Question

According to andrew carnegie, what should somebody do once she is wealthy

Answer 1

When someone is wealthy they should invest there money into a business so they don't have to worry about going broke and put some in the bank

Answer 2

Andrew Carnegie was both a philanthropist and a Scottish-American industrialist. Throughout the late 19th century, Carnegie led the development of the American steel industry, becoming one of the wealthiest Americans throughout history. In the United States and the British Empire he was a significant philanthropist.

When Andrew Carnegie retired in 1901 at the age of 66, as the richest man in the world, he was interested in becoming a philanthropist who gives money for good reasons. He believed in the "Gospel of wealth," suggesting that rich people needed to give their money back to those in society.

In Carnegie's opinion, it is a moral obligation of a rich man to live modestly, to provide his dependents with modesty and to distribute all excess wealth in the way that contributes to the good of the society.

Before 1901, Carnegie had made other charitable donations but his donation became his new occupation after that time. He founded the Carnegie Institution in 1902 to support scientific research and a $10 million teachers ' pension fund

Explanation:

Carnegie discusses three methods by which surplus wealth can be disposed of

1. The first mode was what Carneige rejected most, which implies the individual's families were permitted to have money. In reality, Carnegie claims that this huge legacy is influenced not just by the well-being of children but by family style, which Carnegie believes inspires these enormous legacies
2. Second mode for Carnegie is for someone to leave riches on his death for public purposes. While these gifts will not help the society, Carnegie asserts that  so as to be of real benefits, the donation need the exercise of no less ability than that which acquired the wealth
3. The third, and favoured by Carnegie, choice is the "ideal society" in which the wealthy expend their surplus wealth over their lives for the public good. He advises that money not be allocated in small quantities as this leads to inefficiencies and waste but suggests that a larger initiative such as a research institution or library should be funded, which could have more impact. Essentially, he says the greater advantage is the use of the wealthy person's expertise and willingness to spend years handling such vast amounts in the lifetime of the donor. According to Carnegie, it is the moral obligation of a rich man to live modestly, to support his dependents reasonably, and to distribute all surplus wealth so that the societies achieve the most beneficial results.