Posted By: Zeal [R. Bettis]
Arthur George Gaston: I initially found it hard to grasp that this colored man from Demopolis, Alabama born in a one-room cabin during the Jim Crow era became a multi-millionaire by application of Green Power but this fan of Booker T. Washington did just that and left behind 10 Rules for Success in the process:
1. Save a part of all you earn. Pay yourself first. Take it off the top and bank it. You'll be surprised how fast the money builds up. If you have two or three thousand dollars in the bank, sooner or later somebody will come along and show you how to double it. Money doesn't spoil, it keeps.
2. Establish a reputation at a bank or savings and loan association. Save at an established institution and borrow there. Stay away from loan sharks.
3. Take no chances with your money. Play the safe number, the good one. A man who can't afford to lose has no business gambling.
4. Never borrow anything that, if forced to it, you can't pay back.
5. Don't get bigheaded with the little fellows. That's where the money is. If you stick with the little fellows, give them your devotion, they'll make you big.
6. Don't have so much pride. Wear the same suit for a year or two. It doesn't make any difference what kind of suit the pocket is in if there is money in the pocket.
7. Find a need and fill it. Successful businesses are founded on the needs of the people. Once in business, keep good books. Also, hire the best people you can find.
8. Stay in your own class. Never run around with people you can't compete with.
9. Once you get money or a reputation for having money, people will give you money.
10. Once you reach a certain bracket, it is very difficult not to make more money.
Sources -
- Gaston, A. G. (1968) Green Power: The Successful Way of A. G. Gaston. Birmingham: Southern University Press
- Carol, Jenkins; Elizabeth Gardner Hines (December 2003). Black Titan, A.G. Gaston and the Making of a Black American Millionaire. New York: One World/Ballantine. ISBN 0345453476.
3 comments:
I'm confused about rule 8...most people say you should hang out with people on levels you aspire to be on...the surest way to be smarter and richer is to be the dumbest and poorest person in your circle...
I also disagree with rule number 8. If you don't meet people that are in a circle that you ASPIRE to be on, how will you come to learn the rules of being in that bracket?
Agreed. That rule seems counter-productive in the information era. I also think it should be modified to today's business climate where the 5 people we invest our time in will determine our place in life.
Being from the Jim Crow era, Gaston saw many men who toiled in the mines with him forfeit their wages by trying to impress others (especially women) with poor choices in conspicuous consumption as a temporary means of escape from their menial but dangerous existence.
In fact, Gaston started seeing the opportunity presented by their trendy but spendy behaviors to sell these men lunch and loan them money. His collection of these funds then became seed capital for later ventures.
The trick for modern times is to apply field theory to #8: be in the same circles as those we emulate but don't slash your cash in the process.
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