One Thing You Didn’t Know About John D. Rockefeller
“It is more blessed to give than to receive.” Acts 20:35
Have you ever wondered who is the richest person who has ever lived on earth?
According to the New York Times, it was John D. Rockefeller. From a very young age, Rockefeller determined the philosophy of his life: “Don’t work for money, let money work for you.”
At 23 he was already a millionaire. At 50 he had billions of dollars and was known as the “richest man in the world.” I came to control 90% of the extraction, refining, transportation, and distribution of oil in the United States.
Standard Oil was the first modern corporation. John D. Rockefeller organized his firm to produce in bulk so that it would be able to accrue more resources and sell below its competitors.
“The common denominator for success is work.”
John D. Rockefeller
Rockefeller was famous for avoiding Wall Street in later years, but he had a good relationship with banks in his early career and was a frequent borrower. This was done so that he could build top of the line plants that wouldn’t need frequent repairs and could outproduce rival refineries, most of which in the early days were low-quality amateur operations.
Each industry has crucial areas that bind it together — some ingredients needed to make the final product, for instance. Transport is a crucial area that binds every industry together and Standard Oil was keen to control as much of it in the petroleum industry as it could.
This infamously included collusion with the railroads for rebates on freight. While Standard Oil would get kickbacks from the railroads, competitors would have to ship their barrels of oil under a much more expensive price and so would never be able to compete with the petroleum giant’s prices.
Standard’s corporate structure essentially allowed other refineries to pretend that they were still independent when in actuality, these refineries and their owners were part of its gigantic machine. The goal wasn’t to crush them, but bring them in if possible, with lucrative offers of the company’s stock which would inflate many times over in value. These inducements proved too good to pass up.
In building up his imposing business model, John D. Rockefeller realized that he expected to save at any rate a similarity to rivalry. He additionally didn’t have any desire to threaten the proprietors of different treatment facilities. He needed to bring them into his own organization.
Survey Standard Oil nearly as a congregation, he viewed the organization as doing directly on the planet by settling the oil business.
However, in his pursuit of wealth and success, he sacrificed his health. When he was 53, he was so ill that doctors predicted him less than a year to live. His health problem had its origin in his way of seeing life.
He wanted to monopolize everything, without sharing anything with others. His motto in business was: “Competition is a sin, that’s why we proceed to eliminate it.” His absorbing greed was destroying him.
During this crisis, Rockefeller reevaluated his life. He decided that he would give a part of his fortune to others.
“God gave me my money. I believe the power to make money is a gift from God to be developed and used to the best of our ability for the good of mankind. Having been endowed with the gift I possess, I believe it is my duty to make money and still more money and to use the money I make for the good of my fellow man according to the dictates of my conscience.”
John D. Rockefeller
He began to contribute to churches, hospitals, to sponsor medical research. I founded the University of Chicago and Rockefeller University in New York.
Many of the significant discoveries in modern medicine are the result of money donated by the Rockefeller Foundation. Most significant, however, was the impact this attitude had on the millionaire’s very healthy.
When he devoted himself to giving more than receiving, his health improved dramatically. His generosity proved therapeutic. John D. Rockefeller lived to be 97 years old.
The words of Christ have the same value today, as when he spoke them:
“It is more blessed to give than to receive.” Acts 20:35
Living a life of selfless service not only benefits others, but it also benefits ourselves as well. It would be good if now, you decide that sharing with others is a fundamental aspect of your lifestyle.
On a day like today, we can determine to have a giving spirit.
