Episode 017- The King of Chocolate, Milton Hershey

SHOW NOTES

Episode 017- The King of Chocolate, Milton Hershey

 

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WELCOME

  • Welcome to the NaRagsToRICHES Show! Inspiring you to start writing your own rags to riches story, do work you love and make more money!
  • This is Jayson Narag, your host, broadcasting from the NaRagstoRiches Studios.
  • Thank you so much for hanging out today! I’m glad you’re listening. Thanks so much for supporting the NaRagstoRiches Show by listening.
  • I love telling these rags to riches stories because they motivate me so much to go do something. This show is for entrepreneurs and those who want to go out on their own in business.
  • I hope you’re allowing these rags to riches stories to inspire and motivate you. These stories are about people who’ve made it in different industries.
  • I want to make sure I keep you in the loop on what I’m doing.
  • I’m going to have Session 1 and 2 of the Jayson Narag Debt-Free Coaching Series ready this week, so I’ll be able to start offering the audio of the coaching sessions for people who want to get out of debt, but don’t want to do the one-on-one coaching sessions because of the time commitments or the monetary commitments. I can assure you that each of these coaching products I offer will be worth it to you especially if there are improvements to your financial situation to be made. You’ll never know unless you invest in yourself and invest in some of these debt-free coaching products.
  • Because of that, I’m going to jump right into the rags to riches story today and cut out a lot of what I normally do on the NaRagstoRiches Show.
  • If you’re already missing the other parts of the show like the success quote, the book recommendation, the rich habit and poor habit, I’m sorry. If you don’t really miss those, cool!
  • The rags to riches story today is about a man that made his fortune in making chocolate, Milton Hershey of the Hershey Chocolate Company.
  • He has an interesting story and I wanted to talk about it because I love me some chocolate. I was going to have a chocolate tasting on the show today and let you all know what the best chocolate in the world is at this time (at least in my opinion), but for the sake of time, we won’t do that today. Look forward to that on a future show.
  • I’m also going to be installing a new segment of the show called “Ask Jayson.” My plan for this is to eventually spin it off into a new podcast specifically for my coaching clients who have financial questions that I know I will need to answer over and over again. That way I could just direct clients and prospective clients to different episodes where I answer those questions in detail.
  • For now though, “Ask Jayson” will be a segment of the NaRagstoRiches Show and is not limited to financial questions.
  • If you have a question that you’d like me to answer on the show, go to the NaRagstoRiches Show page on Facebook and post a question there.
  • If you enjoy the NaRagstoRiches Show, please take advantage of a free audiobook from our sponsor, Audible at naragstoriches.com/audible. It helps support the show when you sign up for a free 30-day membership. You get a free audiobook out of the deal. Audible then turns around and supports the show with real money, so please help me out and go do that. I would appreciate it very much my friends!

 

CALLS TO ACTION

  • Please sign up for the NaRagstoRiches Newsletter by filling out the form on naragstoriches.com. This newsletter will be of value to you. I will be giving my best tips to support you on your journey to be debt-free, increase your income and start your own rags to riches story.
  • Please complete a review of the NaRagstoRiches Show on iTunes or any of the podcast platforms you listen on. Your reviews will help me to know what I’m doing that you like and to continue improving as a podcaster.
  • Shoutout to David Burns for completing a review of the NaRagstoRiches Show on iTunes. Thank you for a good review! That definitely helps.
  • The first step in becoming wealthy is knowing how to handle money.
  • If you’re deep in debt and you want to eliminate debt the fastest, smartest way, without paying thousands to a debt settlement company or to a bankruptcy lawyer, email me at jndebtfreecoach@gmail.com to see which of my coaching products may be the right fit for you.

 

ASK JAYSON

  • A potential client asked me the other day, Do you just help people get out of debt or do you help people set up a plan to gain financial freedom for their future?
  • In communicating with him and asking questions, I was able to get a clear picture of his financial situation and he was already in good shape, so I told him I don’t suggest debt-free coaching, but that he needed to set up a meeting with a financial advisor to look at his investing options because he was ready to invest in retirement. That’s very rare.
  • I made a few suggestions and some adjustments to improve and increase his cash flow, but he didn’t need coaching.
  • A financial check-up doesn’t hurt at all. It’s rare that someone is debt-free and has a substantial amount to begin investing in retirement.

 

SUCCESS QUOTE

No success quote today.

 

RAGS TO RICHES STORY

The person whose rags to riches story we’re talking about today is… Milton Hershey

(Quick facts)

  • His net worth was about $10 billion.
  • He didn’t have any children, so he gave his money away later.
  • The US Post Office honored him with a picture of him on the $0.32 stamp. You know you’ve made it when the post office puts you on a stamp.

Facts about Milton Hershey

Early childhood

  • Born on September 13, 1857 in Derry Township, PA.
  • He was part of a conservative family.
  • His family had a farm and was expected to help out, so he learned early the value of hard work. That’s how a lot of kids are who grow up on a farm. There are a lot of tasks and the kids are given a lot of those tasks because if they don’t, then the things don’t get done.
  • His father was away from the family a lot throughout young Milton’s childhood.
  • Hershey only got a 4th grade education.

Work Life and Business

  • He entered the workforce as an apprentice to a local printer who published a German-English newspaper. He dropped his hat in one of the machines and got fired for it.
  • Hershey’s dad convinced the boss to give him another chance, which he agreed to, but instead, he decided to go into making candy instead with the advice of his mom and aunt. This is when he went into the confectionary business working as an apprentice to Joseph Royer in Lancaster, PA. This is where he started to learn the candy trade.
  • In 1876, he moved to the “city of brotherly love,” Philadelphia to start his first confectionary business which you would think he succeeded in right away, but that was not the case.
  • He failed and then traveled to different cities in the United States looking for jobs in the candy industry, which he was starting to develop a passion for. He traveled to Denver, New Orleans and Chicago before settling in New York City in 1883 at Huyler’s.
  • He started his second confectionary business, which had some success early, but only lasted three years. This was another failure for him.
  • So, we see he had some failures in business, but he didn’t let those stop him. Remember, you only need one thing, one business to find success in and that’s really what you’re going to be known for. If the story ended with Hershey failing in these two businesses, I wouldn’t be talking about him right now, but he did find success.
  • Through his failures, he came away with one thing. He learned that fresh milk makes some good candy.
  • His story continues with him moving back to Lancaster, PA in 1883 penniless, where he started Lancaster Caramel Company with money he borrowed from a bank.
  • He got a huge order from an Englishman and was able to pay off the bank loan with the cash flow, bought more ingredients and equipment. He was almost 40 years old when he found success with this business.
  • In less than 10 years of operating successfully, he employed over 1300 people in 2 factories.
  • After going to the World’s Columbian Expo in Chicago, it sparked an interest in chocolate. This was the beginning of his chocolate empire.
  • He made a calculated risk in deciding to sell the Lancaster Caramel Company to start the Hershey Chocolate Company.
  • He found lots of success with this chocolate business.
  • He was producing so much chocolate that he made the price affordable enough for the average American instead of just for the rich.

Hershey, Pennsylvania: The Model Community

  • He believed that workers who were treated fairly and were in comfortable environments would be better workers, so he made a model community complete with housing, schools, churches, parks and a trolley transportation system.

Serving His Country by Providing Chocolate

  • One thing I find very interesting about Milton Hershey and his business is that he served his country through making chocolate.
  • During World War 2, he was tasked with making 1-2oz chocolate bars for the military that could withstand temperatures of over 90 degrees and not melt.
  • Check this out. So the United States military made it a stipulation that these candy bars had to be nasty enough (those are my own words) “nasty enough” for the troops not to develop cravings for them. They were called ration D bars. What I call “nasty chocolate bars.”
  • That says a lot right there. That means we can get addicted to chocolate especially when they taste so good.
  • Have you had a hershey chocolate bar lately? I can guarantee I’ve never had the craving for a hershey chocolate bar. I’ve eaten them just because there was one in front of me, but I’ve never said, My goodness, that’s some good chocolate right there. I can tell you which chocolate bars I say that about though. I won’t take the time to do that right now though.
  • Back to Milton Hershey. He did such a good job with the Ration D Bars that he was later tasked with making the Tropical Chocolate Bars. They were not tropical flavor chocolate, they were better tasting chocolate that needed to be durable like the Ration D Bars to withstand tropical weather environments.
  • Milton Hershey was awarded the Army Navy E Production awards for exceeding production expectations for quality and quantity.
  • He even allowed his machine shop to be used to make some parts for tanks and machines during the war.
  • I think it’s pretty cool that Milton Hershey got to serve his country not by fighting in the war, but by supplying the troops with chocolate. War is really a team effort.
  • Look, someone had to do the supplying of chocolate to our nation’s fighting heroes, seriously. It gave them a bit of enjoyment as they fought for our freedoms and to preserve our freedoms that so many of us take for granted today.
  • By the end of the war, Hershey’s factories were producing 24 millions chocolate bars per week. That’s a whole lot of chocolate.

Philanthropy

  • Hershey did not have any children to pass on the fortune to, so he turned to philanthropy, which is basically giving a large amount of money away.
  • He established the Hershey Industrial School later renamed the Milton Hershey School for orphans.
  • He established the Milton Hershey School Trust Fund which has 100% control of Hershey Entertainment and Resorts Company, which owns Hotel Hershey and Hersheypark.
  • He established MS Hershey Foundation, which supplies funding for Hershey Museum, Hershey Gardens, Hershey Theatre.
  • The Milton Hershey School Trust provide a gift of $50 million to establish the Penn State Hershey Medical Center.

Other Interesting Pieces of Info

  • He and his wife were supposed to be on the Titanic, but canceled at the last minute because he had some business to attend to. His business literally saved his life.
  • He believed wealth should be used for the benefit of others and that’s exactly what he used it for through his philanthropic efforts. He said, “One is only happy in proportion as he makes others feel happy.”

 

RICH HABIT POOR HABIT

No Rich/Poor habits today

Based on 350 interviews of rich and poor people by Tom Corley.

Rich habit for today is: No Rich/Poor habits today

Poor habit for today is: No Rich/Poor habits today

 

BOOK RECOMMENDATION

  • No book recommendation today.

 

CALLS TO ACTION

  • Please sign up for the NaRagstoRiches Newsletter by filling out the form on naragstoriches.com. This newsletter will be of value to you. I will be giving my best tips to support you on your journey to be debt-free, increase your income and start your own rags to riches story.
  • Please complete a review of the NaRagstoRiches Show on iTunes or any of the podcast platforms. Your reviews will help me to know what I’m doing that you like and to continue improving as a podcaster.
  • If you’re deep in debt, you want to get out of debt and not pay thousands to a debt settlement company or to a lawyer in bankruptcy, email me at jndebtfreecoach@gmail.com to see if debt free coaching is the right option for your.

 

CLOSING

  • The first step in becoming wealthy is knowing how to handle money. Get in touch with me to do a financial check-up to see if there are actions I can suggest that could  improve your financial situation. You could find me on Facebook or email me at jndebtfreecoach@gmail.com.
  • That’s our show for today. Thanks again for hanging out with me! I hope you were inspired by something that was said in the show today. Take that bit of inspiration and write another sentence of your rags to riches story.
  • Let’s improve our lives and the lives of others! I’m Jayson Narag, your host! Thank you for listening.

 

 

https://en.wikipedia.org/wiki/Milton_S._Hershey

http://www.biography.com/people/milton-hershey-9337133

https://www.thehersheycompany.com/en_us/this-is-hershey/milton-hershey.html

http://www.mhskids.org/about/school-history/milton-s-hershey/

http://www.ducksters.com/biography/entrepreneurs/milton_hershey.php

https://hersheystory.org/milton-hershey-history/

http://www.hersheypa.com/about-hershey/milton-hershey.php

http://www.hersheyarchives.org/essay/details.aspx?EssayId=12

http://hersheyhistory.org/library-archives/hershey/54-milton-snavely-hershey

http://www.his.com/~pshapiro/milton.hershey.html

 

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