Ben Franklin was America’s original Frugal Guru. When you create a profitable, frugal business, you’ll be seeing his face on the stacks of $100 bills your business earns each day.
He shared his wisdom about saving time and money, spending, saving, budgeting, and debt.
Benjamin Franklin Quotes on Debt
Franklin called debt “a species of slavery.”
Rather go to bed supperless, than run in debt for a breakfast.
As usual, he was using the specific to explain the general. Learning how to be patient, to wait before spending, and making sure you have the money is a key Frugal Business principle.
Benjamin Franklin Quotes on Value
I conceive that great part of the miseries of mankind are brought upon them by false estimates they have made of the value of things.
This saying of Franklin speaks to me about the principle of abundance. This principle says that there’s enough for everyone, and that the value of the relationship, in the long run, is greater than any win you might make or cost you might cut.
Benjamin Franklin Quotes on Time and Money
Time is money.
Lost time is never found again.
You may delay, but time will not.
I wonder if Franklin ever had to figure out the “do-it-yourself or hire” dilemma and the trade-off between time and money.
This problem is central to the life of a small business owner. Losing the time it takes to figure out how to set up a website is never found again.
Everyone has to figure this one out for themselves, and it’s a value question.
Money has never made man happy, nor will it. There is nothing in its nature to produce happiness. The more of it one has the more one wants.
Benjamin Franklin Quotes on Budgeting and Saving
“[K]eep an exact Account for some Time of both your Expences and your Incomes. 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 Sums….”
The “particulars” are the small “trifling” expenses that, as Franklin said, add up quickly.
If you know how to spend less than you get, you have the philosopher’s stone.
Keep track of small things Beware of little expenses. A small leak will sink a great ship.
If you would know the value of money, go and try to borrow some.
Remember that credit is money.
“Waste not, want not.”
When in doubt, don’t.
Necessity never made a good bargain.