Works of the late Doctor Benjamin Franklin/Advice to a young Tradeſman
ADVICE TO A YOUNG TRADESMAN.
WRITTEN ANNO 1748.
At you have deſired it of me, I write the following hints, which have been of ſervice to me, and may, if obſerved, be ſo to you.
REMEMBER that time is money. He that can earn ten ſhillings a day by his labour, and goes abroad, or ſits idle one half of that day, though he ſpends but ſixpence during his diverſion or idleneſs, ought not to reckon that the only expence; he has really ſpent, or rather thrown away, five ſhillings beſides.
Remember that credit is money. If a man lets his money lie in my hands after it is due, he gives me the intereſt, or ſo much as I can make of it during that time. This amounts to a conſiderable ſum where a man has good and large credit, and makes good uſe of it.
Remember that money is of a prolific generating nature. Money can beget money, and its offspring can beget more, and ſo on. Five ſhillings turned is ſix; turned again, it is ſeven and three-pence; and ſo on till it becomes an hundred pounds. The more there is of it, the more it produces every turning, ſo that the profits riſe quicker and quicker. He that kills a breeding ſow, deſtroys all her offspring to the thouſandth generation. He that murders a crown, deſtroys all that it might have produced, even ſcores of pounds.
Remember that ſix pounds a year is but a groat a day. For this little ſum (which may be daily waſted either in time or expence, unperceived), a man of credit may, on his own ſecurity, have the conſtant poſſeſſion and uſe of an hundred pounds. So much in ſtock, briſkly turned by an induſtrious man, produces great advantage.
Remember this ſaying, "The good paymaſter is lord of another man's purſe." He that is known to pay punctually and exactly to the time he promiſes, may at any time, and on any occaſion, raiſe all the money his friends can ſpare. This is ſometimes of great uſe. After induſtry and frugality, nothing contributes more to the raiſing of a young man in the world, than punctuality and juſtice in all his dealings: therefore never keep borrowed money an hour beyond the time you promiſed, left a diſappointment ſhut up your friend's purſe for ever.
The moſt trifling actions that affect a man's credit are to be regarded. The ſound of your hammer at five in the morning, or nine at night, heard by a creditor, makes him eaſy ſix months longer: but if he ſees you at a billiard table, or hears your voice at a tavern, when you ſhould be at work, he ſends for his money the next day; demands it before he can receive it in a lump.
It ſhews, beſides, that you are mindful of what you owe; it makes you appear a careful, as well as an honeſt man, and that ſtill increaſes your credit.
Beware of thinking all your own that you poſſeſs, and of living accordingly. It is a miſtake that many people who have credit fall into. To prevent this, keep an exact account, for ſome time, both of your expences and your income. If you take the pains at firſt to mention particulars, it will have this good effect; you will diſcover how wonderfully ſmall trifling expences mount up to large fums, and will diſcern what might have been, and may for the future be ſaved, without occaſioning any great inconvenience.
In ſhort, the way to wealth, if you deſire it, is as plain as the way to market. It depends chiefly on two words, induſtry and frugality; that is, waſte neither time nor money, but make the beſt uſe of both. Without induſtry and frugality nothing will do, and with them every thing. He that gets all he can honeſtly, and ſaves all he gets (neceſſary expences excepted), will certainly become rich—if that Being who governs the world, to whom all ſhould look for a bleſſing on their honeſt endeavours, doth not, in his wiſe providence, otherwiſe determine.