The Way to Wealth

Our family just got done watching a PBS DVD series (checked out free from the library) on Benjamin Franklin. It was very, very interesting (and entertaining!) I'll be looking for more DVDs like this one in the future. But I digress.

One piece of information that was new to me was that Franklin wrote a piece called The Way to Wealth. where he dispenses some GREAT financial information -- most of which is still good advice for today. This article does a good job of summarizing Franklin's thoughts in The Way to Wealth and I thought I'd highlight a few of my favorites from it:

Early to bed, and early to rise, makes a man healthy, wealthy and wise.

One of the most familiar quotes ever from Franklin:

God helps them that help themselves.

So common that many people think this is actually a quote from the Bible.
 
A few more I liked but won't comment on:

• Sloth, like rust, consumes faster than labor wears, while the used key is always bright
• Dost thou love life, then do not squander time, for that’s the stuff life is made of
• At the working man’s house hunger looks in, but dares not enter

And here's a part I REALLY liked:

If you would be wealthy, says he, in another almanac, think of saving as well as of getting: the Indies have not made Spain rich, because her outgoes are greater than her incomes. Away then with your expensive follies, and you will not have so much cause to complain of hard times, heavy taxes, and chargeable families; for, as Poor Dick says, "Women and wine, game and deceit, make the wealth small, and the wants great."

Kind of like what I said, huh? ;-)

Anyway, I was very impressed that someone who lived so long ago had such financial wisdom that it was valid information today. If you have the chance, take some time to read The Way to Wealth. Or, just keep reading Free Money Finance -- we cover the same topics. ;-)

Comments

[Paul Williams @ Crackerjack Greenback]

FMF, I really like Franklin's "The Way to Wealth" too. I've been posting an excerpt and short discussion on my favorite parts every Thursday on my blog. He also gave us a great example of compound interest. Ever hear about the trusts for Philadelphia and Boston?

[Jeffrey]

The Way to Wealth is on the podcast Wealth Wisdom from LearnOutLoud.com available on iTunes free. (Can't beat that for frugal.) By the way, he wrote Advice to a Young Tradesman in 1748 which contains other remarkable statements such as "Time is money" and "Credit is money". This article is sometimes included in editions of his Autobiography.

[Dave]

To quote from the "Way to Wealth:"

Thus the old gentleman ended his harangue. The people heard it, and approved the doctrine, and immediately practiced the contrary, just as if it had been a common sermon; for the vendue opened, and they began to buy extravagantly, notwithstanding all his cautions, and their own fear of taxes.

I see nothing has changed in dang near 300 years!