Mindset Mastery 95 – Collecting Keys

When we last left J.P. Morgan and Charles Schwab, the early day was dawning over a night filled with figures and calculations. By the end of it all, Morgan was convinced—if, that was, the one key to it all could be collected.

Dawn Of A New Enterprise

“When dawn came, Morgan rose and straightened his back. Only one question remained.

“‘Do you think you can persuade Andrew Carnegie to sell?’ he asked.

“‘I can try,’ said Schwab.

“‘If you can get him to sell, I will undertake the matter,’ said Morgan.

The Future On A Hinge

“So far so good. But would Carnegie sell? How much would he demand? (Schwab thought about $320,000,000). What would he take payment in? Common or preferred stocks? Bonds? Cash? Nobody could raise a third of a billion dollars in cash.

“There was a golf game in January on the frost-cracking heath of the St. Andrews links in Westchester, with Andrew bundled up in sweaters against the cold, and Charlie talking volubly, as usual, to keep his spirits up. But no word of business was mentioned until the pair sat down in the cozy warmth of the Carnegie cottage hard by. Then, with the same persuasiveness that had hypnotized eighty millionaires at the University Club, Schwab poured out the glittering promises of retirement in comfort, of untold millions to satisfy the old man’s social caprices. Carnegie capitulated, wrote a figure on a slip of paper, handed it to Schwab and said, ‘all right, that’s what we’ll sell for.’

Putting A Price Tag On The Future

“The figure was approximately $400,000,000, and was reached by taking the $320,000,000 mentioned by Schwab as a basic figure, and adding to it $80,000,000 to represent the increased capital value over the previous two years.

“Later, on the deck of a trans-Atlantic liner, the Scotsman said ruefully to Morgan, ‘I wish I had asked you for $100,000,000 more.’

“‘If you had asked for it, you’d have gotten it,’ Morgan told him cheerfully.

Knowing The Worth Of Your Ideas

Morgan would have gotten it because Schwab knew the worth of his plan, and believed in it whole-heartedly. He coupled his mindset, his faith, and his desire, to create one of the biggest enterprises of the day. It was an unparalleled venture, and one that only ever came to fruition because Schwab had the soundness of planning backed by the desire and faith to see it through.

Sean Rasmussen
Success Communicator
SeanRasmussen.com © 2004 – 2009

About Sean Rasmussen

Sean Rasmussen is a passionate blogger and has been a full time internet marketer since 2005. When he's not with his family, or dog Buddy, Sean is usually blogging or doing something related to the internet.


  1. I have heard this story before….but have forgotten the message behind the meaning. Thanks….its a good one that does need to be remembered..never under estatimate what you are worth:)

  2. When is enough enough? I wonder why Carnegie was rueful in his wishing to ask $100,000,000 more for his company than the $400,000,000 he already had? What the hell was he wanting to spend it on anyway? Even today those figures are beyond the reach of so many people. Quite frankly, I can’t relate to people who gather money for the sake of having the biggeret net worth. I am happy with enough to live on and enough to spend on my family and friends. When I get enough I’ll be like Sean and using my time and funds to help others who are more in need than I am.

    • One possible answer: The more you have the more you can give. As long as it is earned fairlly

      Second possible answer: When both sides think that is a fair deal. Apparently Morgan would have willingly paid even more, as the deal was that good. So – always know your worth and ask for it 🙂
      .-= Renee´s last blog ..Motivational Music =-.

    • Another possible answer – he didn’t want to sell the business at all or thought the amount was too easily obtained and given and he was realizing he was worth more.
      .-= Sarah Butland´s last blog ..You Are the Reason I Know It Will Happen =-.

    • I am with you Ray I want enough to live the rest of my life in comfort paying all the expenses and be able to help some Aussie kids achieve their full potential and do it without having to rely on a government pension. I don’t need mega millions just enough for the rest of my life.

  3. Jazz Salinger says:

    Hi Sean,

    Charles Schwab was clearly very well informed and knew exactly how much the venture was worth. Obviously working for Andrew Carnegie had served Schwab well.

    Schwab had a definite of purpose and he had a burning desire to see it fulfilled. He believed passionately that he would see his dream become a reality. Schwab created detailed plans and didn’t deviate from them. He was persistent.

    Charles Schwab and his vision clearly show how Napoleon Hill’s principles of success are meant to work.

  4. Its interesting to read Schwab’s story and to imagine how much time, effort and energy he did invest to see his thought, his idea turn into physical reality.
    He knew what JP Morgan and the other millionaires wanted. He knew what Carnegie wanted and needed to agree. He know the technical side of the business as well as the figures. I WAS his dream.

    I am sure it was a lot of hours, but I am also sure that Schwab wouldn’t call it “work” in the sense most of us these days think about work – hours that you have to sacrifice without enjoying them, to exchange them for money so you can get by.

    I want to live my life like Schwab did – full on, taking action 24/7 – but doing so while fulfilling my biggest dreams!
    .-= Renee´s last blog ..Motivational Music =-.

  5. Those dollar figures – in the hundreds of millions – are not what most of us would even entertain as possibilities. But it shows, that amounts like that exist and are floating around every day. And that was how many decades ago???
    .-= Lina Nguyen´s last blog ..Richard Branson Business School: A day visit =-.

  6. This rings true to me as an author (I know, I keep bringing that up but that’s who I am, what I live and all I know 🙂 ). When deciding price point for my books I belittle myself, figuring no one would ever pay the amount needed for me to even make a dime ($0.10) from a sale. But people are buying my books and enjoying them and I’m no longer feeling like I’m ripping people off because the love it. With each compliment on the book, a story, a post on a site I realize I’ve been underestimating my worth and should be asking for a million more (figuratively, of course :P)
    .-= Sarah Butland´s last blog ..You Are the Reason I Know It Will Happen =-.

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