It’s Friday, the first Friday after Black Friday, no less. With the end of the week upon us, allow me the luxury of getting a bit off topic. I’m going to go over some advice offered by Benjamin Franklin, one of the wisest men from the time of the founding of the United States of America. It’s amazing how, more than two centuries after he wrote Poor Richard’s Alamanack, so much of Franklin’s advice is still relevant (if phrased a bit archaically). What’s more amazing is how few people seem to follow his commonsense suggestions, even those who have heard these sayings before. We’ll start with what is probably his most famous maxim:
“A penny saved is a penny earned.”
The virtue of saving summed up in a mere seven words, Franklin pretty much says it all. One of the fastest, easiest, and safest ways to increase the amount of money you have available is simply spend less, at least less than you take in. Get a good handle on that, and the rest of this personal finance thing falls into place.
The Elder Statesman Himself
“Who is rich? He that rejoices in his Portion.”
Another one that still makes sense, it’s important to remember to be happy with what we have. We can strive to improve our lives, of course, but being upset that others have more does nothing to improve our lives. Plus, as Franklin was well aware, nobody is ever satisfied with their lot in life.
“The poor have little, Beggars none;
The rich too much, Enough not one.”
It’s a sad commentary on human psychology, but we are wired to never be satisfied with what we have in life. We look at what other people have, we feel we don’t have enough, and we continue to strive to get more. When we do get what we desire though, we find out that having money comes with its own set of problems. Amazing the way things work themselves out.
“Work as if you were to live a hundred years,
Pray as if you were to die tomorrow.”
Franklin had a way with words; being prepared for any eventuality, whether you’ll live to a ripe old age (and need to survive off your savings and investments) or meet an unfortunate end (and leave your survivors to make a living without you), you need to be prepared. Hard work and prayer will help to cover your bases, as will saving for retirement and getting insurance (since some things have changed since Franklin’s time).
“He that would Fish, must venture his bait.”
A somewhat longer, more old timey way of saying ‘Nothing Ventured, Nothing Gained’. If you’re hoping to get something (say, a fish), you’ll have to risk something of yours for the opportunity (say, a worm). The same with investing: you can’t make a profit without the potential of losing your investment. It’s just the way of the world.
Now to end on a much happier note…
“Beer is living proof that God loves us and wants us to be happy.”
This one is only attributed to Franklin, but it is one of the best quotations I’ve ever heard. Remember the simple pleasures in life, and be sure to enjoy the drinks!
(The Benjamin Franklin quotations and picture taken from The Electric Benjamin Franklin)
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