Benjamin Franklin on Financial Self-Reliance
“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