12 Tips To Improve Yourself And Your Wealth Like Andrew Carnegie

What if you could follow in the footsteps of one of the richest men in history? Through this article, you can.

I’ve been reading the autobiography of Andrew Carnegie, and have extracted twelve actionable gems which I’d like to share with you. These tips are all connected with his ability to acquire, keep, grow, and powerfully use his legendary wealth.

Some of them will be more directly relevant to finance than others. Some of them hold more value for those seeking to cultivate their character as part of a self-improvement journey. All of them will be precious to those of you interested in learning from one of the wealthiest men in the history of the world.

Tip #1: Carnegie was a reader. He fell in love with reading early in life, and the founding of libraries became an enduring part of his legacy. What are you reading today that will enrich your view of the world?

Tip #2: Carnegie was grateful. Before running after the next thing, do you stop to take stock and be thankful for what you have? Do you remember those who have invested in your life, and not just in your bank account? A striking pattern in Carnegie’s life is that he always tried to keep in touch with people who did right by him, he always remained grateful towards them, and he always sought opportunities to show that gratitude by his actions.

Tip #3: Carnegie was proactive. He always had a keen eye for the next opportunity on the horizon. Yet, he did not wait passively for any big breaks. He worked relentlessly to advance himself, taking initiative to achieve his goals. What will you do this month to create your next opportunity for growth?

Tip #4: He strove to excel in every opportunity. Whether in the jobs he worked early in life, or in his later business ventures, Andrew Carnegie was not one easily charged with complacency. If he was entrusted to do a task, he would differentiate himself by completing it to the highest standards. When you have the chance to show what you can do, do you rise to the occasion?

Tip #5: He kept his eyes on the next level. Perhaps you are looking to step up into a higher position within the same company, or maybe you’re seeking a more rewarding challenge. Carnegie was always aiming upwards, and the way he took each step up the ladder was by taking responsibility. If you want to get somewhere, find opportunities now to demonstrate that you can already do what will be required when you get there!

Tip #6: He kept track of his costs. He knew the destination of every dollar spent by every business under his leadership. Whether you’re an entrepreneur or simply managing your household finances, do you know where your money is going? Better yet, do you tell it where to go? Having an accurate understanding of your present situation will give you the information you need to plan the path onward and upward!

“For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?” - Luke 14:28

Tip #7: Insist upon excellence in process and service. Andrew Carnegie paid attention to every aspect of how his businesses operated, including customer experience. Constantly look out for small ways to do what you do a little better, a little more efficiently, or with a little more value for your customer.

Tip #8: Maintain focus. Carnegie didn’t try every money-making scheme he could contrive at the same time. Some avenues for wealth-building that have worked for others may be nothing but a distraction for you. For example, Carnegie kept his focus on building businesses that he could actively monitor, and avoided speculative stock trading that would have diverted his attention from business priorities. That doesn’t mean you shouldn’t invest in stocks, but it does mean you should be a realist about how many time investments you can manage well! Can you think of a distraction that you need to cut out or minimise this week?

Tip #9: Make working for you rewarding. Carnegie advocated paying higher salaries to employees, as long as they respected their employer and did quality work. One model he often used was a sliding scale, with a reliable minimum and additional performance-based incentives for employees who contributed to business growth. He actively looked for ways to make labour, management, and capital function as partners rather than allowing a zero-sum culture. If you are a business owner, how do you create a more collaborative spirit within your company?

Tip #10: Value your people. Andrew Carnegie showed appreciation for his staff and was willing to listen to their needs and seek mutually beneficial solutions. Do you take the time to listen to the team you lead? Whether in business or family, great leaders are great listeners.

Tip #11: Don’t co-sign lightly! In managing money, debt needs to be handled with wisdom and caution. Despite his compassion for others and his abundant resources, Carnegie made it a principle not to co-sign for anyone else’s debt unless one is willing to lose the full amount outright. Moreover, he advised that where one truly is at peace with taking on that loss if necessary, it’s more often prudent to simply give the money up-front as a gift. At least then you’ll know where you stand and not be vulnerable to nasty surprises! If you can’t afford that, should you really be signing that paper? Treat debt wisely, and don’t let it overcomplicate your relationships.

Tip #12: Embrace the joy of giving. This is originally a teaching of Jesus. However, Carnegie quotes and alludes to this maxim several times throughout his book. Indeed, it’s a principle that many of the world’s most successful people have sworn by.

The Apostle Paul sums it up well: “In all things I have shown you that by working hard in this way we must help the weak and remember the words of the Lord Jesus, how he himself said, ‘It is more blessed to give than to receive.’” - Acts 20:35

Carnegie did not just seek to accumulate wealth all his life. At his most successful, his priority became giving rather than receiving.

Few of us have as much wealth to give as Carnegie did, but we all have something to give. This includes our money, but it also includes our time, our attention, our knowledge, our skills, and ourselves.

I leave you with one last question: who do you know that is in need? Perhaps someone in your life needs a helping hand, or simply some of your time and attention. Don’t look for someone who can do you a favour in return. Just find a need, and fill it.

Giving truly is a blessing to the giver.

May these tips from the life of Andrew Carnegie enrich your journey to success!