WISDOM DIGEST

WISDOM DIGEST

9 WEALTHIEST PEOPLE IN THE WORLD

The wealthiest people in the world, about 9 of them met at Chicago's Edge Water Beach Hotel in 1923.

Their wealth combined and estimated, exceeded the wealth of the Government of the United States at that time. These men certainly knew how to make a living and accumulate wealth. 

In attendance at the meeting were the following:

1. President of the largest steel company,
   Charles M Schwab
2. President of the largest utility company.Samuel Insull
3. President of the largest gas company.Howard Hubson
4. President of the New York Stock Exchange.Richard Whitney
5. President of the Bank of International Settlements.Leon Fraser
6. The greatest Wheat Speculator. Arthur Cutten
7. The greatest "Bear" on Wall Street.Jesse Livermore
8. The head of the World's greatest monopoly. Ivar Kruegerand
9. A member of President Harding's cabinet. Albert Fall
   

What an impressive line-up of people by anyone's yardstick. Yet, 25 years later, what happened to those nine industrial giants?
 

25 Years Later:

• The president of the then largest steel company (Bethlehem Steel Corp), Charles M Schwab, lived on borrowed capital for five years before he died bankrupt. 
• The president of the then largest gas company, Howard Hubson, went insane.
  

• One of the greatest commodity traders (Wheat Speculator), Arthur Cutten, died insolvent;

• Then president of the New York Stock Exchange, Richard Whitney, was sent to jail. 
• The member of US President Harding's cabinet, Albert Fall, was pardoned from jail just to be able to go home and die in peace. 
• The greatest “Bear” on Wall Street, Jesse Livermore committed suicide.
• The president of the then world’s greatest monopoly, Ivar Krueger, also killed himself.
• The president of the Bank of International Settlement, Leon Fraser, equally took his own life.
• The president of the largest utility company, Samuel Insull, died penniless.

FOOD FOR THOUGHT

What those people forgot was how to "PLAN FOR THEIR FUTURE” while they got busy making money! 

Money in itself is not evil; it provides food for the Hungry, Medicine for the Sick, Clothes for the needy.

However, money is only a medium of exchange. We need two kinds of education: One that teaches us how to make a living and another that teaches us how to live. There are many of us who are so engrossed in our professional life that we neglect our Family, Health and Social Responsibilities. If asked why we do this, we would reply that "We are doing it for our family". 

On the bed lies our kids, sleeping when we leave home and it is same circle when we return home! 

Subsequently, in a decade, they will all be gone in pursuit of their future ambitions and to live their own lives.

Can a Ship sail without water? But if the water gets into the ship, what happens? What was once productive for the ship now becomes destructive.

Similarly, we live in a time where earning is a necessity but let it not enter our hearts, so that what was once a means of living may not become a means of destruction.