How to become rich getty. Tom Butler-Bowdon - How to be rich

Tom Butler-Bowdon

Jean Paul Getty. "How to Be Rich" (1961)

“At the end of the day, wealth is as much a matter of character, philosophy, mindset, and position as it is a matter of money. The "millionaire mentality" is not only - in our time and at our age, even more so - the mentality of hoarding. A talented, ambitious person striving for success must understand that the word "rich" has an infinite number of shades of meaning. To justify himself and his wealth, he must know how to be rich in virtually every positive sense of the word."

Live according to your values, be yourself.

Warren Buffett (and Roger Lowenstein) "Buffett"

Thomas J. Stanley "Millionaire Mind"

How to Be Rich is essentially a series of articles commissioned by Getty from Playboy magazine. He intended to talk about himself, about why he is a businessman, and also to debunk the myths about what it means to be rich. Hence the title of the book: to be rich", not "How become rich."

From "wild" oil explorer to tycoon

Jean-Paul Getty's father, George Getty, grew up on a poor farm in Ohio, but was later able to graduate from law school with the support of his wife. He became a successful attorney in Minneapolis and made a fortune during the Oklahoma oil rush.

Jean-Paul was born in 1892 into a relatively prosperous family. He writes fondly of his apprenticeship as a teenager as a handyman in the oil fields, a very dirty territory with rude people, "where gambling halls were considered the pinnacle of public goods." In contrast, he spent two years at Oxford University in the UK before returning to the States.

He planned to enter the diplomatic service in the United States, but at the age of 22 he opened own business as a "wild" oil explorer (independent oil driller and salesman) and had some luck on some leased wells. By the age of 24, he was a millionaire. Having decided to "retire", he lived happily for a couple of years, but his parents were not happy about it. His father told him that he should create and manage enterprises that would give people wealth and a better life.

The oil rush moved to California, and Getty decided to invest in new oil wells near Los Angeles. His business expanded rapidly over the next few years, but his father's death in 1930 halted development. The elder Getty was said to have left Jean-Paul $15 million. In fact, only 500 thousand.

Writing this book in the early 1960s, he correctly predicted that the “disappeared dissenters” would soon reappear.

During the Depression of the 1930s, Getty came up with the idea for a diversified oil company spanning exploration, refining and retail marketing. He bought up oil, which was then very cheap, bought the Pierre Hotel in New York at a negotiated price, and began a long, 15-year takeover of the Tidewater oil company, which later became one of the largest in California. After World War II, Getty Oil bought $12 million of shares in oil concessions in Saudi Arabia. Although it took another four years and 18 million to develop oil wells, but by that time the world knew about the huge oil reserves in the area, and the purchase paid off handsomely.

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Tom Butler-Bowdon

Jean Paul Getty. "How to Be Rich" (1961)

“At the end of the day, wealth is as much a matter of character, philosophy, mindset, and position as it is a matter of money. The "millionaire mentality" is not only - in our time and at our age, even more so - the mentality of hoarding. A talented, ambitious person striving for success must understand that the word "rich" has an infinite number of shades of meaning. To justify himself and his wealth, he must know how to be rich in virtually every positive sense of the word."

In a nutshell

Live according to your values, be yourself.

In a similar vein

Warren Buffett (and Roger Lowenstein) "Buffett"

Thomas J. Stanley "Millionaire Mind"

How to Be Rich is essentially a series of articles commissioned by Getty from Playboy magazine. He intended to talk about himself, about why he is a businessman, and also to debunk the myths about what it means to be rich. Hence the title of the book: to be rich", not "How become rich."

From "wild" oil explorer to tycoon

Jean-Paul Getty's father, George Getty, grew up on a poor farm in Ohio, but was later able to graduate from law school with the support of his wife. He became a successful attorney in Minneapolis and made a fortune during the Oklahoma oil rush.

Jean-Paul was born in 1892 into a relatively prosperous family. He writes fondly of his apprenticeship as a teenager as a handyman in the oil fields, a very dirty territory with rude people, "where gambling halls were considered the pinnacle of public goods." In contrast, he spent two years at Oxford University in the UK before returning to the States.

He planned to enter the U.S. Foreign Service, but at 22 he started his own business as a "wild" oil explorer (an independent oil driller and salesman) and got lucky on some of the leased wells. By the age of 24, he was a millionaire. Having decided to "retire", he lived happily for a couple of years, but his parents were not happy about it. His father told him that he should create and manage enterprises that would give people wealth and a better life.

The oil rush moved to California, and Getty decided to invest in new oil wells near Los Angeles. His business expanded rapidly over the next few years, but his father's death in 1930 halted development. The elder Getty was said to have left Jean-Paul $15 million. In fact, only 500 thousand.

Writing this book in the early 1960s, he correctly predicted that the “disappeared dissenters” would soon reappear.

During the Depression of the 1930s, Getty came up with the idea for a diversified oil company spanning exploration, refining and retail marketing. He bought up oil, which was then very cheap, bought the Pierre Hotel in New York at a negotiated price, and began a long, 15-year takeover of the Tidewater oil company, which later became one of the largest in California. After World War II, Getty Oil bought $12 million of shares in oil concessions in Saudi Arabia. Although it took another four years and 18 million to develop oil wells, but by that time the world knew about the huge oil reserves in the area, and the purchase paid off handsomely.

In 1957, Fortune magazine named Getty the richest man in America with a fortune estimated at $1 billion. Since then, he has received an average of 3,000 letters a week from strangers asking for money.

Jean-Paul Getty's advice on how to achieve success in work and life

Make your way

How to be Rich was written in the midst of the growth of large companies, when the "man committed to the organization" evolved to get the most out of his small position in the corporate apparatus. Getty described the man as "dedicated to the maintenance of complex rituals memos and shifting responsibility to others. The Getty's "Office" in his early years work in the oil fields was in the front seat of a broken '

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Best Business Books

Do you want to become rich? Or you have a business and want to have even more information in this industry. Today we have selected for you the most interesting books about business, the authors of which have really earned millions and share their thoughts with us today. Read at least one of these books, you will be very interested.

one . "Think big and don't slow down!" - Donald Trump.

The infamous billionaire and president of the United States shares his thoughts on how to become a winner and how not to become a loser.

Thinking big is a creed that I have professed since my early youth, and it is a proven and reliable path to success. Bill also confesses it, and the results are obvious. This book has been a great adrenaline rush for both of us, and we hope that it will not only be an interesting read, but will also teach you a lot. We want each of you to realize your dream - and if you work tirelessly, your dream will come true!
Donald Trump

2. "Rules for a No Rules Game" by Christina Comaford-Lynch.

The author of this book, Christina Comaford-Lynch, went from a run-of-the-mill Microsoft employee to millionaire status. The result of her life experience, consisting of mistakes, victories, losses, discoveries, discoveries, is presented in the book in the form of 10 non-standard lessons on building the life you deserve. Feel free to start, because there is nothing more exciting, exciting and all-consuming than building your own career and life. She shares her experiences and her views on life. Easy to read.

3 . "How to Get Rich" by J. Paul Getty.

J. Paul Getty, who first bore the title of "richest American" and then the title of "richest man in the world." Considered one of the first dollar billionaires of our time. In his book, the billionaire tells the story of his success and shares useful tips with those who want to become rich.

“Paul Getty writes that the first rule is: you must be in business yourself. It shows that you will never become rich by working for someone else.”
Robert Kiyosaki

four . The Aladdin Factor by Jack Canfield, Mark Hansen.

5 . "My Neighbor Is a Millionaire" by Thomas Stanley, William Danko.

For many years, two American scientists have studied the lifestyle and habits of first-generation millionaires - those who made their millions themselves, and did not inherit or win the lottery. And share their findings in this book. Incredible secrets of wealth in America.

"How to become rich" - 5 best books about business - wrote millionaires updated: January 30, 2017 by: website

Yulia Alexandrovna Petrova, Elena Borisovna Spiridonova

Getty Jean-Paul (Paul) - oil tycoon

Jean-Paul (Paul) Getty (1892-1976) - the largest American oil tycoon, at the time of his death, had the largest fortune in the world. His giant empire was made up of the largest oil giant - the Getty Oil company and more than two hundred concerns. Paul Getty was the owner of luxurious palaces, including the famous Paul Getty Museum built in pseudo-antique style in Malibu, not far from Hollywood.

The basis of the Getty empire was laid by his father George Getty, in 1903 he risked buying a plot of land in Oklahoma for $ 500, on which oil was soon discovered, and in such quantity that George Getty founded his own Minneoma Oil Company and by 1906 became a millionaire .

Paul Getty became a shareholder of his father's company at the age of 11, having bought shares with the proceeds from the sale of newspapers. Already from childhood, Paul developed unusual business qualities, for example, he developed the habit of writing down his income and expenses in a notebook and keeping track of money. In his early 20s, Getty has already demonstrated a fantastic ability to earn a lot of money and constantly increase it.

By this time, Paul Getty graduated from two higher educational institutions– University of California with a degree in geology and economics and Oxford with a degree in economics and politics, and in 1914 he appears in Oklahoma to take part in the family business.

Having received $ 100 a month from his father, Paul managed to organize his own business. With Getty, the son enters into an official partnership agreement with his father, according to which the income from their joint activities was distributed as follows: 70% went to the father, and 30% to Getty.

It was said that Paul Getty swore an oath not to leave Oklahoma until he earned his first million. We didn't have to wait very long. A year later, he earned 40 thousand dollars on speculation in oil fields, and two years later - the long-awaited million. Getty was about twenty-three years old when he told his parents: "I just made my first million dollars, and you can trust me, it won't be the last!" And indeed, the future billionaire was waiting for a continuous streak of fantastic success ahead. He had an incredible sense of money, was endowed with amazing intuition and an incredible instinct that allowed him to guess oil fields. Even Getty Sr. heeded his son's advice when he recommended that he purchase a concession in Santa Spring, which everyone refused. This purchase was the most successful in the life of George Getty.

And Paul Getty sought to create his own oil empire. With fanatical perseverance, he advanced towards his goal, tirelessly extracting black gold and in the orange Texas land and in the snow-white Arabian desert. His endless oil wars with the most dangerous and powerful competitors invariably brought Paul victory, new spheres of influence, and unthinkable windfall profits.

Breaking out at the beginning of the last century, the First World War contributed to the development of the Getty business - oil prices rose sharply.

Paul Getty is one of the few people in America who managed to get rich during the Great Depression. Of his own financial success, he said: "My tactics are very simple: I buy when others sell." In 1928, he bought a 33% stake in George F. Getty, Inc. from his parent. for 1 million dollars.

When, in October 1929, America was gripped by an unprecedented economic crisis, Getty made a series of very risky acquisitions. The secret was that his father, George Getty, was never a stock player, he preferred to invest, acquiring only land and real estate, so the collapse of Wall Street did not affect the Getty family business.

It was at this time that Paul Getty radically changed the strategy family business. With sufficient cash, Getty Jr. begins to buy shares of large industrial giants, which have plummeted in price.

Getty like to compare with a predator that slowly and cautiously sneaks up on its prey, not noticing what kind of mortal danger threatens it. Indeed, competitors noticed the Getty when the oil battle had already been lost by them.

In a small office on the third floor of the George V Hotel in Paris, the Getty Oil company, where Paul Getty worked for days, months, sometimes forgetting even about food, buying concessions by phone, negotiating tax breaks with oil sultans and kings.

In twenty years, he managed to absorb half of the companies that compete with him. Moreover, each time the competitor's company was somewhat much larger company Getty, but it didn't bother him at all, he. able to digest tidbits of any size.

One day, his target was the Tidewatter Associated Oil Company, which did not have its own oil wells, but owned several oil refineries, as well as a network of gas stations throughout America.

According to Getty, Tidewatter Associated Oil Company would be an excellent addition to a family corporation that owned oil, but did not process and sell it.

Paul began buying shares of Tidewatter at $2.50 each, which had been worth $20 before the crisis. The stock soon jumped to $10. Getty continued to methodically buy shares in Tidewatter over the next twenty years, during which time he invested $ 90 million in its shares.

While fighting for Tidewatter, Getty at some point found that his interests in this area clashed with the interests of the Standard Oil Corporation, owned by the oil tycoon Rockefeller. It was in the hands of "Standart Oil" that the main block of shares in "Tidewatter" was located. For Getty, this was a surprise, but it was too late to retreat. And Paul, with enviable persistence, began to send his agents to John D. Rockefeller, Jr., and as a result, the block of shares that belonged to him ended up with the Getty.

Thus, the giant concern "Tidewatter" was absorbed by "Getty Oil", the existence of which the former owners of this company for a long time did not even guess.

And a quarter of a century later, the Getty suffered the same fate for the once omnipotent Standard Oil, owned by the Rockefeller clan.

In 1849, he bought a concession from the ruler of Saudi Arabia to develop the neutral zone between Kuwait and Saudi Arabia. The deal cost the Getty $10.5 million in cash, plus an additional $1 million annually, and no one could say for sure if this piece of desert would ever open up oil fields. Getty spent another 30 million dollars on exploration work, and only four years later, fountains of black gold were finally hammered in Wafra, which turned into billions in profits for Paul, and made him the richest man in the world. Getty received this title in 1957 and retained it until his death.

By this point, in terms of the amount of money earned, he overtook Ford and Rockefeller.

Getty owned George GettyJnc., Tidewatter Oil, Skelly Oil Company, Spartan Aircraft Corporation, Getty Real Estate Company, Minnechoma Insurance Company, Getty Realty Corporation, Pacific Western Realty Company etc.

By the mid-1960s, Getty Oil's profits had reached fantastic proportions. According to Fortune magazine, which annually publishes a list of the richest people in the United States, in those years, Getty's capital increased by half a million dollars daily.

In response to attempts to calculate his wealth, Getty said: "A billionaire who can count his billions is probably not one." And one more phrase of his, which has become winged: "If a person is really rich, it will never occur to him to calculate who is richer than him and who is not."

In 1960, Paul Getty moved to England, to the Sutton Place estate in Surrey, which he bought from the bankrupt Duke of Sunderland. Here he continued to do what he did all his life: he bought what they sell. And they sold the estates of bankrupt English aristocrats in foggy Albion, which Getty bought at the lowest price.

Lord Beaverbrook once remarked that "Paul Getty devours the corpses of bankrupt and unfortunate people" and this was largely true. For example, he bought his old English estate Sutton Place simply at a predatory price - for 600 thousand pounds, in those years the oil oligarch earned such an amount for just

How To Be Rich 10-minute read: reviews of the best books, only the most important and useful.

Jean-Paul Getty is a businessman who was named the richest man in America in 1957 by Fortune magazine. Getty has combined into a book a series of articles he wrote for Playboy magazine, where he talks about himself, about the mentality of a millionaire, debunks myths about what it means to be rich.

IN A nutshell: Live by your values, be yourself.

QUOTE: “In the end, wealth is a matter of character, of philosophy. worldview and position is nothing less than a matter of money. The "millionaire mentality" is not only - in our time and at our age, even more so - the mentality of hoarding. A talented, ambitious person striving for success must understand that the word "rich" has an infinite number of shades of meaning. To justify himself and his wealth, he must know how to be rich in virtually every positive sense of the word."

BOOKSHELF: Success | SECTION: The mindset of a millionaire.

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