I try to read my favorite business book of all time at least once a month. Luckily it’s only 30 pages.
Benjamin Franklin’s The Way to Wealth was first published in 1758 as a preface to Franklin’s Poor Richard’s Almanac. It’s a summary of his previously published thoughts on how to succeed in business (and, I’d say, life).
It’s chock full of astute observations such as:
Creditors have better memories than debtors
If you want to be wealthy, think of saving as well as earning
A ploughman on his legs is higher than a gentleman on his knees
If you want to know the value of money, go try to borrow some
Buy what you do not need, and soon you will sell your necessities
It’s easier to suppress the first desire than to satisfy all that follow it
Experience keeps an expensive school, but fools will learn in no other
A life of leisure and a life of laziness are two different things
Keep your shop and your shop will keep you
...and so on.
And if you’ve ever wondered where “Early to bed and early to rise makes a man healthy, wealthy, and wise” and “There are no gains without pains” came from, now you know.
It’s really a wonderfully simple read that’s packed with reason. You can buy it for a few bucks or read it online for free. I’d recommend the purchase—it’s a great little book to have around.
Jason Fried wrote this on Jul 03 2007 There are 31 comments.
PJ Hyett 03 Jul 07
Early to bed, and early to rise, Makes a man healthy, wealthy and wise.
- Benjamin Franklin.
I don’t see it.
- George Washington
http://www.twainquotes.com/Era/18640703.html
carlivar 03 Jul 07
There’s also the excellent financial planning program Don’t Buy Stuff You Can’t Afford.
Austen Varian 03 Jul 07
This the best writing on money I have ever read in my life.
I love Benny Frank, and i love Jason for posting this.
Rob Lambert 03 Jul 07
Mark Sandman said: “Early to Bed, Early to Rise, Makes a Man or Woman, Miss Out on the Nightlife” (on this album, although if you don’t have any Morphine, buy Cure for Pain and Yes before you buy that record).
I like that, but I guess Mark didn’t live super long life enjoying that nightlife… Although, now that I think about it, wasn’t Ben Franklin known as quite the ladies man which one might correlate with having an active nightlife … hmmmm
benoit 03 Jul 07
Completly readable on Google: http://books.google.com/books?id=Qm2nPriQmk4C&pg=RA3-PA92&dq=benjamin+franklin+way+to+wealth&as_brr=1&hl=fr#PRA3-PA92,M1
Chris Hajer 03 Jul 07
@carlivar – I just spent 15 minutes looking for that SNL clip. Hilarious.
Adam Krusnic 03 Jul 07
I would also recommend that you read “the intelligent investor”, by the same author. Although i am employed at a fund management company, i found that this book helps you with all facets of business. I read this when i was 13.
MT Heart 03 Jul 07
Another one I’ve always liked is The Richest Man in Babylon
Michael Zuschlag 03 Jul 07
Rob Lambert: ”...wasn’t Ben Franklin known as quite the ladies man…?”
Maybe “early to bed, and early to rise” is a double entendre we’ve all been missing for the past 249 years.
Icelander 03 Jul 07
“Early to rise and early to bed makes a man healthy but socially dead” – Animaniacs
brad 03 Jul 07
Icelander: that’s a variation on James Thurber, who wrote in Fables for Our Time (1940): “Early to rise and early to bed, makes a man healthy and wealthy and dead.” Actually it wasn’t a man he was referring to but a chipmunk, who got up too early and was caught out by an owl.
Jody 03 Jul 07
I always thought it went “Surly to bed and surly to rise …”
arlen 03 Jul 07
The best reason to get up early goes right along with what people are saying … most people don’t, so I can get lots done without everyone else around pestering me :) How wonderful that our culture now promotes going to bed late and getting up late.
Morten 03 Jul 07
I’m currently reading Rich Dad, Poor Dad. While it’s tacky in its style, there are some good points (“your house is a liability, not an asset”). It has opened my eyes to why one needs to be speculative, and not just an ever hard-working drone. So I’m set to change, my first step being selling my apartment.
Dan O'Shea 03 Jul 07
“Buy what you do not need, and soon you will sell your necessities”
Notice that this is followed by a post about the iPhone. There’s a touch of irony there.
George 03 Jul 07
In a similar vein, I’m a big fan of The Unwritten Laws of Business http://www.amazon.com/Unwritten-Laws-Business-J-W-King/dp/038552126X/
Concise, shrewd and elegant.
condor 03 Jul 07
You can’t really improve on a masterpiece, but Charlie Munger sure can try. http://www.poorcharliesalmanack.com/
Gaston 03 Jul 07
Thanks, I didn’t know that book existed.
Chuck Reynolds 03 Jul 07
Actually there’s a PDF link to it here: http://bfranklin.edu/johnhibbs/WayToWealth.pdf
And a full online copy here: http://itech.fgcu.edu/faculty/wohlpart/alra/franklin.htm
Good read though – thanks for the book’s name.
James 03 Jul 07
@Morten: If you’re looking at Rich Dad, Poor Dad, you might be interested in an in-depth, critical look at the book: http://www.johntreed.com/Kiyosaki.html
Tony 03 Jul 07
Don’t forget the vikings: they had some words to live by too: http://38thsignal.blogspot.com/2007/07/way-to-wealth-plunder-saxon-dogs.html
Don Jones 04 Jul 07
Seems to me Ben Franklin burned a lot of midnight oil when he was in France trying to talk the French into helping U.S. win our independence from Britain. This is because the French socialized late into the night and Ben needed to establish himself in those circles.
Ben knew that early to bed / rise (and other truisms) should be adjusted for special circumstances.
LarryBitner 05 Jul 07
Just what we need. Short and to the point reading that cuts to the chase and gives us proven fundamental principles to work with and apply…
Don Schenck 05 Jul 07
There are no more annoying people than Early Risers, particularly those that think they are better than everyone else because they get out of bed early. They think everyone who doesn’t is lazy.
Hey … while you’re drifting off to sleep, I’m working. And just like your 6 a.m. at-the-office solitude, I’m alone also.
Argh! Now quit pestering me: I like to sleep in until 6:30 … is that so wrong? Sheesh.
Don Schenck 05 Jul 07
Also; check my blog for today’s entry about my neighbor who is retiring at age 48. Amazing story when you consider his low hourly wage.
Alex Bunardzic 05 Jul 07
Tony wrote:
http://38thsignal.blogspot.com
Whoever is writing this mlog (i.e. mock blog) is an extremely intelligent person. I love how they’ve captured the very essence of the vacuous campfire chat dumps.
Priceless!
Justin 05 Jul 07
@Alex: I disagree. Their satire is mildly amusing, but their constant spamming of legitimate topic comments is extremely annoying and childish.
James 05 Jul 07
@Alex: It is pretty funny.
Don Schenck 06 Jul 07
That’s some great satire. Wonder who it is…
Alex Bunardzic 06 Jul 07
Justin:
Give me an example.
JF 06 Jul 07
Let’s keep this thread on topic please. Any more off-topic banter will be removed. Thanks.
This discussion is closed.