We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
Kiplinger.com has a very interesting article about the founding fathers and their views about money and finances. Here are a few examples.
John Adams – On the importance of a financial education
“All the perplexities, confusion and distress in America arise not from the defects of the Constitution, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit and circulation.” – From a letter to Thomas Jefferson in 1787
Thomas Jefferson – On the recipe for debt
“Too bad Tom didn’t follow his own advice. He died heavily in debt
Never spend your money before you have earned it.”– From a letter Jefferson wrote to his granddaughter outlining 12 “Canons of Conduct in Life,” 1811
Benjamin Franklin – On the magic of compounding
“Remember that Money is of a prolific generating Nature. Money can beget Money and its Offspring can beget more, and so on. Five Shillings turn’d, is Six: Turn’d again, ’tis Seven and Three Pence; and so on ’til it becomes an Hundred Pound. The more there is of it, the more it produces every Turning, so that the Profits rise quicker and quicker.” – From “Advice to a Young Tradesman, Written by an Old One,” 1748
Alexander Hamilton – On sin taxes
“It is a singular advantage of taxes on articles of consumption that they contain in their own nature a security against excess. They prescribe their own limit, which cannot be exceeded without defeating the end purposed – that is, an extension of the revenue.” – From the Federalist Papers, “Federalist No. 21”
Marquis de Lafayette – On careful deliberation
Oh where have you gone?
“I read, I study, I examine, I listen, I think, and out of all that I try to form an idea into which I put as much common sense as I can.” – From a letter to his father, 1776
John Hancock – On having (and not having) money
“I find money some way or other goes very fast. But I think I can reflect it has been spent with satisfaction and to my own honour.” – From letter to his uncle, 1761
Franklin – On enjoying the wealth you earn
“Wealth is not his that has it, but his that enjoys it.”- From Franklin’s book, Poor Richard’s Almanack, 1736
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