How The Carnegies Went From "Old Money" To No Money
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- Опубликовано: 2 июл 2024
- What happens when a family intentionally breaks the “old money” cycle of generational wealth and gives away their billions-on purpose-thus consciously pushing their status back down to the middle class… like the Carnegies did?
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TIMESTAMPS:
0:00 Introduction
2:01 1. Andrew Carnegie’s Early Life: The Making of A Magnate
4:57 2. Navigating The New World
8:10 3. Andrew Carnegie's Industrial Kingdom
11:56 4. From Steel to Philanthropy
15:05 5. The Modern Carnegies
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Welcome to another exciting episode of Old Money Luxury, where we delve into the world of old money families, luxurious lifestyles, and the history of some of the world's wealthiest people.
Today, we unravel the fascinating tale of the Carnegies-an old money elite family that rose from humble beginnings to amass a fortune, only to deliberately give it all away.
The Carnegies: The Saga Begins
Andrew Carnegie, the family patriarch, was born in 1835 in Dunfermline, Scotland, into a family of humble weavers. The era was a time of great social and economic change-Scotland was grappling with the effects of the Industrial Revolution. Despite financial struggles, the Carnegies were politically active and encouraged young Andrew's self-education, laying the groundwork for his incredible rise.
American Dream: The Carnegie Chapter
Fast forward to 1848, the Carnegies decided to chase the American Dream and move to Allegheny City, Pennsylvania. It was an era marked by Manifest Destiny and the California Gold Rush, with America itself teetering on its own Industrial Revolution.
Young Andrew entered the workforce at just 13, working grueling hours in a cotton mill. However, his relentless pursuit of opportunity led him to more advanced roles, particularly in the Pennsylvania Railroad industry, where he honed his skills in management and strategy.
Building a Steel Empire
By the 1870s, Andrew Carnegie was a name to reckon with in the business world. He seized the opportunity presented by the untapped potential of steel, investing heavily in what was then an unproven sector.
Through innovations like vertical integration, mergers, and an obsession with cost-efficiency, he turned Carnegie Steel Company into a global giant. During his peak, Carnegie was one of the wealthiest people in America, with diverse investments ranging from lucrative real estate to various other business ventures.
The Complex Relationship with Labor
Though a powerhouse, Carnegie's journey wasn't without its pitfalls.
His relentless focus on efficiency led to a lack of safety measures, culminating in the tragic Homestead Strike of 1892.
This incident marred his reputation and led to a significant shift in his approach to wealth and philanthropy.
The Gospel of Wealth and Philanthropic Ventures
Carnegie's ideological shift eventually led to the sale of Carnegie Steel to J.P. Morgan in 1901 for an astonishing $480 million-equivalent to over $13 billion today.
This sale enabled Carnegie to focus on his philanthropic efforts.
From creating a global network of public libraries to founding educational institutions like Carnegie Mellon University, his philanthropic legacy is as grand as his industrial empire was.
The Modern Carnegies: A Legacy of Philanthropy
Even after his death in 1919, the Carnegie family continued his philanthropic work, albeit on a reduced financial footing.
Today, they're not known for their wealth but for a legacy that has enriched communities worldwide.
Join us as we explore this story of old money, luxury, and philanthropy, examining how the Carnegies went from being among the world's wealthiest families to champions of philanthropic causes.
It's a journey through history, economics, and social responsibility that showcases how one man's indomitable spirit shaped not just a family, but entire nations.
COMMENT: Do you think wealthy families choosing to “give away” their money is better than the government taxing the rich?... Or, do you believe “old money” should be taxed heavily regardless of their personal charity works?
Private organisations are always able to better allocate and efficiently use the funds rather than the government. Their whole wealth depends on it and is made by it.
The point of government is Administration & Policy making, not business/commerce!
@@Kushagra.jactually no, private organizations do not have the reach, the means, or the desire to see to the needs of a society the way a government should and would. The rich will pay the highest tax and those taxes go to the needs of the people. This should not be controlled by the wealthy elite. Also, government should not be working with business including religion and if a business fails then let it fall.
One government entity that functioned better than any other and was profitable and preferable to taxation or trusts was the Reconstruction Finance Corporation of 1927-1957 as it was profitable for the government. Einstein said that the eighth wonder of the world is compound interest.
I think the Carnegie family falls within my scope, and train of thought. Philanthropic work towards the arts and sciences. While maintaining a financial independent lifestyle, being upper middle class. Having upper education, and professional occupation; to help influence policies and progress. Basically, follow the beaten path of the Carnegies, and most important being stealth wealth. Out of the public eye. Concentrating on more important issues for the betterment of mankind, than how to pay the electric bill. That's just me.
Tax them, the use communal roads, infrastructure, gps, weather, post office, ect.. just like everyone else, if not more so. "Giving away their money" is a business venture, PR play and legacy building, not an inherently moral action. How can out of touch people living in their own bubbles possibly understand what us poors want or need? Besides, genuine philanthropy would against their class interests anyways.
There's a Carnegie Library in my home town. Its been kept up very nice and is a centerpiece of the little town.
Wait...how to we go from railroad employee to opening a steel mill. There's a lot missing there lol
What about Habsburgs?
How about a video on the Barclay twins from the UK?
While Carnegie gave a lager percentage of his wealth, John D Rockefeller gave 10% a year and a ton more when died.
He was after all wealthier compared to Carnegie
It always cracks me up when poor people say that the rich don't help, I got one friend that is given more to the poor than anyone and everyone in this comment section combined over their lifetime
Love it, more
Please do a video on the Mellon family.
Great suggestion!
Remarkable 👏👏👏
If descendants are raised with Noblesse Oblige, got their hands dirty as youths and taught fiscal responsibility for generational wealth...a large percentage should be able to manage the wealth going forward far better than the government and most non-profits. Money corrupts! The artist studio apartments atop Carnegie Hall were for struggling musicians , yet in the past decade they've been clawed back for more profitable use. I'd like to know who was in charge of that!
Only personal charity
No wonder that the Carnegie family went poor caused by donating the money to charity for the greater good.
Let's do The Wiender family or The House of Morgan (family)
A lot like how America went from no $Trillion debt to $32 Trillion. Multi Trillion$ in 3 yrs
🔥
Make a video about Radziwiłł family
Wealthy do the charity better
I laud his largess in funding libraries and institutions such as Booker T Washington’s school, Tuskegee Institute, we must not forget that he did fund the Station for Experimental Evolution at Cold Spring Harbor, New York, which was a records office for codifying racial differences in ethnicities during the eugenics movement in the early 1900’s.
They are all Eugenics. Until today. Their coming technocracy showcases their ideology.
This is what you call “fumbling the bag”
Wealth should be taxed, not income. Charity (should be or perhaps is depending on where you live) tax deductable.
Hi these rich were to do this they could be able to help out a lot poor Black & Brown people in this country, but they don't, I wish they did I could be finish MD school now.
Why do you people all pronounce his name the New York way and not the way that it is actually pronounced? Other than that good video.