Money wisdom from the Founders

As Independence Day was celebrated here in America, it is important to also consider financial independence. Our Founders offered insight into political independence, of course, but many of them also had some very wise things to say about money. As you consider the freedoms we enjoy over a brat or two, and set off a few patriotic fireworks, ruminate for a few minutes on what the Founders had to say about achieving financial freedom:

Benjamin Franklin: Founder of Pithy Money Sayings

Benjamin Franklin had a wealth of advice to offer on several subjects. Money was just one of them, including the famous, “A penny saved is a penny earned.” Ben Franklin actually wrote an entire book on money called Way to Wealth. Here are some of the gems from that publication:

Diligence is the mother of good luck.

Beware of little expenses; a small leak will sink a great ship.

He that goes a borrowing goes a sorrowing.

When you have bought one fine thing you must buy ten more, that your appearance maybe all of a piece.

When you run in debt; you give another power over your liberty.

Get what you can, and what you get hold.

Want of care does more damage than want of knowledge.

Be ashamed to catch yourself idle.

Early to bed, and early to rise, makes a man health, wealthy, and wise.

Drive thy business, let not that drive thee

Ben Franklin also offered a great observation on compound interest in his Advice to a Young Tradesman, Written by an Old One: “Remember that Money is of a prolific generating Nature. Money can beget Money and its Offspring can beget more, and so on.”

More Money Wisdom from Other Founders

While Ben Franklin is definitely one of our most well-known Founders and free with the advice, others have provided us with words of money wisdom:

“Learning is not attained by chance, it must be sought for with ardor and attended with diligence.” — Abigail Adams.

“I know nothing more important to inculcate into the minds of young people than the wisdom, the honor, and the blessed comfort of living within their income.” “I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a

money aristocracy that has set the government at defiance.”– Thomas Jefferson

“All the perplexities, confusion and distress in America arise not from the defects of the Constitution, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit and circulation.” — John Adams

“Few men have virtue to withstand the highest bidder.” — George Washington

“We are not weak if we make a proper use of those means which the God of Nature has placed in our power.” — Patrick Henry

Finally, I’d like to close with a quote from someone who wasn’t a founder, but still had interesting insights into human nature and money:

“It is an unfortunate human failing that a full pocketbook often groans more loudly than an empty stomach.” — Franklin D. Roosevelt

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