When asked once what makes him the most happy in life, Schwab replied, “A lot of things. But they're probably no different from when I had no money. It’s my business pursuits and my personal life, a good relationship with my wife and kids and grandkids.”
Schwab’s interests might be no different from anyone else, but the success he has achieved sets him apart. How was this boy who used his golf swing to get into college, able to create one of the world’s largest discount brokerage firms?
Failure: Schwab was not afraid to use failure as a means to success. By ensuring that his company’s failures were noble and not in vain, he was able to pick himself up every time past, Schwab knew that he would land on his feet.
Service: “My goal is, frankly, to make sure our clients have every confidence to recommend Schwab to their friends and relatives if they are thinking about a place to do their saving and investing,” says Schwab. “I am the customer.” Where customer satisfaction and long-term gains were at hand, Schwab was willing to risk short term profits. He knew that nothing mattered more than making sure each and every customer walked away happy, and would return again.
Advantage: In the same way Schwab struggled to gain control over his dyslexia, so too did he want to achieve independence when it came to his company. He did not want to have to rely on others to succeed. And so, when it came to gaining competitive advantage, Schwab knew he had to take charge. He took control of all his own back end technology and thereby took fate into his own hands.
Fast: From day one, Schwab wanted to build a fast company – one that could respond to the changing market without any hesitation or bureaucratic holdup. That is why he created his set of nine guiding principles. By sticking to those rules, and encouraging his management team to do the same, Schwab ensured that the company could remain focused and charging ahead at full-speed.
Determination: “The nasty little secret was that I couldn't read worth a darn,” says Schwab. “In my case, I still read very slowly to this moment.” Schwab is not the first person to ever have dyslexia, but he is one of the first billionaires to have conquered it, a fact made possible by the relentless determination and will of the man himself. From learning to deal with dyslexia to overcoming limited resources and industry-wide criticism, Schwab shocked the investment world by becoming a success.
Today, the Charles Schwab Corporation has become a full-fledged brokerage service, with over 300 offices across the U.S, and more than 12,000 employees. Beyond discount brokerage, the company offers private banking, bond trading, mutual funds, mortgages, annuities and more.
“I like to think in terms of giving people an understanding of why they should have the same passion as I do – why their life has purpose working here and why they should believe as much as I believe. I want them to seek a higher level of satisfaction above just making a salary,” says Schwab. “I feel good every day about helping people invest; helping them achieve financial independence. It’s about the American dream.”
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