The fecund pen of Benjamin Franklin has conveyed, in the realm of personal and professional advice, numberless treasures to posterity.  Recently, while engaged in research for an upcoming translation project, I was directed to an old volume of Franklin’s writings.  In it appeared the short composition presented below. 

Franklin’s Advice to a Young Tradesman was first published in July 1748 in George Fisher’s The American Instructor:  or Young Man’s Best Companion.  Fisher’s volume, which contained practical guidance on accounting, grammar, mathematics, and other business skills, was essentially an American version of William Mather’s The Young Man’s Companion, an older British work that was printed in many editions.  When Franklin arranged the publication of Fisher’s book, he adapted Mather’s work to suit the tastes of American readers, of which he was keenly aware.  “Advice to a Young Tradesman” is, however, an original composition by Franklin.  It has all the hallmarks of his prose:  clear, lucid, concise, and unerringly practical.  Since such a gem of business advice might not be familiar to modern readers, I thought it would be useful to reproduce Franklin’s guidance in its entirety.  Every sentence of it demands thoughtful reflection.  When, we may ask, has Franklin’s advice been more desperately needed?    

ADVICE TO A YOUNG TRADESMAN

WRITTEN IN THE YEAR 1748

TO MY FRIEND, A. B.

As 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 labor, 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 expense; 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 the 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[1] a day.  For this little sum (which may be daily wasted either in time or expense 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, lest 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 shows, 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 expenses 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 expenses mount up to large sums, 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 everything.  He that gets all he can honestly, and saves all he gets (necessary expenses 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.

[Signed] AN OLD TRADESMAN.    

I feel compelled to include here another sample of Franklin’s advice related to “industry and frugality,” which appeared in Poor Richard’s Almanack in 1756.  Most editions of Franklin’s works entitle it A Plan for Saving One Hundred Thousand Pounds. 

A PLAN FOR SAVING ONE HUNDRED THOUSAND POUNDS

 As I spent some weeks last winter in visiting my old acquaintance in the Jerseys, great complaints I heard for want of money, and that leave to make more paper bills could not be obtained.  Friends and Countrymen; my advice on this head shall cost you nothing: and, if you will not be angry with me for giving it, I promise you not to be offended if you do not take it.  

You spend yearly at least two hundred thousand pounds, it is said, in European, East-Indian, and West Indian commodities.  Supposing one half of this expense to be in things absolutely necessary, the other half may be called superfluities, or, at best, conveniences, which, however, you might live without for one little year, and not suffer exceedingly.  Now, to save this half, observe these few directions.

1.  When you incline to have new clothes, look first well over the old ones, and see if you cannot shift with them another year, either by scouring, mending, or even patching if necessary. Remember, a patch on your coat, and money in your pocket, is better and more creditable, than a writ on your back, and no money to take it off.

2.  When you incline to buy Chinaware, chintzes [printed multicolor cotton fabrics], India silks, or any other of their flimsy, slight manufactures, I would not be so hard with you, as to insist on your absolutely resolving against it; all I advise is, to put it off (as you do your repentance) till another year; and this, in some respects, may prevent an occasion of repentance.    

3.  If you are now a drinker of punch, wine, or tea, twice a day, for the ensuing year drink them but once a day.  If you now drink them but once a day, do it but every other day.  If you do it now but once a week, reduce the practice to once a fortnight.  And, if you do not exceed in quantity as you lessen the times, half your expense in these articles will be saved.  

4.  When you incline to drink rum, fill the glass halfwith water.  Thus at the year’s end, there will be a hundred thousand pounds more money in your country.  If paper money in ever so great a quantity could be made, no man could get any of it without giving something for it.  But all he saves in this way, will be his own for nothing, and his country actually so much richer.  Then the merchants’ old and doubtful debts may be honestly paid off, and trading become surer thereafter, if not so extensive.  

---

[1] An old English silver coin, worth four pence.

.

.

Read more essays in the comprehensive collection, Digest:

.