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The Rockerfeller’s Rules to becoming wealthy

Posted On March 28, 2007 | Written by Emmanuel Oluwatosin

According to Nelson Rockerfeller, the one time Vice President of the United States, his father John D. Rockerfeller, Jr, gave each of his five sons an allowance “We got 25 cents a week, and had to earn the rest of the money we got.” To earn part of that extra money he raised vegetables and rabbits…” We always worked.

All the boys were required to keep personal daily account books. They were required to give 10 percent of their income to charity, to save 10 percent, and to account for all the rest.” They had to balance their account books every month and to be able to tell what happened to every penny they earned.The Rockerfeller kids were taught a specific pattern for dealing with their money. These are the Rockerfeller rules.

  • Work for all you get
  • Give away the first 10%.
  • Pay yourself the next 10%.
  • Live on the rest.
  • Account for every penny.

Isn’t it interesting that Rockerfeller made his kids learn the habit of work? But why do you think Mr. and Mrs. Rockerfeller taught their kids to give the first 10% to charity? Now, if you’re an atheist or an agnostic, or in any way squeamish about the subject of God, you’d better skip over this section. It’s just going to make you all grumpy. But if you believe there is a Supreme Being, then, read on.

The Rockerfellers, like almost all of the great American billionaires, looked upon their wealth as a sort of spiritual stewardship. They believed that God gave them the money. It wasn’t theirs…they just were caretakers over it. They felt a duty to manage it for the betterment of others…while thoroughly enjoying it themselves, of course. If every dollar they received was a gift from God, they were glad to pay 10% of it back. ([tag]Andrew Carnegie[/tag] gave all of his wealth away before his death)

You’d be surprised how many very successful and very wealthy people today and throughout the past 200 years have felt the same. God, for them, was always the best silent partner. And they didn’t do too badly for God and his children, either. Today, the Ford Foundation gives away hundreds of millions of dollars PER YEAR to various charities. The Rockerfeller foundation gives away almost 50 million dollars.

I wonder if God knew this was going to happen. Looking down on the earth in the late 1800’s did he say to himself. “To whom shall I give the idea for the automobile? And which lucky person is going to end up with the concept of oil? Hmm… let’s see. There’s that Rockerfeller fellow. He’s going to end up pretty decent. And most of his money is eventually going to go to help others. I think he should get a big chunk of oil. There’s that scrappy Henry Ford down there in Michigan. He’s got a few glaring blemishes but eventually, the money he makes with this idea is going to belong to his foundation and will bless millions of people. Let’s give him a big chunk of the automobile.”

How did Bill Gates end up with the computer? Or Andy Gove with the silicon chip? Or the guy (what was his name anyway?) who started Amazon.com? These days, billions can be made and lost in a single day in the stock market. Who’s going to get the next billion dollar concept? Do you deserve to get it? What would you do with it if you got it? Could God trust you with it? Would you squander it? Or would you be a wise steward over it? Would there be anything left to bless the lives of others? Tough questions.

I would encourage you that, no matter what your financial circumstances, invest 10% right off the top in your favorite charity or church. If you don’t know where to put it, follow your heart. One day, all the money in the world, will not keep your heart beating. Sharing 10% with others will remind you that God owns everything and we’re transients here.

Now, after you pay the first 10% to your “Silent Partner” you need to pay yourself next. In the classic, “[tag]The Richest Man in Babylon[/tag],” George S. Clayson tells the story of the wise investor whose primary rule was, “A part of all you earn is yours to keep.” (If you haven’t read this book yet, buy it today and read it.) And then, when these two items are taken care of, Live on the rest.

Make the decision that, starting today, you will no longer go into debt to support your lifestyle. You’re going to live below your means…no matter what. It may take you months to turn your spending patterns around (for an oil tanker to change course 180 degrees takes many, many hours and hundreds of miles to accomplish…you’re like that tanker, it will take time to turn your financial bad habits into good ones…so be patient with yourself.

NB: This is an excerpt from Robert Allen’s Seven Secrets of Extremely Prosperous People.

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9 Responses

  1. Emannuel:

    Your blog is a treat for my heart. I have caught some of your words on African Path, but never saw your blog until yesterday. Naija blogger in Ghana David Ajao, put me on…He mentioned you in one of his posts.

    Anyhow, I am amazed by all that you are doing and inspired by your personal story of success. I also blog about entrepreneurship, primarily about it’s effects on various African economies. The endless possibilites and angles for writing about entrepreneurship is so exciting.

    Anyhow, keep up the great job!

  2. Thank You – the above reading was great. Yes I always knew that 10% belonged to God, but today this has become more meaningful to me. Thank you for re-iterating this principle of giving to me.

  3. Hi David,
    thanks for the comment. I only wish a lot of people will understand this and apply it. The world would be a better place for all to live

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  5. Hi, I understand the great advice of Mr Rockerfeller to his five son. show how the money can control patieness of 5 son and built the power of trust in all expect in small places neither more better all over. This is so to call money powers

  6. Sir you a the ‘DYNAMITE’ Thank God I came accross this page. I am as quite and thougthful sitting infront of these screens. God Bless you real GOOD. You are Blessing!

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