Me and Money

The Edgewater Beach Hotel In 1923, at the Edgewater Beach Hotel in Chicago, eight of the world’s wealthiest financiers met. These eight men controlled more money than the United States’ government at that time. They included: The president of the largest independent steel company; The president of the largest gas company; The greatest wheat speculator; The president of the New York Stock Exchange; A member of the President’s cabinet; The greatest “bear” on Wall Street; The head of the world’s greatest monopoly; The president of the Bank of International Settlement. Certainly, one would have to admit, that a group of the world’s most successful men was gathered in that place; at least, men who had found the secret of “earning money.”

Now let’s see where these men were twenty-five years later: The president of the largest independent steel company, Charles Schwab, lived on borrowed money for five years before he died bankrupt. The president of North America’s largest gas company, Howard Hopson, went insane. The greatest wheat speculator, Arthur Cutton, died abroad, insolvent. The president of the New York Stock Exchange, Richard Whitny, was sent to Sing Sing Penitentiary. A member of the President’s cabinet, Albert Fall, was pardoned from prison so he could die at home. The greatest “bear” on Wall Street, Jesse Livermore, died a suicide. The head of the greatest monopoly, Ivar Krueger, killed himself.

The president of the Bank of International Settlement, Leon Fraser, also died a suicide. Each of these men learned well the art of earning money, but it would seem that not one of them had ever learned how to live the “rich life”, which was their birthright. It is stories like this one that have caused many well meaning, but ignorant people to say, “See, I told you it is not good to have a lot of money, it’s bad,” or, “It just goes to show you that rich people really aren’t happy;” but of course, that is just not true. For although these eight men would appear to have “slid off the track,” there are many wealthy people who are very happy, and who do a tremendous amount of good with their money; they live healthy, well-balanced lives. Consider this—money will have a greater influence on your life than almost any other commodity you can think of. Indeed, the sudden loss or acquisition of money will affect your attitude to a tremendous extent. Therefore, you must agree that everyone should have a deep understanding of exactly what money is, and of the laws governing its attraction.

Yet, the sad fact is that not one person in ten does. Ninety-five people out of a hundred settle for whatever they get, wishing they had more all the way from the cradle to the casket, never understanding that they could actually have had all they wanted. Let me digress for a moment—as you journey through this book, you might have a tendency to let your mind wander off, either thinking about someone you know who has earned a great deal of money or possibly about someone who has gone into bankruptcy.

But I want to suggest that you attempt to keep focusing only on yourself, because what someone else has or does not have, is not going to affect you and it is your financial situation that you want to improve.