He had given up everything for the success of the family and now every other family would be required to do the likewise. From this point on, "The Fuggers" as a family financial dynasty became a lifetime mission for Jacob the second and everything was subordinated around it. .
Jacob The Rich did in fact receive help from the family. Jacob's two older brothers were also sacrificing their aspirations in life to help the family business succeed. The two brothers were Ulrich and Georg. Ulrich and Georg were very talented in their ways but Jacob was absolutely brilliant. From 1478 until 1510 when Ulrich died, Jacob gradually evolved into the leadership position of the family. The elders may have set the path for Jacob and the family to follow, but it was Jacob that fulfilled the promise of the dynasty and he ruled with absolute domination. However, Jacob did fail in one key aspect of his business life. He had no children. All of his key subordinates were his nephews or carefully selected professionals. Mathias Schwarts was hired as Jacob's accountant. Later, Mathias wrote that when he was interviewed by Jacob, he felt as though he knew almost nothing compared to the knowledge about accounting that Jacob .
McDonald 3.
possessed. .
Jacob's philosophy of what makes a successful capitalist can be summed up with five key rules.
1. Work Hard every day.
2. Keep accurate records.
3. See things in whole with detail.
4. Weigh the possibilities and risks.
5. Secure information and "News". The Fuggers; were aggressive in providing secured loans to Charles V. When Charles could not repay, the Fuggers received in return exclusive rights to mines in Spain. These rights lasted for many years and made tremendous profits for Jacob and the family business. Controlling natural resources became very attractive for Jacob. He made it a point to expand the reach of the business towards natural resources. Hungary has many large mines that Jacob had interest in.
