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Benjamin Franklin said a penny saved is a penny earned, and it’s a good motto to live by! But there are exceptions to that rule, especially in tough situations! Everyone knows the big billionaire names like Jeff Bezos, Mark Zuckerberg, and Bill Gates. But what about J. Paul Getty?
Getty was the richest man on Earth back in the 1960s. With about $1.2 billion then, that’d be like having almost $10 billion today! But the oil tycoon wasn’t only famous for his wealth but also for his extreme penny-pinching. And the incident that sealed his position as a legendary miser was a dark one. That was the kidnapping of his 16-year-old grandson, John Paul Getty III, in 1973…
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$17 million for my grandchild’s safe return? 0:46
…Nah, thanks 1:44
How the teen was finally released 2:43
The 72-room mansion for half the price 4:24
Laundry is way too expensive 5:29
A pay-phone for guests. Why not? 6:36
Why was he so miserly? 7:03
#beingrich #wealth #success
Preview photo credit:
This is an Oct. 1966 photo of oil baron J. Paul Getty: By Associated Press/East News, https://www.eastnews.ru/pictures/picture/id/7370247/i/0/t/0
Billionaire J. Paul Getty exchanges smiles with Tricia Nixon Cox, former President Richard Nixon’s daughter, in London on Dec. 15, 1972. The occasion was a party marking Getty’s 80th birthday: By Associated Press/East News, https://www.eastnews.ru/pictures/picture/id/8477922/i/0/t/0
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– On one fateful day, the boy was out buying a comic book at a newsstand. It was then when the kidnappers grabbed him. They issued a ransom note demanding $17 million for the young man’s safe return.
– When the boy’s father asked his own father for the money, he was refused. The miserly grandfather thought it was just a ploy to extract money from him.
– Well, all doubts of the kidnapping being a hoax were laid to rest when the kidnappers started making very real threats to bring harm to the young man.
– After five months, the old man finally relented but only after he’d negotiated with the abductors and brought the ransom down to $3 million.
– He later told the media that he didn’t believe in paying kidnappers. “I have 14 other grandchildren, and if I pay one penny now, then I’ll have 14 kidnapped grandchildren,” is the way he put it.
– He managed to buy the 72-room mansion for about half the price that the owner had paid 40 years earlier when he purchased it.
– His secretary claimed that Getty would wash his clothes by hand because he didn’t want to pay for them to be laundered.
– And on those rare occasions that he did get himself some clothes, he was miserly about that too. For example, he never bought a pair of socks that cost more than $1.
– To save money on central heating, he placed a few electrical heaters in his sitting room.
– Getty decided to install a pay-phone in his home for his guests. That’s right, to make a call, they had to pay!
– Getty claimed that his frugality towards others was a response to people trying to take advantage of him and not paying their fair share.
– Despite all his wealth and fame, J. Paul Getty lived a solitary life. He was married and divorced five times. And despite having five sons and many grandchildren, he almost always lived alone.
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