There are so many lessons from the book Titan by Ron Chernow about the Rockefellers. It’s a great book, chock full of life lessons. But here a few that I thought were interesting and related to personal finance.
Back in his day gas was a big household expense. It was used for heating, lighting, etc. So, he put his daughter in charge of the household gas usage. If the gas bill came in lower that the average, he paid her the savings.
How many of us have considering helping our kids participate in household efficiencies like that? Have we thought about how we align our kids goals with our family goals? I’ve read lots of blogs, books etc about personal finance, but this method is unique.
Another interesting lesson is that he gave to his son very generously. But simply made it a condition that his son had to keep a good record of his spending.
What I love about this is that it created some accountability and instilled a good habit without being too controlling. By that I mean that JDR didn’t ask to review and approve his sons spending. He simply asked that his son record his purchases and as we know, that has the secondary impact of making the spender more conscious of what they’re spending on.
Anyway, I just thought those were interesting.