Introduction

"The Road to Wealth," written by Benjamin Franklin in 1758, is a collection of proverbs and aphorisms taken from "Poor Richard's Almanac" over the course of 25 years of publication, condensed into Father Abraham's immortal saying to a group of people.

Who should read this book?

  • Those who want to control their finances and personal spending
  • People who are interested in the financial and monetary field

About the author: Benjamin Franklin

Born in 1706, but Benjamin did not lead the American Revolution at that time, co-wrote the American Declaration of Independence, or become the American ambassador to France. director of poor Richard", of which "The Road to Wealth" is the preface. First published in 1758, “The Road to Wealth” has been translated into many other languages ​​and reprinted many times. Although it has been more than 250 years since its publication, Franklin's short, witty and useful aphorisms still make the book go into the minds and voices of readers around the world.

In this summary you will understand:

– Why we need to work hard and live carefully

– How to keep what we earn

- How to prevent our arrogance from leading us to debt?

Abraham's Teachings About Taxes

A crowd gathered waiting for the auction door to open. An old man was walking past it, and the crowd persuaded him to share his view of the world. It was Father Braham. He agreed to speak, but only briefly, for “one word is enough for the wise.”

Those in the crowd expressed deep concern about the tax situation at the time. Father Braham told them that government taxes are really heavy, but nothing can compare to the taxes people pay for their actions. We are taxed twice more by laziness, 3 times by arrogance, and 4 times by stupidity than any government. No state can reduce or abolish these taxes, only when they die will they be freed from them.

Father Abraham tried to change the minds of that crowd with quotes from Poor Richard's Yearbook. Witnessing that made Franklin excited, as he also admitted his work was a bit dry. But now, Franklin received an even greater reward, seeing his maxims widely used. With this pamphlet, Franklin achieved a double benefit (a great marketer) of promoting his product and making it more believable.

Work hard and never procrastinate, because time is money

(The book was written during the pre-revolutionary period in America, when the moral views of independence associated with individual responsibility were still underdeveloped. But Franklin argues that his work reflects the world in its own right. new value. In this new world, thrift is more of a success factor than any other. With a weak social structure, no class or position is safer than money.)

"Time is money". Time is our most valuable asset. We can't get back wasted time while still taking more time to complete important tasks. No matter how much time is allocated, it is never enough, use your time wisely.

Not wasting time means working hard. Work hard every day to get what you want. Wake up late and you will always have to run all day. “Going to bed early and waking up early makes us healthy, wealthy, and wise.” For lazy people, everything is difficult. If you are lazy, you will be slow and poverty will overtake you.

"Today's works should have not left till tomorrow". Get to work immediately, because you don't know what obstacles will be encountered in the future. If you just sit and worry about problems, the problems will only increase. Hard work will alleviate difficulties, whether psychological or financial. Free time is only for those who know how to use time rationally and productively. "If you're not sure for a minute, don't waste an hour."

If you want to be rich, earn and save, don't get into debt

Even if you work hard and keep a close eye on your competitors, it's pointless if you don't know how to save. It's easy to spend on fleeting needs, but when you add up small expenses, your wallet will drain, and you'll be poor again.

In front of the auction building, Father Abraham reminded the crowd that they were gathering to buy things they didn't need. "You call them commodities, but if you're not careful, they're going to be harmful to some of the people here." If you keep buying things you don't need, you'll end up selling what you need before. Honor is the source of unnecessary expenditures. A lot of people want to look flashy, but in reality they are hungry because they have no food. It is because of such self-indulgence that the elegant can also become beggars, and then have to borrow from people they don't even want to greet when they accidentally meet. If you are diligent and frugal, you will never have to borrow.

"You call them commodities, but if you're not careful, they're going to be harmful to some of the people here."

To be in debt is to give up your freedom, self-esteem, and power. You may be excited about the idea of ​​making an instant purchase and paying it off in 6 months, but during those 6 months (and possibly more), the creditor really has control over your life and matters. is different. And if you have to make a late payment, you will be embarrassed to have to meet the creditor, and you will always have to go around, make excuses, and dismiss your self-esteem for the money. When you owe money, time passes faster, less money accumulates, and of course, creditors never forget the due date.

So only buy what you really need. And what you've got, keep it.

“A lot of people, just because of their gorgeous clothes, live on an empty stomach, and half of them starve their families. Silk and satin, scarlet clothes and brocade velvet, as Richard puts it, "suppressed the kitchen fire." They are not the necessities of life, nor can they be considered conveniences. Maybe it's just because they're beautiful that many people want to own them. Man-made desires are therefore increasingly superior to natural desires. "

“You might think that, just a little tea, or a little Punch every now and then, a little bit of good food, a little bit of dress, a little fun every now and then, it's no big deal. But remember what Poor Richard said, beware of small expenses, a small leak will sink a great ark, and moreover, the fool prays, and the wise eat."