Can you imagine yourself being the richest man in the history of the world? Or Is that imagination costly even for you?
I hope you know who is J. Paul Getty and if you don’t, do yourself a favour to read his biography or else the rest of this article will sound like a pig Latin (a secret language) for you.
Getty’s financial success did not just come rolling to him. He had to get out and find it and yes, just like the rest of us, he too, needed to put effort in order to achieve his goal.
Taking on Getty’s Life Lessons
Getty’s life revolved around bravery, critical thinking and initiatives. For me, the values that he adopted in his life can be applied to become a successful investor and businessman.
So, how did J. Paul Getty become a billionaire? What are the secrets to his wealthy success? Well here are Getty secrets for acquiring, attracting and creating wealth.
Life Lesson #1 – Do What You Believe You Can Do
In the early 1900’s Getty started his oil business by buying oil leases in the “red-beads” area of Oklahoma with the hopes to strike oil in that area even though it was considered as impossible by many that there was any oil at all.
However, Getty and his father ignored what others said and it turned out later on that that red beds area contained oil and their cheap leases increased to be rich leases.
On top of that, during the Great Depression period, Getty managed to laid the foundation for most of his vast fortune by purchasing struggling oil companies. The biggest bet that he made in purchasing the struggling oil was actually the one that boosted his financial means trajectory – a 60 years concession for access to a tract of land between Saudi Arabia and Kuwait. (Also known as Neutral Zone)
After 4 years of spending 30 millions dollars on the Neutral Zone, he finally struck the oil that he had been wishing for, producing 16 barrels of oil per year that made him a billionaire.
What we can learn from his bold decisions is that he always believe in his ability and never once think about what people say. Because in the end, whatever decision that he made, he is the one that had to bear the consequences.
Life Lesson #2 – Be thrifty
In 1957, Getty was named the wealthiest American and sole billionaire from the United States by Forbes Magazine. Despite the fact that he was the wealthiest man at that time, Getty was very thrifty with his fortune. According to his accountants, he strictly budgeted his money and usually carried not more $25 with him.
This concept does not only applied for him, Getty even installed a pay telephone booth in his Sutton Place residence so that guests won’t be able to make a long distance call on his dime.
Life Lesson #3 – The harder you work, the luckier you get and the more money you have.
Getty enormous fortune was mostly self-made with the result of multiplying initial investment through patience, decision-making and sheer hard work. According to one of his former wives, Getty was such a workaholic and would continuously working for 18 hours a day.
She later added, “I can’t remember a single day of vacation in the last 45 years that was not somehow interrupted by a cable, telegram, or telephone to get him tend the business for at least a few hours.”
Getty was fueled with passion for his work and this gave him something to overpower his competitors such as learning multiple languages, study geology, as well as willing to learn about cultures and science. All of these knowledge affected his oil business and ultimately allowed him to spearhead the way even faster.
The age which Getty was born and loved was marked by scientific advancement and the spread of knowledge that allowed him to feed his natural profitable curiosities.
It’s not a surprise with his passion and hardwork, he managed to become the most successful oilman in the world. He totally deserved it because despite his famous success, only he knew the sacrifices that he had to make in order to be successful.
What say you? Do you agree that there is no such thing as wasted effort to be successful?
Give me your comment below.