Stoic Sessions: Benjamin Franklin

7 PRINCIPLES FROM THE WAY TO WEALTH

· Life,Work,Finance,Stoicism,Philosophy

Of all the Founding Fathers, Benjamin Franklin's writings strike a chord with me. Maybe it's because he seems like the most Stoic of America's great minds, plus he's a true Renaissance man. Franklin talks a lot about personal responsibility, hard work, and being frugal, all while aiming for fulfillment and wealth. He believes the worst taxes we face are the ones we put on ourselves through laziness, pride, and foolishness.

Franklin shares many of these ideas through his pen-name character, Poor Richard. At first, Poor Richard is a bumbling astronomer in Franklin’s early almanacs, but he grows into a wise, down-to-earth philosopher, famous for his witty sayings that highlight practical wisdom. Think of classics like “God helps those who help themselves” and “Early to bed and early to rise, makes a man healthy, wealthy, and wise.” Poor Richard's insights reflect the American values of thrift, hard work, and simplicity, and he paves the way for later American humorists who share common-sense life lessons.

Benjamin Franklin's "The Way to Wealth" isn't just a bunch of clever sayings; it's a timeless guide to personal and financial success. First published in 1758 as the preface to his "Poor Richard's Almanac," this essay is filled with practical advice that’s just as relevant now as it was back then. So, let's dive into seven key lessons we can take from this classic work.

1. The Value of Industry

Benjamin Franklin is all about the grind. He firmly believes that hard work, industriousness, and diligence are the keys to success. Franklin often talks about how important it is to stay busy and keep hustling. He isn't just about working hard but also working smart. He knows that being diligent and putting in consistent effort pays off in the long run. Franklin's famous sayings like "Early to bed and early to rise, makes a man healthy, wealthy, and wise" highlight his belief in a strong work ethic. He leads by example, juggling multiple roles as a scientist, inventor, writer, and statesman, all while staying committed to self-improvement and helping others. Franklin's life and teachings remind us that success doesn't come from luck but from persistent effort and a proactive attitude.

"Early to bed and early to rise, makes a man healthy, wealthy, and wise" - Benjamin Franklin

2. Frugality Leads to Wealth

According to Experian, the average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. The data shows that we as Americans spend more than we make, and we finance it with credit, and that we are largely out of control with our spending. Benjamin Franklin advises us to return to the simplicity of frugality and self-control.

Benjamin Franklin is a huge advocate for frugality, believing it is essential for a successful and fulfilling life. He sees frugality as not just about saving money but wisely managing all resources. Franklin advises against unnecessary spending and emphasizes living within one's means. He often warns about the dangers of debt, famously saying, "Rather go to bed without dinner than to rise in debt."

Franklin's own life is a testament to his philosophy—he is meticulous in budgeting his money and time. He keeps track of his expenses and investments, ensuring he gets the most value out of every penny. This careful management extends to his business practices, where he seeks efficiency and avoids waste. Franklin's emphasis on frugality isn't about being miserly but about making smart choices that lead to long-term stability and prosperity. His approach reminds us that being wise with our resources can pave the way to greater opportunities and financial freedom.

"Beware of little expenses; a small leak will sink a great ship." - Benjamin Franklin

3. Time is Money

Benjamin Franklin believes wasting time is like throwing away valuable resources that could be used for more productive things. He thinks time management is crucial for achieving goals. Franklin often emphasizes that every minute counts and should be invested wisely. He’s all about making the most of your time, whether it's through hard work, planning, or continuous self-improvement.

His famous sayings, like “Lost time is never found again,” highlight the importance of using time efficiently. Franklin's approach is all about being proactive and making the best use of every moment to reach success. His teachings remind us that managing our time well is essential for achieving anything worthwhile.

"Time is Money." - Benjamin Franklin

4. The Power of Saving and Investing

Benjamin Franklin believes that saving and investing are key to financial success. He emphasizes the importance of setting aside a portion of your income and making smart investments to build wealth steadily over time. Franklin’s advice is all about being frugal and making your money work for you. He often talks about how saving even a small amount consistently can lead to significant wealth down the road.

His famous sayings, like “A penny saved is a penny earned,” highlight the value of saving and wise spending. Franklin’s approach to money management is practical and straightforward, reminding us that financial success comes from disciplined saving and thoughtful investing.

"If you would be wealthy, think of saving as well as of getting." - Benjamin Franklin

5. The Virtue of Self-Reliance

Benjamin Franklin stresses self-reliance, always urging us to depend on their own abilities and efforts rather than relying on others. He’s all about taking initiative and being proactive as keys to success. Franklin often talks about the importance of personal responsibility and how relying on yourself builds character and resilience.

His famous sayings, like "He that waits upon fortune is never sure of a dinner," drive home this point. Franklin believes that waiting around for handouts won’t get you far; you gotta roll up your sleeves and make things happen for yourself. His philosophy is a reminder that success comes from taking ownership of your life and making things happen through your own actions.

"God helps those who help themselves." - Benjamin Franklin

6. Education is Key

Benjamin Franklin is all about continuous learning and self-improvement, seeing them as crucial for our personal and professional growth. He's a big believer in the value of education, always encouraging folks to keep expanding their knowledge and skills. Franklin knows that by constantly learning new things, individuals can boost their earning potential and open up more opportunities for themselves.

There are many individual paths to education and experience. Whether it's through formal education or self-directed learning, Franklin emphasizes the importance of staying curious and never stopping the pursuit of knowledge. His own life is a testament to this, as he was constantly exploring new fields and acquiring new skills. Franklin's philosophy reminds us that investing in our own education and growth is one of the best investments we can make for our future.

"An investment in knowledge pays the best interest." - Benjamin Franklin

7. Honesty and Integrity

Last but not at all least, Benjamin Franklin teaches honesty and staying true to your values. Integrity is everything. When we're honest and act with integrity, we build trust and credibility, and those are bankable gold in our personal and business relationships.

Franklin knows that being upfront and sincere not only feels like the right thing to do, but also helps us succeed in the long run. Plus, when people know they can count on us to be straight shooters, it makes working together a whole lot smoother. So, let's take a page from Franklin's prequel almanac and make honesty and integrity our guiding stars in life.

"Honesty is the best policy." - Benjamin Franklin

Closing Thought

In today's fast-paced world of instant gratification and easy credit, Benjamin Franklin's "The Way to Wealth" is like a modern-day superpower. It's a treasure trove of wisdom, packed with timeless lessons on money management, productivity, and good old-fashioned values.

By embracing Franklin's principles, we're not just navigating a purpose-driven path to success and prosperity; we're wielding a powerful tool in a lazy age of impulse and excess. His insights are more relevant now than they were centuries ago, still inspiring and guiding those of us seeking to make our mark, with integrity.

 

Stay Stoic, my friends.