Sometimes in life, we make the greatest forward progress by going backward. —Jack Bogle
He was born in 1929, during the great depression. His family had lost a lot of their wealth at that time. His father lost his job, and he began to drink. His parent divorced when he was a young boy. He started working at age 10, he delivered paper, and he became a waiter just to support his family. Money was scarce for the family, but he was fortunate to get a scholarship to study in Princeton. He had to work while in college, so he started serving food to wealthier kids in order to earn money for his upkeep.
Upon graduation from Princeton in 1951, he began his career on Wall Street with Wellington Fund, a wealth management company. He had a fragile heart, and in 1969 at age 31 He had his first heart attack. He later had five other heart attacks, and he received a heart transplant heart in 1996.
He rose through the ranks at Wellington Fund and became the chairman in 1970, but a mistake on his job with some stock selection led to his dismissal at work. So at age 44, with six children to feed, he was out of job, and also sick because his heart condition was getting worse, sending him to frequent hospital trips. A doctor also told him that he only had a few years left.
Jack Bogle never let his heart condition, or his job loss stopped him. He rebounded, and he founded The Vanguard group in 1975, and in 1976, he created the first retail index fund. He was an outspoken, outstanding, and staunch advocate for the little-guy investor. He led the revolution that took on Wall Street firms and the high fees that they charge investors. He was a champion of super-efficient, low-cost and value-driven investing. He was on the side of the masses, and he dedicated his life to making money for the small investor.
Jack Bogle was an epitome of integrity, through him, millions of people have been able to save billions of dollars every year by buying low-cost mutual funds. He worked hard to return money to investors by bucking the trends of high fee charging wealth management companies on Wall Street.
Here are some lessons from the life of Jack Bogle:
1. Learn from failure
2. Don’t be fazed by skeptics
3. When you are alive, there I still hope
4. Stay the course
5. Humility is a virtue