8 financial lessons from Benjamin Franklin

1. Try to understand the true value of things

Franklin learned his first financial lesson as a child. 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 without even bargaining. And when he returned home, he began to whistle without interruption, immensely pleased with his purchase. However, the family did not share the joy: they mercilessly ridiculed Benjamin, having learned how much the boy had paid, and then reported that he had paid four times more for the whistle than was required.

Years later, in a letter to his friend, Franklin admitted that this purchase gave him much more grief than pleasure. But it was then that little Benjamin learned forever: the correct determination of the value of things is one of the most important life skills.

As an adult, I met many people who paid too much for a whistle. I came to the conclusion that most unhappiness is caused by false assessments of the meaning of certain things in life. When I am tempted to buy something unnecessary, I always remember a story that happened to me as a child, and it brings me to my senses.

Benjamin Franklin

Lesson. Develop your own criteria for the value of things and, if possible, adhere to them.

2. Be independent

Franklin's father really wanted the boy to get a good education, but there was only enough money for two years of school. The theological seminary was also beyond the means of the family of a poor artisan. Then it was decided that the boy should follow in his father's footsteps and master the art of making tallow candles and soap.

Franklin was not particularly enthusiastic about this occupation, so his father, fearing that the boy would run away, sent his son to several workshops in the hope of sparking interest in other crafts. In each workshop, the boy learned something. He never became a bricklayer and carpenter, but he gained invaluable experience in making various things with his own hands.

It was good for me that I acquired some skills and could do some things in the house myself if it was not possible to find a craftsman.

Benjamin Franklin

Franklin received further education on his own. Plus, he finally discovered his true passion - reading. At that time in America, the printing business was poorly developed, new books were very expensive, and those that were in his father's library were not very popular with the boy. This is what taught young Franklin to save money by saving money to buy books.

When the boy got carried away with books, it became clear that the craft of a typographer suits him best. One of the brothers of our hero just opened his own printing house in Boston and took Benjamin as his assistant. And he did not disappoint: he repaired printing presses, made woodcuts and even cast fonts.

Subsequently, Franklin noted that it was self-study that influenced him the most.

If 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.

Benjamin Franklin

Lesson. Do not limit yourself to dry theory, devote more time to practical exercises. It is much more important to learn how to do something with your own hands once than to just read about it a thousand times.

3. Invest in yourself

To have more time and money in the future, you must invest in yourself. Instead of wasting resources on fleeting pleasures, focus on things that will benefit your health, career, relationships, and education.

Franklin invested profitably in himself. All his money and free time was devoted to only one occupation - reading. He gained knowledge about the world, society, many aspects of life from books. Thus, the young man created a kind of safety cushion for himself, replacing several years of schooling with self-education.

Reading was the only entertainment I allowed myself. I wasted no time in taverns, games or other amusements, and worked tirelessly in the printing house, doing all the necessary work.

Benjamin Franklin

Lesson. Don't waste valuable time on nonsense. Find the activity that you like and do everything to become the best at it. Before doing something, think about whether it will pay off in the future.

4. Surround yourself with friends who share your views

Having just moved to London, Franklin got a job in a printing house. But his new friend James Ralph, who arrived in the capital penniless, acted differently. He constantly borrowed money from a better-off comrade, unsuccessfully trying to become an actor, a clerk, or a journalist. Young people had completely different views of the world, and therefore their friendship soon exhausted itself. Ralph never returned the £ 27 he had borrowed to Franklin.

After this incident, Franklin became more careful in choosing friends. He devoted his whole life to finding those people who would share his views and lofty ideals. An important selection criterion was the desire for constant self-improvement. It was important to Franklin that he could share different ideas with friends and receive warm support or strong but reasonable criticism in return.

Lesson. Friends are a family that we choose for ourselves. Look for like-minded people who will understand you perfectly and support you not only in moments of joy.

5. Don't betray your ideals for money

Franklin really wanted to someday achieve great heights and get rich, but he was not ready to sacrifice his moral principles for easy money. This is clearly illustrated by the following curious case.

When Franklin began publishing the Pennsylvania Gazette, he was approached by a man willing to pay a pretty penny to publish his play. The writing was so disgusting that Franklin turned it down.

I went home thinking about whether to publish this vulgar play. The next morning I caught myself thinking that I would never use my publishing opportunities for profit, although it, of course, would not hurt me at all.

Benjamin Franklin

Lesson. Don't make a deal with your conscience, even for fabulous wealth. In most cases, the result is disastrous.

6. Patience and work bring wealth

Success doesn't come immediately. It took Franklin decades of hard work to grow from a simple apprentice doing the dirtiest work to a publishing house owner. And then he had to work hard to make the publishing house a profitable business. For many years, the future statesman led a Spartan lifestyle and worked hard to be in no way inferior to competitors.

He firmly learned one rule: nothing gets just like that. It takes a lot of effort to achieve the desired result. Franklin never trusted instant means of enrichment, considering them dishonest, and fiercely criticized his contemporaries, who at that time were actively involved in the search for treasures buried in the ground.

Lesson. Conscientious work is always rewarded with dignity. Do not try to outsmart yourself and do not follow the lead of easy money.

7. Time is money

This aphorism, which is extremely popular these days, is attributed to Franklin. To understand where he came from, we suggest that you familiarize yourself with the background.

This incident took place at Benjamin Franklin's bookstore.

Customer. How mach is this book?

Salesman. One dollar.

Customer. One dollar? Maybe you can sell it to me a little cheaper?

Salesman. But it costs one dollar.

Buyer (thoughtfully). Could you invite the store owner here?

Salesman. I think he's busy with important things right now.

Buyer (insistently). Call anyway.

Franklin. How can I help you?

Customer. Mr. Franklin, how much could you sell me this book for?

Franklin. Dollar and a quarter.

Customer. A dollar and a quarter ?! But your salesperson just told me there is only one!

Franklin. That's all right. It would be better if I got a dollar, but not distracted from work.

Customer. Good. And still, tell me the lowest price.

Franklin. A dollar and a half.

Customer. One and a half? You yourself said it was a dollar and a quarter.

Franklin. Yes, and you should have borrowed at that price, not a dollar and a half now.

The buyer put the money on the counter, took the book and left.

It is very important to be able to competently manage the time you have and to plan things wisely. A good schedule will help you on your way to your desired goal.

Lesson. Time is one of the irreplaceable resources. Dispose of it wisely.

8. Money is a means to an end, not the end itself

To those who are only superficially familiar with Franklin's biography, it may seem that he was just a greedy capitalist who thought of nothing but money. This opinion is fundamentally wrong. Before Franklin left the publishing business (he was 42 years old), he deliberately limited himself in everything, neglecting entertainment and basic amenities in order to save enough money.

Franklin's early retirement gave decent results: it was during this period that he made several important scientific discoveries, and also invented some things that we still use in everyday life (for example, a lightning rod or a rocking chair). Riches did not hit Franklin in the head, but, on the contrary, allowed him to live the remaining half of his life the way he wanted it.

Lesson. Money shouldn't be your ultimate goal. Always wish for more than just a bunch of colorful pieces of paper.