Mon, 4 Nov 2013

John D. Rockefeller and His $500 Million Dollars Legacy

John D. Rockefeller Donation - John D. Rockefeller donated over $500 million dollars in the course of his lifetime. He has been one of the most privileged human beings who chose to give back and support advocacies for a cause. This man ultimately handled over 90% of the oil in the country.

Young Rockefeller

He was not born to a silver spoon family. His father, William Avery Rockefeller was then a lumberman and eventually became a traveling salesman. He sold elixirs and regarded himself as a "botanic physician". His mother, Eliza, was a devout Baptist and a homemaker. The family resided in Richford New York but frequently moved from one place to another. They moved from Moravia, to Owego in 1851 and to Strongsville.

Young Rockefeller was very serious and diligent about studying, despite the absence of his father. He was described as reserved, religious, earnest, hardworking and intellectual. He loved music and was a good debater during his time.

Rockefeller Worked His Way Up

The fact that John D. Rockefeller donated over $500 million dollars can be traced in his innate persistence and dedication. He got his first job as a bookkeeper when he was just 16 years old. He worked in Hewitt & Tuttle as an assistant bookkeeper. He deliberated on transportation costs and worked on the systems and methods in the office.

In 1859, Rockefeller, together with his partner Maurice Clark, raised $4,000 as a capital in a venture they embarked on. In 1863, the partner put up an oil refinery. It was during the time that whale oil was too costly for the public and a cheaper alternative earned approval from the masses.

Rockefeller And Andrews

During the Civil War, he dedicated his attention to his business and instead appointed substitute soldiers. Just as how others who wanted to avoid combat did, he gave money to the Union cause. It was in February 1865 where his business came to an instant resurgence and growth. At an auction, he bought out at $72,500 the Clark brothers and created the firm under his name, Rockefeller & Andrews. His brother consequently brought him into another partnership when his brother established a refinery in Cleveland.

John D. Rockefeller Was One of the Most Generous Men In History

His business eventually became one of the largest refineries around the world. With his smart technique of controlling costs, reinvesting profits and borrowing, he earned a lot of money for the business. It was in June 1870 when Rockefeller made Standard Oil of Ohio, which speedily turn out to be the most gainful refiner around Ohio. It has established its name in providing oil and kerosene around the country.

Contemplating on how he lived his life, it is not surprising that John D. Rockefeller donated over $500 million dollars in his entire lifetime. Even before he had established his name in the business industry, he has always been dedicated in giving support and help to his affiliations. He gave principally to educational, basic science and the arts and public health causes. He was also one of the first people who devised the conditional grant, which mandated the receiver to go for the institution in which they are most likely affected. This also one of the reasons why John D. Rockefeller donated over $500 million dollars.

He also provided help for African-American women in Atlanta by creating a funding for college. Almost $80 million was given to University of Chicago by Rockefeller. American Baptist Foreign Mission Society also benefited from a grant given by him and established the first Baptist University in Asia. In 1903, the General Education Board was founded to promote proper education and particularly, support for black schools around USA.

He indeed established his name as one of the most generous men in history as John D. Rockefeller donated over $500 million dollars.

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