(2 minute read)
It is documented that when J.P. Morgan – founder of one of the most powerful banking houses in the world – called a meeting of New York’s financial leaders after the famous stock market crash of 1907, there was only one woman in the room, Hetty Green.
She was a necessary invitation to this important meeting because Hetty Green had already demonstrated her business acumen (many might say ‘shrewdness’) in being able to turn her comfortable inheritance into a fortune through her strict rules of doing business and investing.
In a financial world dominated by male characters, Hetty Green earned the nickname, “The Witch of Wall Street,” and helped develop a playbook for building lasting wealth and independence.
Despite the century that has lapsed since her direct influence on some of the largest businesses, organisations and financial institutions in the world, the principles and practises she lived – and invested – by, have been recorded and passed down as a playbook for those who seek to build their own fortunes.
A Selection of Hetty’s Maxims for Life and Investing.
- If you can manage your brain, you can manage your fortune.
- The skills to get rich and the skills to stay rich are not the same.
- Before deciding on an investment, seek out all information available.
- Only invest when the downside risk is low and upside is high.
- Have a Detective’s eye. Uncover what others miss or ignore.
- Never take advantage of people, even when you could.
- Live by your own rules, not society’s expectations.
- Seek elegance rather than luxury, refinement rather than fashion.
- Be fair in all things, Your conscience will haunt you otherwise.
- Self-reliance is the ultimate competitive advantage.
While there were those who didn’t agree with her simple ways and notable frugal nature, Hetty amassed a fortune which supported numerous businesses, churches, and even the city of New York.
Quite the pioneer!