This archive report was first published on 24 September 2019.
On September 24, 2019, at 22:00, RUFUS MWANYASI wrote about the timeless wisdom of Andrew Carnegie's letter, The Gospel of Wealth, penned nearly 130 years ago.
Andrew Carnegie, a steel industry leader and one of the wealthiest men in history, was admired for his philanthropic efforts, having given away an estimated Sh6.5 trillion to charities, foundations, and universities, totaling almost 90 percent of his fortune.
Carnegie's advice on wealth administration remains sharp and remarkably relevant today. He cautioned against massive wealth distribution to one's kin, considering it an improper use of one's means.
He asked, 'Why should men leave great fortunes to their children? If this is done from affection, is it not misguided affection?' Carnegie believed that it is not well for the children that they should be so burdened with 'too much wealth' and neither is it well for the State.
He advised men to hesitate to bequeath generously to kin, as great sums bequeathed often work more for the injury than for the good of the recipients.
Carnegie vigorously defended the pillars for economic success – respect for private property, law of competition, and accumulation of wealth – even accepting the concentration of wealth as essential.
He firmly believed that civilization itself rested on these pillars and that one ought to eat what he kills, as he restated, 'If thou dost not sow, thou shalt not reap.'
However, the human in him persuaded and encouraged men like him to be rich in good deeds, to be generous and willing to share their possessions in their lifetime, as he believed was the only feasible way to re-balance the wealth inequality situation.
He emphasized this point with the now-famous remark, 'he who dies rich, dies disgraced.'
Carnegie cautioned against leaving wealth under trusteeship after one's death, as he believed it requires the exercise of not less ability than that which acquired the wealth to use it so as to be really beneficial to the community.
He believed the man of wealth should be the trustee for his poorer brethren, to bring to their service his superior wisdom, experience, and ability to administer his wealth.
Today, we face the choice to follow Carnegie's common-sense on wealth administration. His call to good stewardship is well grounded, but then again, it's your money, your choice.
