What happens when a family intentionally breaks the “old money” cycle of generational wealth and gives away their billions—on purpose—thus consciously pushing their status back down to the middle class… like the Carnegies did?

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How The Rockefellers Went From "New Money" To “Old Money”: [ Ссылка ]

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How The Vanderbilts Went From "Old Money" To No Money: [ Ссылка ]

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TIMESTAMPS:
0:00 Introduction
2:01 1. Andrew Carnegie’s Early Life: The Making of A Magnate
4:57 2. Navigating The New World
8:10 3. Andrew Carnegie's Industrial Kingdom
11:56 4. From Steel to Philanthropy
15:05 5. The Modern Carnegies

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Welcome to another exciting episode of Old Money Luxury, where we delve into the world of old money families, luxurious lifestyles, and the history of some of the world's wealthiest people.

Today, we unravel the fascinating tale of the Carnegies—an old money elite family that rose from humble beginnings to amass a fortune, only to deliberately give it all away.


The Carnegies: The Saga Begins

Andrew Carnegie, the family patriarch, was born in 1835 in Dunfermline, Scotland, into a family of humble weavers. The era was a time of great social and economic change—Scotland was grappling with the effects of the Industrial Revolution. Despite financial struggles, the Carnegies were politically active and encouraged young Andrew's self-education, laying the groundwork for his incredible rise.

American Dream: The Carnegie Chapter

Fast forward to 1848, the Carnegies decided to chase the American Dream and move to Allegheny City, Pennsylvania. It was an era marked by Manifest Destiny and the California Gold Rush, with America itself teetering on its own Industrial Revolution.

Young Andrew entered the workforce at just 13, working grueling hours in a cotton mill. However, his relentless pursuit of opportunity led him to more advanced roles, particularly in the Pennsylvania Railroad industry, where he honed his skills in management and strategy.

Building a Steel Empire

By the 1870s, Andrew Carnegie was a name to reckon with in the business world. He seized the opportunity presented by the untapped potential of steel, investing heavily in what was then an unproven sector.

Through innovations like vertical integration, mergers, and an obsession with cost-efficiency, he turned Carnegie Steel Company into a global giant. During his peak, Carnegie was one of the wealthiest people in America, with diverse investments ranging from lucrative real estate to various other business ventures.

The Complex Relationship with Labor

Though a powerhouse, Carnegie's journey wasn't without its pitfalls.

His relentless focus on efficiency led to a lack of safety measures, culminating in the tragic Homestead Strike of 1892.

This incident marred his reputation and led to a significant shift in his approach to wealth and philanthropy.

The Gospel of Wealth and Philanthropic Ventures

Carnegie's ideological shift eventually led to the sale of Carnegie Steel to J.P. Morgan in 1901 for an astonishing $480 million—equivalent to over $13 billion today.

This sale enabled Carnegie to focus on his philanthropic efforts.

From creating a global network of public libraries to founding educational institutions like Carnegie Mellon University, his philanthropic legacy is as grand as his industrial empire was.

The Modern Carnegies: A Legacy of Philanthropy

Even after his death in 1919, the Carnegie family continued his philanthropic work, albeit on a reduced financial footing.

Today, they're not known for their wealth but for a legacy that has enriched communities worldwide.

Join us as we explore this story of old money, luxury, and philanthropy, examining how the Carnegies went from being among the world's wealthiest families to champions of philanthropic causes.

It's a journey through history, economics, and social responsibility that showcases how one man's indomitable spirit shaped not just a family, but entire nations.

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