8 financial lessons from Benjamin Franklin
Get Rich / / December 20, 2019
Success came to Benjamin Franklin at once: It took a long time to the fifteenth child in the family It has evolved from a mere apprentice in the printing of the famous writer, inventor, diplomat and statesman figure. And now that he has helped ...
1. Try to understand the true value of things
The first financial lesson Franklin I learned in childhood. When he was seven years old, he spent all his money on a single whistle, the sound of which fascinated him. He bought a toy from a neighbor's boy, not even haggling. When he returned home, he began to whistle without a break, immensely pleased with his acquisition. However, pets are not shared joy they mercilessly ridiculed Benjamin, knowing how much the boy had paid, and then said that he had given for the whistle four times more than required.
Years later, in a letter to his friend Franklin admitted that this purchase gave him a lot more grief than pleasure. But just then the little Benjamin grasped forever: the correct definition of the value of things is one of the most important life skills.
Benjamin FranklinWhen I became an adult, I met a lot of people who are too expensive to pay for a whistle. I came to the conclusion that the majority of fatalities are caused by false estimates of the value of certain things in life. When I am tempted to buy something useless, I always remember the story that occurred to me as a child, and this leads me to my senses.
Lesson. Develop own criteria for the value of things and stick to them as far as possible.
2. Be yourself
Franklin's father really wanted the boy received a good education, but the money was only enough for two years of schooling. Theological seminary also could not afford a family of poor craftsman. It was then decided that the boy should follow in the footsteps of his father and master the skill of manufacturing of soap and tallow candles.
This activity did not cause Franklin special enthusiasm, so his father, fearing, as if the boy did not run away, sent his son a few shops in the hope to ignite interest in other crafts. In each workshop the boy anything but studied. Masons and carpenters, he did not become, but gained invaluable experience in the manufacture of different things with their own hands.
Benjamin FranklinI benefited from the fact that I have gained some skills and was able to do something in the house, if it was impossible to find a master.
Further Education Franklin received independently. Besides, he finally discovered his true passion - reading. While in America, typography was developed poorly, new books were very expensive, and those that were available in the library of his father, not like boys. It is accustomed to save the young Franklin, saving money to buy books.
When the boy became interested in books, it became clear that most suits him craft beetle. One of the brothers of our hero just opened his own print shop and took Benjamin's assistant in Boston. And he did not disappoint: repairing printing presses, made of wood engraving and even cast a font.
Franklin later noted that it is self-learning the most impact on him.
Benjamin FranklinIf you teach a poor young man to shave and keep his razor in order, you will do much more for his happiness than if you give him a thousand guineas. Self-sufficiency not only saves money, but also gives a person a sense of happiness.
Lesson. Do not stop at the dry theory, give more time to practical exercises. Much more important is a time to learn to do something with their own hands, a thousand times just to read about it.
3. Invest in yourself
In the future to have more time and money you have to invest in yourself. Instead of wasting resources on fleeting pleasure, send everything that subsequently will benefit your health, career, relationships and education.
Franklin invested advantageous in itself. All his money and free time were dedicated to only one lesson - reading. Knowledge about the world, society, many aspects of the life he learned from books. Thus the young man has created for himself a kind of bag, replacing self-education a few years of schooling.
Benjamin FranklinReading was the only entertainment that I allowed myself. I did not waste time any taverns or the games or other entertainment and tireless work in the print shop, doing all the necessary work.
Lesson. Do not waste valuable time on nonsense. Find the job that you like, and do everything to become the best in him. Before you do something, think about whether it will justify itself in the future.
4. Surround yourself with friends who share your views
Just moved to London, Franklin got to the printer. But his James Ralph a new friend, who arrived in the capital without a penny in his pocket, acted differently. He constantly borrowed money from a friend secured, trying unsuccessfully to become the actor, then as a clerk, then as a journalist. Young people have very different views of the world, but because of their friendship soon exhausted itself. Ralph never returned to Franklin those 27 pounds, which I borrowed.
After this incident, Franklin became more prudent to choose friends. He devoted his whole life to find those people who shared his views and high ideals. An important selection criterion was and commitment to continuous self-improvement. Franklin was important that friends could share different ideas and get support instead of hot or strict but justified criticism.
Lesson. Friends - a family that we choose for ourselves. Look for like-minded people who will understand you perfectly and support not only in moments of joy.
5. Do not betray their ideals for the sake of money
Franklin really wanted to ever achieve great heights and get rich, but he was not ready to sacrifice their moral principles for the sake of easy money. This is clearly illustrated by the following curious case.
When Franklin began to publish "Pennsylvania newspaper", he was approached by a man ready to pay a tidy sum for the publication of his play. The writing was so disgusting that Franklin refused the author.
Benjamin FranklinI went home, thinking about whether or not to publish such a vulgar play. The next morning I found myself thinking that for anything I will not use your publishing opportunities for profit, although it I certainly would not hurt at all.
Lesson. Do not make a deal with his conscience, even for the sake of fabulous wealth. In most cases, the result is disastrous.
6. Patience and hard work brings wealth
Success does not come immediately. Franklin took decades of hard work to transform itself from a mere apprentice, performing the dirty work, the owner of the publishing house. And then he had to make a great effort to make publishing a profitable business. For many years, the future statesman led a spartan life and worked hard, so that in no way give way to competitors.
He firmly learned one rule: nothing gets nothing. It is necessary to make a lot of effort to achieve the desired result. Franklin never trusted an instant way of enrichment, considering them to be dishonest, and fiercely criticized contemporaries who at that time actively addicted to finding treasures buried in the ground.
Lesson. Conscientious work always adequately rewarded. Do not try to outsmart yourself and do not go on about the easy money.
7. Time is money
This aphorism, today enjoys extraordinary popularity, attributed to Franklin. In order to understand where did he come from, we suggest you read the histories.
This incident happened in the bookstore of Benjamin Franklin.
Customer. How mach is this book?
Seller. One dollar.
Customer. One dollar? Maybe you sell it to me a little cheaper?
Seller. But it costs a dollar.
Buyer (thoughtfully). Could you invite here shopkeeper?
Seller. I think he is busy with important matters.
Buyer (aggressively). All the same, call me.
Franklin. How can I help you?
Customer. Mr. Franklin, how much could you sell me this book?
Franklin. Dollar and a quarter.
Customer. Dollar and a quarter?! But your dealer just told me that the only one!
Franklin. That's right. Would be better if I got a dollar, but it does not distract from the work.
Customer. Good. Still, tell me the lowest price.
Franklin. a dollar and a half.
Customer. One and a half? You yourself said that the dollar and a quarter.
Franklin. Yes, and you had to take for the price, but not for one dollar is now.
The buyer put the money on the counter, took the book and went out.
It is important to know how to properly dispose of the available time you have wisely and plan things. A good schedule to help you on your way to the desired goal.
Lesson. Time - one of the non-renewable resources. Dispose of them wisely.
8. Money - it is a means to an end, not an end in itself
Those who are familiar with the biography of Franklin only superficially, it might appear that he was just a greedy capitalist who did not think about anything but money. This opinion is totally wrong. Before Franklin left the publishing business (he was 42), he consciously limited myself around, ignoring the basic amenities and entertainment to save enough money.
Early withdrawal of retirement Franklin gave fruits worthy: it was he who made several important scientific research in this period discoveries and invented some things that we use in everyday life so far (for example, lightning or rocking chair). Wealth Franklin did not hit in the head, but on the contrary, allowed to live the rest half of his life the way he wanted it.
Lesson. Money should not be your ultimate goal. Always wanting something more than just a bunch of multi-colored pieces of paper.