Personal Finance lesson 20

Andrew Carnegie

Andrew Carnegie was born Margret Morrison and William Carnegie in Scotland. he lived in A small cobble cottage typicak to the times wich had one main room. They had half the ground floor with another weavers family. That main room growng up served as an entire house for his family. Later on, he moved into a larger house more fitting for his family. Andrew was influenced by his uncle in the early years, George Lauder who was a politician. He saw many life lessons as he watched his uncle. Wikipedia reads, “Carnegie’s maternal uncle, Scottish political leader George Lauder Sr., deeply influenced him as a boy by introducing him to Robert Burns‘ writings and historical Scottish heroes such as Robert the BruceWilliam Wallace, and Rob Roy. Lauder’s son, also named George Lauder, grew up with Carnegie and became his business partner. When Carnegie was 12, his father had fallen on tough times as a handloom weaver. Making matters worse, the country was in starvation. His mother helped support the family by assisting her brother and by selling potted meats at her “sweetie shop”, leaving her as the primary breadwinner.[12] Struggling to make ends meet, the Carnegies then decided to borrow money from George Lauder, Sr.[13] and move to Allegheny, Pennsylvania, in the United States in 1848 for the prospect of a better life.[14] Carnegie’s migration to America would be his second journey outside Dunfermline—the first being an outing to Edinburgh to see Queen Victoria.[15]

Carnegie held several jobs as he grerw up, the first being a bobbin boy. He would change spools of thread and was paid $1.20 per week. He soon quit that job and then went on to work as a telegraph messenger and make $2.50 a week.

Later on Carnegie found great success in the oil, steam, and railroads. He made smart investments that paiud off many times. He knew about the market and how to play it. Of course, someone with that wealth and stature could have easily had insider trading.

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