By the time of his death in 1919, when the letter was found among his personal papers, Carnegie had long since discovered what was personally meaningful to him: charity. And the size of his benefactions, totaling more than $300 million (the better part of his fortune) testified to the staunchness of his decision and to the spirit with which he had embraced the ideal expressed 30 years earlier: "The man who dies thus rich dies disgraced."

Few of the great entrepreneurs of the Industrial Revolution can claim to have had such a broad and constructive effect on society as Andrew Carnegie. His legacy includes the world-renowned concert hall, foundations devoted to teaching, international affairs and social work, and more than 2,800 libraries. In many ways, he represents the archetype of the successful entrepreneur-philanthropist. Born poor, an immigrant from Scotland, he built Carnegie Steel into a behemoth that by 1900 would supply one-quarter of the country’s total consumption. When he sold the firm the following year to J.P. Morgan’s United States Steel, it established his as one of this country’s premier fortunes.

Poor and restricted are our opportunities in this life; narrow our horizon; our best work most imperfect; but rich men should be thankful for one inestimable boon. They have it in their power during their lives to busy themselves in organizing benefactions from which the masses of their fellows will derive lasting advantage, and thus dignify their own lives." —Andrew Carnegie

Like each of us in our way, Carnegie arrived at that signal moment when he recognized his purpose no longer centered on multiplying what he had earned, but on bringing meaning to his financial success. This revelation carries with it a rush of fresh challenges that far outstrip the daily worries of managing our businesses and investments. A shift occurs in our thinking, and we wonder, as Carnegie did in his 1889 essay Wealth, whether it is possible to bequeath a fortune to our children without robbing them of motivation: "…it is not the welfare of the children, but family pride," he concluded, "which inspires these enormous legacies." We observe the damage that enormous inheritances can do, and a sense of greater responsibility—to our families, to our associates and our communities—settles upon us.