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Andrew Carnegie's Business Strategy That Led to $2.3 Billion a Year in Wealth
By Rob Minton
Real estate agents can learn a lot from Andrew Carnegie, especially in this challenging market.
Andrew was what everyone would consider a "rags to riches" story. He started working as a telegraph messenger for the Pennsylvania Railroad when he was 14. During his employment with the railroad, he started to invest in companies that supplied the railroad. Soon after he made these investments, these companies began paying big dividends. At the age of 26, he had enough money to travel whenever he chose. His dividend checks arrived whether he was in Pittsburgh or Scotland, working or playing. His railroad salary constituted only 5 percent of his income.
At age 30, he resigned his railroad position to go into business for himself with his former bosses at the Pennsylvania Railroad. By his early 30s, he had accumulated his first fortune in oil wells, iron manufacturing, bridge building and bond trading.
At the age of 66, he sold his steel empire for $400 million. Andrew Carnegie's share came to $226 million, nearly $120 billion in today's dollars. He went from zero to $120 billion in 53 years, which translates into $2.3 billion a year. This was accomplished during a time when there were no phones, no fax machines, no Internet, no e-mail, no cars and no smartphones.
In fact, I was amazed to learn that his workday was confined to only a few hours in the morning. He typically would accomplish as much in these hours as most men do in a week.
Andrew built his wealth by paying attention to what was happening in the marketplace. As an employee in the railroad industry, he was able to see the future of the railroads, as well as the business opportunities available. The railroad was entering a period of steady and unparalleled expansion. Andrew decided to invest his time and money into building businesses that supplied the railroads.
He built or invested in more than 10 companies that sold their products to the railroads. In fact, one of the companies he invested into was a company that built bridges for the railroads. Andrew, with partners from the Railroad Company, launched a bridge building company. The company profited from contracts with his former employer, the Pennsylvania Railroad. He had an inside connection because his silent partners remained employed in high-level positions at the railroad. This would probably be illegal today.
His bridge company was spending a great deal of money on ore to manufacture the bridges. So he started an ore company to supply his bridge company. Now, he and his partners made money on both ends of the deal. They profited from the contract between the railroad and the bridge company; then profited again when the bridge company purchased its iron from their iron mill.
What do you think Andrew Carnegie would do today if he were a real estate agent?> It's an interesting question.
He would study the real estate market and analyze where the market was headed in the future. He would easily see that foreclosures were going to continue at a record-breaking pace. More than likely, he would build or invest into businesses surrounding the foreclosure market to capture as much opportunity as possible.
Today there is a limited opportunity to copy Andrew's business strategy in the foreclosure market. And believe it or not, the opportunity isn't listing foreclosed homes. There's far too much competition to obtain REO listings.
The opportunity exists on the buyer side of the foreclosure market. In fact, you can attract "hundreds" of targeted foreclosure buyer and investor leads a month and automatically convert them into sales. In addition, you can market other products and services to the leads you generate to create new income streams. Carnegie would certainly be proud!
So if you'd like to copy Andrew Carnegie's business strategy that led to $2.3 billion in wealth a year, register to attend a free teleseminar I'm hosting, where you'll learn how to dominate the buyer side of the foreclosure market.
In the teleseminar, I show you how to:
1. Generate hundreds of targeted leads a month, inexpensively.
2. Use 2 different Systems to automatically convert prospects into clients.
3. Get prospects to "apply" to become one of your lucky clients.
4. Use foreclosure tours to convert prospects into clients
5. Instantly obtain expert positioning as a foreclosure "specialist"
6. Profit from your unconverted leads.
To register for this free 60-minute teleseminar, which will be held this Thursday at 2 p.m. EST/1 p.m. CT/11 a.m. PT, simply complete the form below and click the "Sign Me Up" button. There is no fee or charge to attend. As a special benefit, you'll also receive my 100-page Renegade Millionaire Strategies book for Real Estate Agents. I strongly suggest you read the chapter on how to profit from your newsletter! It will change your business!
Andrew Carnegie's Business Strategy That Led to $2.3 Billion a Year in Wealth
By Rob Minton
Real estate agents can learn a lot from Andrew Carnegie, especially in this challenging market.
Andrew was what everyone would consider a "rags to riches" story. He started working as a telegraph messenger for the Pennsylvania Railroad when he was 14. During his employment with the railroad, he started to invest in companies that supplied the railroad. Soon after he made these investments, these companies began paying big dividends. At the age of 26, he had enough money to travel whenever he chose. His dividend checks arrived whether he was in Pittsburgh or Scotland, working or playing. His railroad salary constituted only 5 percent of his income.
At age 30, he resigned his railroad position to go into business for himself with his former bosses at the Pennsylvania Railroad. By his early 30s, he had accumulated his first fortune in oil wells, iron manufacturing, bridge building and bond trading.
At the age of 66, he sold his steel empire for $400 million. Andrew Carnegie's share came to $226 million, nearly $120 billion in today's dollars. He went from zero to $120 billion in 53 years, which translates into $2.3 billion a year. This was accomplished during a time when there were no phones, no fax machines, no Internet, no e-mail, no cars and no smartphones.
In fact, I was amazed to learn that his workday was confined to only a few hours in the morning. He typically would accomplish as much in these hours as most men do in a week.
Andrew built his wealth by paying attention to what was happening in the marketplace. As an employee in the railroad industry, he was able to see the future of the railroads, as well as the business opportunities available. The railroad was entering a period of steady and unparalleled expansion. Andrew decided to invest his time and money into building businesses that supplied the railroads.
He built or invested in more than 10 companies that sold their products to the railroads. In fact, one of the companies he invested into was a company that built bridges for the railroads. Andrew, with partners from the Railroad Company, launched a bridge building company. The company profited from contracts with his former employer, the Pennsylvania Railroad. He had an inside connection because his silent partners remained employed in high-level positions at the railroad. This would probably be illegal today.
His bridge company was spending a great deal of money on ore to manufacture the bridges. So he started an ore company to supply his bridge company. Now, he and his partners made money on both ends of the deal. They profited from the contract between the railroad and the bridge company; then profited again when the bridge company purchased its iron from their iron mill.
What do you think Andrew Carnegie would do today if he were a real estate agent?> It's an interesting question.
He would study the real estate market and analyze where the market was headed in the future. He would easily see that foreclosures were going to continue at a record-breaking pace. More than likely, he would build or invest into businesses surrounding the foreclosure market to capture as much opportunity as possible.
Today there is a limited opportunity to copy Andrew's business strategy in the foreclosure market. And believe it or not, the opportunity isn't listing foreclosed homes. There's far too much competition to obtain REO listings.
The opportunity exists on the buyer side of the foreclosure market. In fact, you can attract "hundreds" of targeted foreclosure buyer and investor leads a month and automatically convert them into sales. In addition, you can market other products and services to the leads you generate to create new income streams. Carnegie would certainly be proud!
So if you'd like to copy Andrew Carnegie's business strategy that led to $2.3 billion in wealth a year, register to attend a free teleseminar I'm hosting, where you'll learn how to dominate the buyer side of the foreclosure market.
In the teleseminar, I show you how to:
1. Generate hundreds of targeted leads a month, inexpensively.
2. Use 2 different Systems to automatically convert prospects into clients.
3. Get prospects to "apply" to become one of your lucky clients.
4. Use foreclosure tours to convert prospects into clients
5. Instantly obtain expert positioning as a foreclosure "specialist"
6. Profit from your unconverted leads.
To register for this free 60-minute teleseminar, which will be held this Thursday at 2 p.m. EST/1 p.m. CT/11 a.m. PT, simply complete the form below and click the "Sign Me Up" button. There is no fee or charge to attend. As a special benefit, you'll also receive my 100-page Renegade Millionaire Strategies book for Real Estate Agents. I strongly suggest you read the chapter on how to profit from your newsletter! It will change your business!
“Is Your IRA in Real Estate?
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List Price $297
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