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Franklins pithy, short but sweet maxims are timeless. Truly if followed will lead to wealth. Nix laziness, find your niche, work hard, avoid overspending, learn continuously are all basic but sound principles that need to be remembered. after all, "the used key is always bright"
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A short but excellent read, Benjamin Franklin writes a lucid account of what is needed to become a wealthy person, not just in a monetary sense but in a more holistic context. Well worth a read and further study.
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Therefore, you should earn a few pennies and not buy this volume. I say that for the following reasons:
1: The book's size (30 pages) is misleading. Not only is this a pocket sized book, but the words are pretty big. As a result, if this book were written on normal sized pages in a normal sized font, it would likely be less than five pages. I breezed through it in less than 1/2 an hour.
2: As this essay is part of a larger work (Poor Richard's Almanack), paying $9 for the first few pages when you can buy the whole thing for a few dollars more makes no sense.
3: This work is in the public domain. In fact, I ran a search on "way to wealth benjamin franklin" and found the entire text online in a number of places, including Wikipedia and the Department of State's website. And considering the brevity of the work, if this is all you want, you can just print it.
I only recommend buying this book if and only if you have read the essay and you have decided you would like to have this essay on your bookshelf, something I've done with other books.
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I purchased this several months ago and just got around to listening to it. It is a computer generate voice reading the book! You can't hardly understand it. Save your money. Read the book. This audio is crap!!!
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The Way to Wealth: Three Rules That Made Benj. Franklin One Of the Top 100 Richest Americans
Nothing but money is sweeter than honey. - Ben Franklin
Ben Franklin is famous for giving advice to aspiring entrepreneurs on ways to create and maintain a profitable business.
The Way to Wealth (published originally as part of his Poor Richard's Almanac)
is an inspiring "how-to" pamphlet filled with Franklin's maxims and proverbs on how to build a successful money-making enterprise.
What most people forget is that Franklin was also a successful investor after he retired from his printing business at the youthful age of 42.
Despite war and numerous financial setbacks, he died a very wealthy man, and today is listed in the Wealthy 100: The 100 Wealthiest Americans in History.
Having just completed the final 33 years of his famous Autobiography (more on this later), I can tell you how he did it. It's an amazing story...
Ben Franklin's Sound Investment Philosophy
In 1743, at the age of 42, Ben Franklin turned over his printing business to his partner David Hall, receiving an annual income for over 20 years afterwards.
He never completely retired, however. He worked for the government as a postmaster, colonial agent in London and minister to France. Nevertheless, over the years, he built up a substantial fortune, and relied on his savings and investment income to pursue a gentleman's career in science, politics and community service.
Franklin's way to wealth included building his investment retirement portfolio through saving, avoiding debt, placing well-collateralized loans (bonds) and investing in rental properties.
So how did Franklin manage his money?
The Way to Wealth Rule #1: Be an Optimistic Investor
Franklin ignored the doomsayers and profited from his prediction that America was destined to be a great, prosperous nation.
An incurable optimist, Franklin was always bullish on America, and life in general.
At the end of the War for Independence, he predicted, "America will, with God's blessing, become a great and happy country." The United States, he said, is "an immense territory, favored by nature with all advantages of climate, soil, great navigable rivers and lakes.... [and] destined to become a great country, populous and mighty."
He was critical of the doomsayers and complainers: "I saw in the public papers of different states frequent complaints of hard times, deadness of trade, scarcity of money, &c.," he wrote in 1785. "It is always in the power of a small number to make a great clamor.
But let us take a cool view of the general state of our affairs, and perhaps the prospect will appear less gloomy than has been imagined."
In his Autobiography, he told the story of an elderly man who repeatedly predicted economic depression and a real estate collapse in Philadelphia, and warned Franklin to sell his printing house and his real estate investment holdings. Franklin ignored his advice and prospered. Eventually, he said, "I had the pleasure of seeing him give five times as much for one [piece of land]."
Chairman's Note: Know the signs of the times. Franklin recognized a great future for America, for he took advantage and invested in real estate, banking and other investments, even during a time of war.
In order to make the right investment decisions, you need to have a sound view of the future. What is the future of America and global investing? Measure the pros and cons and make up your own mind. Personally, I've found there is usually some investment area worth pursuing, whether it be U.S. stocks, foreign investing, precious metals or real estate. There's always a bull market somewhere.
The Way to Wealth Rule #2: Beware of "Sure Deals"
Limit your speculative opportunities, so as not to jeopardize your entire portfolio with speculations that promise "guaranteed" profits.
You are bound to be misled and overly optimistic about the risk involved.
In 1769, Franklin joined with some partners/friends to seek a land grant of 20 million acres in the Ohio territory from the British Crown.
His friends told him that the land grant was almost guaranteed. "We were daily amused with expectations that it would be completed at this or other time, but I saw no process made in it," he wrote a friend. His British agents frequently promised that the deal would take place "any day now," but five years later, nothing came of it. Ultimately, the partnership was never granted the land, and Franklin's investment went up in smoke.
Fortunately, Franklin's loss was small. He made the mistake of mixing money and friendship, but avoided the temptation to put too much money into a "sure deal."
Chairman's Note: Franklin's land grant investment is not unlike speculations some of you may be tempted to take in penny stocks and "private placement" with supposedly great prospects. Most never fulfill their grand promises. My advice is to diversify and minimize your exposure to these speculations. "Experience keeps a dear school, but fools will learn in no other."
The Way to Wealth Rule #3: How to Handle Financial Setbacks
Diversify your holdings and limit your risks. Franklin made it a point of having a wide variety of income sources, so that a loss in one would not destroy his entire portfolio.
In addition to earning income from his role as minister and postmaster, he maintained seven or eight rental properties; earned interest-bearing bank accounts in Philadelphia, New York, London and Paris; invested in common stocks such as the Bank of North America, which paid a sizeable dividend; and occasionally loaned funds at interest to individuals and institutions.
His sizeable interest and rental income from bank accounts and real estate saved him from several severe financial setbacks during his years abroad.
In 1767, while colonial agent to England, his long partnership in the printing business ended. "A great source of my income was cut off," Franklin wrote, forcing him and his wife to become more frugal in their spending habits. He limited himself to a "single dish" when dining at home.
In 1772, there was a banking crisis in England, but Franklin survived unscathed. "I only hazard a little using my credit with the bank... Being out of debt myself, my credit could not be shaken by any run upon me."
In 1774, Franklin suffered the most serious blow to his finances. As a result of the Hutchinson Letters scandal (where he sent confidential letters among British officials to America, where they were published), Franklin was vilified in England and fired from his job as postmaster and colonial agent, which amounted to a loss of £1,800 a year in income!
Frugal living and their sizeable savings and income properties saved them from certain disaster. Late that year, his devoted wife Deborah died, and he was forced to return home.
Chairman's Note: Franklin warned, "Revenue without economy is never enough." All of us are hit with financial setbacks from time to time. By always living within our means, even when those means occasionally shrink, we can always survive and prosper.
Despite a 10-year war and numerous financial setbacks, Franklin died a very rich man. At the end of his life, he said he wanted to be known as "a man who lived usefully," rather than "a man who died rich." It turns out that he became known for both!
Franklin's life is worth studying as a resource for building your own wealth. This year, we celebrate Franklin's 300th birthday, and of all the Founding Fathers, Ben Franklin can probably teach us the most in terms of practical advice in business and investing.
I urge you to pick up a copy of The Audio CD The Way to Wealth by Benjamin Franklin. This new memoir, covering the final 33 years of his illustrious career - as a revolutionary, diplomat and financial guru - is all in his own words.
Benjamin Franklin was one of the most prominent of the Founders and early political figures, inventor, and a statesmen of the United States.
One of the earliest Founders, Franklin was noted for his curiosity, writings, ingenuity and diversity of interests.
His wise and scintillating writings are proverbial to this day. He shaped the American Revolution; a leader of the Enlightenment, he gained the recognition of scientists and intellectuals across Europe and the United States.
As an agent in London before the Revolution, and Minister to France during, he more than anyone defined the new nation in the minds of Europe. His success in securing French military and financial aid was the turning point for American victory over Britain.
He invented the lightning rod; he was an early proponent of colonial unity; historians hail him as the "First American". The city of Philadelphia, Pennsylvania marked Franklin's 300th birthday in January 2006 with a wide array of exhibitions, and events citing Franklin's extraordinary accomplishments throughout his illustrious career.
Born in Boston, Massachusetts to a tallow-maker, Franklin learned printing from his older brother and became a newspaper editor, printer, and merchant in Philadelphia, becoming very wealthy. He spent many years in England and published the famous Poor Richard's Almanack and the Pennsylvania Gazette.
He formed both the first public lending library and fire department in America as well as the Junto, a political discussion club.
He became a national hero in America when he spearheaded the effort to have Parliament repeal the unpopular Stamp Act. A diplomatic genius, Franklin was almost universally admired among the French as American minister to Paris, and was a major figure in the development of positive Franco-American relations. From 1775 to 1776, Franklin was Postmaster General under the Continental Congress and from 1785 to his death in 1790 was President of the Supreme Executive Council of Pennsylvania.
Franklin was interested in science and technology, carrying out his famous electricity experiments and invented the Franklin stove, medical catheter, lightning rod, swimfins, glass armonica (not the harmonica, which was invented long after Franklin), and bifocals.
He also played a major role in establishing the higher education institutions that would become the University of Pennsylvania and the Franklin and Marshall College.
In addition, Franklin was a noted linguist, fluent in five languages. He also practiced and published on astrology (see Poor Richard's Almanac).
Franklin was also noted for his philanthropy and several liaisons, including that which produced his illegitimate Loyalist son William Franklin, later the colonial governor of New Jersey.
Towards the end of his life, he became one of the most prominent early American abolitionists.
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