Today is the first day of National Thrift Week. It’s also the 303rd anniversary of the birth of America’s first — and best — personal-finance writer. Benjamin Franklin was born on this day in 1706.
Franklin was an amazing man, a polymath, and a great advocate of industry and frugality. “Be industrious and frugal, and you will be rich,” he wrote in 1768, more elegantly expressing my own notion that to gain wealth you must spend less than you earn.
For 25 years, Franklin published the annual Poor Richard’s Almanack under the pseudonym “Richard Saunders”. It’s from this almanac that many of Franklin’s most famous sayings are drawn. In the final edition, he compiled a sort of “greatest hits” of his proverbs into an essay called “The Way to Wealth” [PDF].
Perhaps you’re familiar with some of these Franklin gems?
- “Remember that time is money.”
- “Early to bed, and early to rise, makes a man healthy, wealthy and wise.”
- “Beware of little expenses — a small leak will sink a great ship.”
- “There are no gains, without pains.”
- “Human felicity is produced not so much by great pieces of good fortune that seldom happen, as by little advantages that occur every day.”
- “He that goes a-borrowing goes a-sorrowing.”
- “Tis easier to suppress the first desire, than to satisfy all that follow it.”
- “Who is rich? He that rejoices in his portion.”
- “Industry need not wish.”
And one of my favorites is this, which echoes a piece of advice I give often: “The art of getting riches consists very much of thrift. All men are not equally qualified for getting money, but it is in the power of every one alike to practice this virtue.”
Many modern financial experts consider Benjamin Franklin a sort of hero. According to Roger Lowenstein’s biography of Warren Buffett, for example, Buffet’s partner Charlie Munger “never tire[s] of quoting Benjamin Franklin, whose aphorisms he judge[s] more useful than most of what he was taught in business school.”
Happy birthday, Benjamin Franklin. You’re one of my heroes, too.
“Apostle of Thrift” image from Thrift: A Cyclopedia, copyright 2008. Used with Permission of Templeton Press.
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Finally! I sent you an email months ago wishing for some Ben Franklin love! You can’t have a blog about frugality and not talk about my homeboy BF.
For those of you who have not read his autobiography, I highly recommend it. It is suprisingly very easy to read and is full of hilarious and insightful comments
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Ben shouldn’t be on the $100 bill. His face should be on every loan contract that isn’t for a house, business, or car.
He’ll have a big frown on his face and be saying your quote from above “He that goes a-borrowing goes a-sorrowing”
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I really like this one: “Beware of little expenses — a small leak will sink a great ship.”“Beware of little expenses — a small leak will sink a great ship.”
It makes me think of how you may have small things that you buy, unfortunately, those small things add up and can put a huge dent in your budget, and any goals you may have.
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Thanks for linking to the definition of felicity. If time is money, you just made me a little richer.
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I am going to have to read this book, I love these sayings!!! I remember when I had more time, I really did feel much richer!!
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I too am a long time fan of Ben. though not until today were the dots connected for me between personal finance and his contributions. I’ve long adored him as a statesman, as a scientist, and general rabble-rouser.
If you have an interest in America, Walter Isaacson’s Biography of Benjamin Franklin is something you ought to check out from your local library.
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I just finished his autobiography – absolutely fascinating. Thanks for sharing his quotes.
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Yes, the Walter Isaacson biography is fascinating. I especially needed the reminder today, that it is in the little things that make me feel “rich.” Appreciating what I have is so important!
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Well…I learned a new word today. I had never heard the term Polymath before so I appreciate the link.
Now…off to reserve the Walter Isaacson Biography from my library…
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wow, I didnt know those quotes were linked to Ben, learned something new….and I agree, his face should be on every loan contract to remind before of their financial obligations and responsibilities.
Happy Birthday Ben!
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Thanks for the great info! Looks like I have some reading to do!
Cheers!
-HIB
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“Who is rich? He that rejoices in his portion.”
That’s not originally from Ben Franklin. It’s from the Jewish book Ethics of the Fathers, written about 2000 years ago:
http://en.wikipedia.org/wiki/Pirkei_Avoth
In the original Hebrew, it is “Aizehu ashir? Ha’some’ach b’khelko.”
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You can find it in translation here (with a slightly different translation):
http://www.sacred-texts.com/jud/sjf/sjf06.htm
http://www.sacred-texts.com/jud/sjf/
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Slightly more modern translation here:
http://www.chabad.org/library/article_cdo/aid/2032/jewish/Chapter-Four.htm
It’s full of wise sayings.
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This is good, very good. Thanks!
I wonder how Ben Franklin came across the Hebrew saying. Some of the founding fathers actually could read Hebrew, from what I understand. Amazing, eh? Would that modern-day Americans could have several languages.
National Thrift Week? Isn’t that un-American?
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What’s funny about the early to be and early to rise makes you wise quote is that Franklin routinely went to bed in the early hours of the morning and usually got up around noon!
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Franklin “cribbed” a lot of his maxims from other sources, including a newspaper then being published in London. Copyright was not quite so militant then as it is now. (As a writer, I’m all for copyright, but the current laws are absurd.)
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Why would Ben know Hebrew…
Hmmm – He was a freemason and many of the were/are into Kabala(spelling?) Maybe that is why he had knowledge of the Hebrew language and writings. He sorta hints at it in his autobiography when he talks about getting a book from someone with curious squares (magic squares).
My 2 cents, maybe you have a different take.
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Steve, I strongly doubt that Franklin got it from the original Hebrew. It’s more likely he got it from a course that got it from a source that..etc.
As for the magic squares, Franklin did not get it from Hebrew. What you’re thinking of is the idea that magic squares were introduced to Europe by Abraham ibn Ezra, the Jewish exegete. His, in Hebrew numerals, are the first known in Europe. Ibn Ezra likely got it via Muslim connections.
(Franklin is a hero of mine; I’ve read many books on him, including one about his magic squares).
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Ben was right. Don’t borrow money. He didn’t say “don’t borrow money except for…” Don’t get me wrong, when I buy a home a few months from now I will do so on with a mortgage. But that’s it. It is not okay to borrow money for anything except that. Not for education, a car, or a business. Work hard. After you do that the rest will come. Stop whining. Start working.
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Franklin was a true renaissance man! His wit and wisdom is as important today as it ever was. Much can be learned from the man.
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As I have attempted to become more thrifty and frugal, I have come across more and more of Benjamin Franklins works. Thank you for the helpful links!
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Great post! Ben Franklin was truly a remarkable person. National Thrift Week was so intriguing that I looked into it more and wrote about it on my own blog. I thought it was a new thing, what with all the financial disasters flying around, but it started in 1916. Thanks for all the useful information.
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Happy belated birthday Ben!
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interestingly, as much as franklin said these maxims, he was not particularly good at living them. from reading John Adams by David McCullough, i learned that franklin not only failed to live by his “early to bed, early to rise” maxim, but also was quite the spender, especially during the time that he lived in france…
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“Who is rich? He that rejoices in his portion.” –That wasn’t Benjamin Franklin. It’s from Ethics of Our Fathers. The original saying is from two thousand years ago. A Jewish scholar, Ben Zoma (ben means son of–that is his last name) said, “Who is rich? He who is happy with what he has.” And he’s quoted in the book Ethics of Our Fathers (4:1).
Thank you.
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