How to become a millionaire by counting other people's money: Malcolm Forbes

2024 Author: Richard Flannagan | [email protected]. Last modified: 2023-12-15 23:55

Today, Forbes magazine is one of the most respected economic publications in the world. Here they know how to correctly count other people's money and tell the success stories of the richest and most influential people in the world. There was a time when Bertie Charles Forbes, the founder of the magazine, paid editorial expenses from his own journalistic fees. The son of the creator, heading the family business, managed in a short time to turn a modest publishing house into a world famous brand.

The first lessons of entrepreneurship

Bertie Forbes, the sixth of ten children of a Scottish tailor, began to dream of journalism at the age of 14. For this, he dropped out of school and got a job as a typesetter in a printing house, mistakenly believing that it was they who wrote the articles. Over time, he learned to be a stenographer, and in 1904 he arrived in the United States and managed to become one of the most successful financial journalists, and then found his own magazine in 1917.

He knew how to count money, and therefore the children of Bertie Forbes received only 10 cents for pocket expenses, and his wife invariably received a reprimand for not wanting to save. Malcolm was a good student, worthy of his father. But when the $ 1,000 bonds that Bertie gave to his son in honor of his 50th birthday lost value, Malcolm learned the very first lesson: money should work, and not lie dead. The son then dreamed of a bicycle, but his father did not allow him to sell securities.

This story determined the whole future life of Malcolm Forbes. The unfulfilled dream of a bicycle grew into a passionate love for motorcycles, and the depreciated securities made him remember: you need to learn how to spend in order to get more.

From soldier to politician

Malcolm Forbes had poor eyesight, and he might well not have joined the army. But in 1942, he ordered contact lenses for himself and went to serve, finding himself in 1944 in the heat of World War II. He returned from there with two significant awards: the Bronze Star and the Purple Heart. With his 334th regiment, he marched through France, Belgium and Holland, took part in the battles where the elite SS troops were the enemy, and was seriously wounded. After Malcolm Forbes spent 10 months in hospitals, first in Germany, then in America, and was not at all sure that doctors would be able to save his leg.

After completing his military service, the former military man decided to try his hand at politics, where he was able to achieve some success by winning local elections twice. He worked first in the Bernardsville City Council, then in the New Jersey Senate.

However, after that luck turned away from him, and Malcolm, having lost in the gubernatorial elections two times in a row, decided to direct his efforts into the family business. Bertie Forbes had died by that time, and the publication was headed by his eldest son Bruce.

But Malcolm was determined to become president of the family company, for which he bought up Forbes shares from most of his relatives and became a key shareholder. After Brother died from cancer, Malcolm Forbes became the head of Forbes.

Greatest Showman

By the time Malcolm took the presidency, no one knew about Forbes magazine. The businessman set a goal: to achieve worldwide fame. He has repeatedly said that you need to do only what you sincerely love. He loved Forbes and was engaged in it with full dedication, and he also believed that only a high-quality product has the right to life and success, and therefore sought to make the publication the best in its segment.

Back in 1945, when he first started working for the company, he introduced several innovations: he began to hire professional journalists instead of freelance writers, began to publish reports on a wide variety of industries and companies. It was these reports that made Forbes attractive to advertisers over time.

A weekly newsletter with stock market advice and business news analysis was soon published. The cost of an annual subscription to Forbes Investor was almost nine times the cost of a subscription to the magazine itself. However, it was very popular and allowed further reorganization.

Even then, Malcolm knew that his edition should be one of a kind. He did not skimp on advertising, using for her an incredible collection of Faberge Easter eggs, drawing an analogy: as Carl Faberge knew his business, so Forbes knows his. The Malcolm Stephen Forbes collection was displayed in the lobby of the Forbes headquarters to make it clear: this company is unique, it has no analogues and cannot be.

However, all the collections that Malcolm Forbes collected soon appeared in this amazing open-air museum, specially attached to the lobby. Here were a variety of letters and manuscripts associated with historical figures, a huge collection of toy boats and soldiers. Another collectible by Malcolm Forbes was unusual real estate, which was bought up around the world and was designed to add charm to Forbes.

The president of the company used every opportunity to establish useful business contacts: informal breakfasts, unusual gifts, incredible events on board the yacht, followed by the presentation of a certificate of conferring the title of honorary captain. At the same time, the ship was renewed every few years.

Malcolm Forbes never approached marketing formally, he always came up with some zest. He published a book of his aphorisms by analogy with the book of Mao Zedong, only provided it with references to more than five thousand acquaintances, relatives, and company executives who collaborated with Forbes. These people not only bought the book themselves, but also advised it to everyone around them.

Every event that Forbes has hosted has been incredible. Even Malcolm Forbes celebrated his own 70th birthday on a grand scale worthy of a true monarch. All this was not a waste of money, as it might seem. Unfortunately, just six months after the anniversary, Malcolm Forbes passed away, but his ideas and plans continue to be implemented by his son Stephen.

Each event hosted by Malcolm Forbes was intended to showcase Forbes' leading image. Malcolm Forbes fully succeeded in his idea to ensure that every successful businessman or actor believes that his appearance on the cover of this publication means the highest level of professional recognition. Today Forbes is the most authoritative and influential publication in the world of finance, and its path to success began with the publication of ratings that counted other people's money, and stories about people who managed to reach the highest levels in the world of business.

Among other things, Malcolm Stephen Forbes spent huge sums on charity, helped and supported those in need, preferring to provide targeted assistance. And he always believed: the purpose of business is not to accumulate money, but to be able to bring people happiness.

According to Forbes magazine, the list of the richest women in the world includes the owners of huge fortunes. Each of them went to the financial top in its own way: some inherited the capital, others stubbornly built their own business. Today they are ranked among the richest people in the world.