I've been doing a fair amount of reading on the original American tycoons. Vanderbilt, Rockefeller, Carnegie...I suppose those are the main ones I've read. I'd like to read about J. P. Morgan next.
I find it interesting the way that those men handled their money though. There are definitive patterns that can be found in each of these men's lives.
Here is what I've noticed:
1) They absolutely hated being in debt - And as a result, they were never in it.
2) They kept large cash reserves - to help them not only in emergency situations, but to allow them to invest heavily at a discounted rate when markets crashed.
3) They invested - All three of these men were incredibly frugal. They didn't spend their money lightheartedly. What they did do though was invest. They looked for ways to make their money grow.
4) They owned businesses - Usually multiple, or at least had stakes in multiple.
5) They worked their heinees off - All three of these men lacked any form of laziness whatsoever.
