5 Money Tips From Benjamin Franklin

Benjamin Franklin is perhaps one of the wisest men in the history of America.  He has shared with us his expounding wisdom of life through his quotes, where as some of his most helpful and insightful quotes are about money.  If you did not know, Benjamin Franklin was the king of frugality.  His face is on the 100 dollar bill, so he may know a thing or two about finances.  Here are just a few of his quotes about money that might be able to help you with your finances.

The Wise Words Of Benjamin Franklin

“If you know how to spend less than you get, you have the philosopher’s stone.”

Living within your means is the key to financial freedom!  If you can be dedicated enough to form the habit of spending much less than you make, then you will be out of debt in no time.  Debt can cause financial stress, which is one of the leading causes of divorce in America.  If you can live within your means, then you can possibly live a happier life.

“Who is rich?  He that is content.  Who is that?  Nobody.”

People always find themselves wanting this or that.  Guy’s tend to want the next biggest toy out there, whether it’s a motorcycle or a big-screen TV.  If you haven’t checked the prices of things like this lately, I’ll give you a price check.  LED TV’s go for over 1,000 bucks for a 50” screen, and my brother just bought a Honda CBR 250 for just over 6,000.  If you can be content with what you have, then you will spend less money.  In turn you will become rich, granted that you invest it.

“A penny saved is a penny earned.”

A penny might not have the same value today as it did in Franklin’s time, but the concept is the same.  Look at it in terms of dollars; the quote seems to be more realistic.  If you save a dollar and invest it, then you can earn anywhere from 10 to 20 cents back on that dollar.  Over time this compounds, so the dollar you earned when you were 20 eventually more than doubles in interest when you go to retire.  Over a span of 30 years, a penny saved will be more than a penny earned.  Moral of the story is to invest your money instead of spending it uselessly.

“An investment in knowledge always pays the best interest.”

Knowledge is power, and the only thing nobody can take away from you.  You can lose everything in the world, but you will never lose what you have learned (unless you suffer from dementia).  What does this mean for you?  Go to college, a trade school, or get some kind of professional training.  Although it may be expensive, it is well worth the money.  Higher education means a higher paying job.

“Having been poor is no shame, being ashamed of it is.”

There is no shame with being poor.  The only difference between a rich person and a poor person is the mindset.  If you can change your way of thinking, then you can get out of poverty.  Every self-made millionaire went from rags to riches over time.  You have to think like a millionaire in order to become a millionaire.  Until then, there is no shame in financial struggle.

Take Ben’s Advice

Benjamin Franklin has more quotes on finances, but here are my favorite 5.  Take it from someone who has gone through life and been successful, and maybe you can share some of their success.  One last quick tip about saving money: file your taxes with TurboTax and save a boat-load of money.

What is your favorite quote about money?

 

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