a Carnegie Steel plant in Homestead, Pennsylvania, protested when the company attempted to reduce wages. They refused to work, launching what became known as the Homestead Strike of 1892. After the managers called in guards to break up the union, the workers’ conflict with the local managers turned violent. While Carnegie was away during the strike, many people held him responsible for his managers’ actions.
Carnegie’s life changed dramatically in 1901. He sold his company to the United States Steel Corporation, which was founded by the legendary financier J.P. Morgan. He made more than $200 million from the sale. Carnegie decided to devote the rest of his life to helping others when he was 65 years old. Carnegie expanded his philanthropic efforts in the early twentieth century, having begun years earlier by building libraries and making donations.
Carnegie, a lifelong reader, donated approximately $5 million to the New York Public Library in order for the library to open several branches in 1901. In 1904, he founded the Carnegie Institute of Technology in Pittsburgh, which is now known as Carnegie-Mellon University. In the following year, 1905, he established the Carnegie Foundation for the Advancement of Teaching. In 1910, he established the Carnegie Endowment for International Peace in response to his strong interest in peace. He made numerous other contributions, and it is estimated that he helped to open over 2,800 libraries.
In addition to his business and charitable interests, Carnegie enjoyed traveling and meeting and entertaining leaders in a variety of fields. Matthew Arnold, Mark Twain, William Gladstone, and Theodore Roosevelt were among his friends. Carnegie also wrote a number of books and articles. In his 1889 article “Wealth,” he argued that those who have a lot of money should be socially responsible and use their money to help others. This was later published as The Gospel of Wealth in 1900.
Carnegie died on August 11, 1919, at the age of 83, in Lenox, Massachusetts.
Success Lessons from Andrew Carnegie
1. Your background should never determine your future
Many people are caught in the web of giving room for their past or background to determine their life. They think because they come from a poor background or do not have a proper education that they can’t amount to much.
They keep repeating ‘I can’t be anything’ within their subconscious till it becomes who they are. If only they knew, that many of the very successful people in the society started out just like them. Your background or education should not be a determinant of how you will end up, you just need to believe in yourself, and work hard towards a set goal.
2. Diligence and hard work
A lot of people tend to work diligently only when the job is theirs; if they are employed by someone else they simply contribute that which is extremely necessary, nothing more.
It was Carnegie’s diligent and hard-working nature that got him noticed by Thomas A. Scott, and it is this same character that helped him rise up quickly in Pennsylvania Railroad. All of these would play a critical role in his success later in life.
This is one quality that I personally respect so much, and it is one quality that can take a man to places he can never even dream of. Aside from his diligent nature, Carnegie was also very humble, and this helped his relationship with Thomas A Scott and J Edgar Thomson.
Even after he left Pennsylvania Railroad and was on his way to building an empire, he still maintained a close relationship with them, and even went ahead to name his first steel plant after Thompson. These two men were basically the people who helped Carnegie become who he became.
Favorite Andrew Carnegie Quotes
“I shall argue that strong men, conversely, know when to compromise and that all principles can be compromised to serve a greater principle.”
“No person will make a great business who wants to do it all himself or get all the credit.”
“The first man gets the oyster, the second man gets the shell.”
“You must capture and keep the heart of the original and supremely able man before his brain can do its best.”
“People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents.”
“Do not look for approval except for the consciousness of doing your best.”
“The ‘morality of compromise’ sounds contradictory. Compromise is usually a sign of weakness or an admission of defeat. Strong men don’t compromise, it is said, and principles should never be compromised.”
“Do your duty and a little more and the future will take care of itself.”
View our larger collection of the best Andrew Carnegie quotes.
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How To Become Rich Like Andrew Carnegie?
Andrew Carnegie did not become rich by luck. To become as rich as Andrew Carnegie, you have to work smart.
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