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Rockefeller’s 6 Timeless Ways to Wealth

He once said that it is wrong to assume the rich are happy.

Oil magnate John D Rockefeller was the richest of the rich. He was also the first great philanthropist, giving away half a billion dollars to various causes in the fields of medicine, education and science.

Rockefeller did not start out being rich. In fact, his family was poor. His philosophy on acquiring wealth, captured in these 6 quotes, has special relevance today – because it reveals that we can make it on our own – without a degree, without financial help and without superior intellect.

1. If your only goal is to become rich, you will never achieve it.

In your career or business, the focus must be on adding value for others. Service is the key. It is by making a difference in the lives of others that we advance ourselves. Far too many people make money the main objective. Rockefeller saw money as the by-product of a vision, not the reason for being.

2. The secret to success is to do the common things uncommonly well.

Common things done exceptionally well creates wealth. You don’t need to invent the next iPhone or create a new product. You need only to be an expert at the basics. During my career in broadcasting, the people who could write well and speak well quickly rose to the top. They did exactly what I did, just a lot better. Be an expert at common things.

3. Don’t be afraid to give up the good to go for the great.

In business, I struggle with this every day. Should we be just “good enough” or should we take a different path, spending the time and effort to be “great.” I have learned that striving for excellence so we can be proud of what we do and add even more value to customers – has never been a waste of time. Raising the bar will enhance your reputation, and it is that reputation which ultimately leads to greater prosperity.

4. The ability to deal with people is as purchasable a commodity as sugar or coffee and I will pay more for that ability than for any other

under the sun.

Rockefeller knew that people skills trumped almost everything else. Today, when technology dominates – a human touch is a powerful differentiator. Be known for your people skills. Focus on that as your brand. The so called “soft skills” are mentioned in almost every job ad. While this may be referenced at the bottom of the ad, people skills are a top priority at all organizations. Practice listening well and showing empathy.

5. Giving is investing.

A century before Bill Gates became known for giving away his fortune, Rockefeller was setting up charitable foundations to “invest” in a better world. The big turning point was a meeting with Swami Vivekananda, a monk and yogi from India, who told Rockefeller that his money did not belong to him. The swami reminded Rockefeller that he had taken money from others and it was his obligation to give it back to others.

Rockefeller was against giving back as a way to make ourselves look better. Instead, he agreed with the swami and saw philanthropy as an investment in a stronger society.

Giving is a key to wealth creation. It’s not just the sharing of success – but the giving of our time, our expertise and our support of others. Above all, giving our best at all times will produce amazing results.

6. Competition is a sin.

The best way to advance is to compete with yourself. Engaging in direct competition with others is the tough road to follow and often leads to wealth deterioration for all sides. In your career and business, focus instead on being different. Carve out your niche and be known for a specialty.

When we run after money, it runs away from us. When we serve others, it is attracted to us.

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A Controversial Figure

John D. Rockefeller borrowed money and used profits to buy out competitors in the oil industry. By 1872, he had bought out 22 of 26 competitors. Eventually, Rockefeller’s company, Standard Oil, had almost 100 per cent control over the oil refining industry in the United States. Through it all, he was accused of secret deals, espionage, price wars and heavy-handed marketing tactics. But Rockefeller had a good side. At the young age of 16, he gave away 6 per cent of his meager salary as a clerk to charity. It was the start of a life-long practice of giving back.

© 2015 Cory Robert Galbraith, All Rights Reserved.