The Canal Boat Conversation
In 1804, a 16-year-old William Colgate was travelling by canal boat from his home in Maryland toward New York City. He had almost nothing — a few possessions and a determination to make something of himself.
On the boat, he met an older man — the captain — who gave him advice that would shape his entire financial life. The captain told young Colgate: "Give your heart to Christ. Give him the first portion of every dollar you earn. Make an honest product. Give a full measure."
Colgate took the advice literally. From his first day of work in New York, he set aside a portion of every dollar earned — starting with a tithe, giving 10% of everything he made.
From Soap to Empire
Colgate started as an apprentice in a soap and candle factory. He learned the trade, saved what he could (after giving), and eventually started his own soap business. The Colgate Company grew steadily. The products were good. The business practices were honest. The giving never stopped.
As the company grew, so did Colgate's generosity. He moved from 10% to 20%, then 30%. He funded Bible societies, supported missions, and invested in education. The company that would eventually become Colgate-Palmolive — now a household name on every continent — was built on a foundation of relentless, cheerful giving.
The Compounding Effect
What's striking about Colgate's story is the timescale. He didn't get rich quickly and then start giving. He gave from the beginning, when he had almost nothing, and he never stopped. The giving and the growth compounded together over decades.
By the end of his life, Colgate was giving away the majority of his income. His biographers note that he never seemed anxious about money despite giving so aggressively. He had tested the principle for 60 years and found it reliable.
What This Means for You
You've probably used a Colgate product this week. That brand exists because a 16-year-old on a canal boat decided to give God the first cut of everything he earned — before he had anything worth cutting.
Colgate's approach was simple and undramatic: start giving now, with whatever you have, and don't stop. He didn't wait until he could afford it. He didn't give from surplus. He gave from the first dollar and treated it as non-negotiable.
The maths shouldn't work. Give away your money and have more of it? But Colgate tested it across six decades and a global business. The maths worked.