In honor of the 250th anniversary of the Declaration of Independence, I visited a library and museum last week because they have an exhibition of some important materials relating to the nation’s history and founding. The centerpiece was a rare copy of the Declaration of Independence. Seeing a copy in person has a different effect than reading it in a textbook. It makes the ideas, risks, and personalities behind the founding feel much more immediate. The gift store (I love visiting gift stores at museums) had many books available for purchase. I was drawn to Ben Franklin, of course, one of the signers of the Declaration, and his book The Way to Wealth. It is built around practical wisdom for achieving financial stability, personal independence, and a respected life. Though written in the 18th century, many of the ideas still feel current. Few figures from that era combined practicality, humor, diplomacy, invention, and self-improvement as he did. His work often feels surprisingly modern.
“The Way to Wealth” is one of Franklin’s most enduring pieces. Originally published in 1758 as the preface to Poor Richard’s Almanack, it gathers many of his sayings about discipline, frugality, industry, and financial independence. Lines like:
“Diligence is the mother of good luck.” and “The way to wealth is as plain as the way to market. It depends chiefly on two words: industry and frugality.”
Franklin viewed financial habits not just as money management, but as a form of character and personal freedom. One of Franklin’s strongest themes is frugality. He argued that people often fail financially not from lack of income, but from unnecessary spending.
“Beware of little expenses; a small leak will sink a great ship.”
Small, repeated expenses can quietly undermine financial security. Overspending is the most common issue I see in my counseling. Keep track of your expenses and contact me if you would like practical ways to do so.