The Pursuit of Happiness

“They who would give up essential liberty for temporary security, deserve neither liberty or security.”
– Benjamin Franklin

I wish every citizen of the United States of America could spend a few days in Philadelphia visiting the historical sites where the negotiations and decisions took place to declare independence from England in order to claim the rights of “life, liberty, and the pursuit of happiness.”

I perceive that we are currently a nation at war, an ideological war, among ourselves. And at stake is our liberty. I have two teenage daughters who still live at home; and instead of another “fun” vacation to Disneyland, I wanted to take them to the birthplace of this great nation. It was my hope that they would gain an appreciation of why so many were so willing to sacrifice so much for the ideal of “life, liberty, and the pursuit of happiness.” Especially at a time when so many in this country now seem so willing to give up their “essential liberty for temporary security.”

My daughters were not excited about using up their precious summer vacation time to do an “educational” trip. But after the Trolley tour of historic Philadelphia; the walking tour of the landmark sites (where the First Continental Congressed convened to discuss addressing the grievances with England; where the Declaration of Independence was drafted by Thomas Jefferson, Benjamin Franklin and John Adams; where the Declaration of Independence was ratified and signed; where the Declaration of Independence was first read to the people; where President George Washington took the Oath of Office; where John Adams took the Oath of Office); visiting Valley Forge (the winter encampment where General George Washington trained the troops) and Fort McHenry (in Baltimore where Francis Scott Key wrote the poem “Star Spangled Banner”) they had a change of heart and a change of attitude.

Learning about history in a classroom is good and necessary, but there is nothing like being at the sites and learning what took place on the very ground that you’re standing on. I felt a strong appreciation for the efforts and sacrifices of many men, women and children… sacrifices that I am now a beneficiary of. “We the people” are enjoying this liberty and pursuit of happiness far beyond those who made great sacrifices so that we can.

And then, to end the day in the hotel room watching the Olympics… what a treat! The United States of America is a country of great people. We are a people who, when resolved, can overcome all obstacles and rise to the occasion. Did you see the U.S. Women’s Beach Volleyball team come from behind to win a semi-final match? Did you see the Men’s Beach Volleyball team do the same? How about Michael Phelps winning his 7th Gold Medal by 1/100th of a second? And then go on to win his 8th Gold Medal. Phelps is from Baltimore and we were there night he won. Raven Stadium was full of Phelps fans to watch him. We weren’t at the stadium but we saw it on the local news.

As a country we can accomplish great things. As a U.S. citizen who has been allowed to exercise the God given right of “life, liberty, and the pursuit of happiness” you can accomplish great things. And when we work together as a team with a common resolve… we are unbeatable.

The founders of this great and independent nation pledged their lives and their fortunes to the cause of liberty and the pursuit of happiness. We are only asked to pledge our allegiance in order to enjoy the fruits of the sacrifices of so many who fought to get those freedoms and who continue to fight to preserve them. What this country needs a resurgence of national pride and a resolve to maintain the principles which our liberty and pursuit of happiness are founded upon. A good dose of that and we’d be back as the world leader in all area in no time.

Your Friend in Investing,

D. Scott Elder

“Would you live with ease, Do what you ought, and not what you please.”
– Benjamin Franklin: Statesman and Founding Father

I am a big fan of Benjamin Franklin. If you want to get into the head of one of the most brilliant men who ever lived, read Blaine McCormick’s adaptation of Franklin’s autobiography, Ben Franklin, America’s Original Entrepreneur and Walter Isaacson’s Benjamin Franklin An American Life.

My mind is on Franklin because I’m in Philadelphia with my family to visit the historic sites here. I am writing this from the Crowne Plaza Hotel located at 1800 Market Street; just a short distance from where the Declaration of Independence was signed.

I have to admit that I was concerned about watching the HBO mini-series, John Adams (based on David McCullough’s biography of John Adams). In writings about Franklin, Adams is characterized as a very smart, but also somewhat of an arrogant, person. I was concerned that in writings about Adams, that Franklin would be portrayed as the smart but arrogant one. My concerns were unfounded; in the John Adams biography, Adams remains as smart, but somewhat arrogant. And Franklin is still the brilliant statesman.

Take for example this quote above from Franklin. It appears simple and it’s a nice rhyme. But don’t under estimate the power in the meaning of this nursery-type rhyme. I can think of several other powerful quotes based on this same theme:

“The difference between a successful person and an unsuccessful person is that the successful person will do what the unsuccessful person won’t.”

“When you say yes to one thing, you’re saying no to another.”

To “live a life of ease” requires disciplining yourself to do the things that will help you achieve financial self-reliance rather than just doing what “pleases” you. Too much television, recreational activities, hanging out with your friends, etc. will result in a life-long confinement of reliance upon others for your financial needs.

Like most people, I have been reliant upon others for my financial needs. And now, having achieved financial self-reliance, I can testify that “doing what you ought” to achieve financial self-relicance is worth the effort.

Your Friend in Investing,

D. Scott Elder