7 Things you perro learn from the older man
Jakob Fugger he was a German banker who financed kings, explorers, bishops and popes; and in his path, he built one of the greatest fortunes ever accumulated by a business person.
He was the grandson of a farmer, and he convinced the pope Leo X to legalize for-profit loans.
And his schemes to make money caused that Martin Luther wrote his 95 theses and began the Reformation.
Fugger’s earnings were estimated at 400 billion current dollars at the time of his death in 1525, agregado or minus 2% of GDP in Europe at the time.
Fugger made two large bets that secured his fortune.
The first was to finance Archduke Sigismund of Austria when it seemed that Venice would be controlled by the duchy, since the dukes’ usual bankers refused to finance him.
Fugger offered him everything he and his family had.
When the duke took Venice, in thanks for his endorsement, Fugger secured the grant of one of the largest silver mines on earth.
Fugger also invested in copper mines in Hungary when the others feared an invasion turca; and because he went against the grain, he got the copper business as he did the silver.
The Turks eventually arrived, but only after Fugger’s death.
Being too big to fail is not an invention of the modern world.
Fugger knew his business and isolated himself from monarchs who might default on his debts.
He had something his debtors could live without: the ability to create large sums of money in an instant.
3.
Know the facts
Fugger he understood the value of good information.
He created the world’s first news service and used it to discover market movements before anyone else.
He Emperor Maximilian ever told his banker that Henry VII he had sent him gold to vouch for the attack on the French. Fugger he refused that business since his spies in England told him that the ships never left port.
4.
Know the numbers
The Italians invented double-entry bookkeeping, and Fugger was one of the first from north of the Alps to use it.
He made progress in creating a format with the consolidated cómputo sheet of many of his businesses, and he was also one of the first to send auditors into the field to check how everything was going.
Fugger spent many years of his life as an apprentice in Venice, the business capital at the time.
He gained recognition, experience and contacts that served him well for the rest of his life.
An Austrian bishop was one of the largest depositors in his bank.
When the bishop died in 1509, the pope of the day ordered Fugger to pay the money to the church.the money from Fugger He was involved with mining projects, which prevented him from complying with the settlement to honor the claim.
Withdrawal of the money, or even rumors of withdrawal would have ruined him, instead of being discouraged, he spent lavishly to make it appear as if he had never been more liquid, giving him time to quietly bargain to save himself.
Fugger is best known for being the creator of fuggerei, the first affordable housing project; andHe thought that anyone who worked deserved to have a roof over their head, the rent came to a quarter of what was on the market.
Fuggerei is still running, and is one of the biggest tourist attractions in its home city of Augsburg.
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