The Complete Works in Philosophy, Politics and Morals of the late Dr. Benjamin Franklin, Vol. 3 [of 3]

Necessary Hints to those that would be Rich.

Written Anno 1736.

The use of money is all the advantage there is in having money.

For six pounds a year you may have the use of one hundred pounds, provided you are a man of known prudence and honesty.

He, that spends a groat a day idly, spends idly above six pounds a year, which is the price for the use of one hundred pounds.

He, that wastes idly a groat's worth of his time per day, one day with another, wastes the privilege of using one hundred pounds each day.

He, that idly loses five shillings worth of time, loses five shillings, and might as prudently throw five shillings into the sea.

He, that loses five shillings, not only loses that sum, but all the advantage that might be made by turning it in dealing, which, by the time that a young man becomes old, will amount to a considerable sum of money.

Again: he, that sells upon credit, asks a price for what he sells equivalent to the principal and interest of his money for the time he is to be kept out of it; therefore, he, that buys upon credit, pays interest for what he buys, and he, that pays ready money, might let that money out to use: so that he, that possesses any thing he has bought, pays interest for the use of it.

Yet, in buying goods, it is best to pay ready money, because he, that sells upon credit, expects to lose five per cent by bad debts; therefore he charges, on all he sells upon credit, an advance, that shall make up that deficiency.

Those, who pay for what they buy upon credit, pay their share of this advance.

He, that pays ready money, escapes, or may escape, that charge.

The way to make Money Plenty in every Man's Pocket.[177]

At this time, when the general complaint is, that "money is scarce," it will be an act of kindness to inform the moneyless how they may reinforce their pockets. I will acquaint them with the true secret of money-catching, the certain way to fill empty purses, and how to keep them always full. Two simple rules, well observed, will do the business.

First, let honesty and industry be thy constant companions; and

Secondly, spend one penny less than thy clear gains.

Then shall thy hide-bound pocket soon begin to thrive, and will never again cry with the empty belly-ach: neither will creditors insult thee, nor want oppress, nor hunger bite, nor nakedness freeze thee. The whole hemisphere will shine brighter, and pleasure spring up in every corner of thy heart. Now, therefore, embrace these rules and be happy. Banish the bleak winds of sorrow from thy mind, and live independent. Then shalt thou be a man, and not hide thy face at the approach of the rich, nor suffer the pain of feeling little when the sons of fortune walk at thy right hand: for independency, whether with little or much, is good fortune, and placeth thee on even ground with the proudest of the golden fleece. Oh, then, be wise, and let industry walk with thee in the morning, and attend thee until thou reachest the evening hour for rest. Let honesty be as the breath of thy soul, and never forget to have a penny when all thy expences are enumerated and paid: then shalt thou reach the point of happiness, and independence shall be thy shield and buckler, thy helmet and crown; then shall thy soul walk upright, nor stoop to the silken wretch because he hath riches, nor pocket an abuse because the hand which offers it wears a ring set with diamonds.