Image courtesy of Roy Lichtenstein

With the economy being as tough as it is, and so many people struggling to find work, including many who will read this, it’s very easy to fall into a dark hole of depression and despair.  How will I find another job… when will I find another job?  How will I pay the bills, feed my kids, afford the rent? When will this economy improve… will it EVER improve? As we spend hour upon hour on Craigslist and other sites searching for jobs, sending our resumes into a black hole called the internet, these are the questions that crowd our minds.

Then, of course, there is the interview process.  Our hopes held high with that first phone call: “We were looking over your resume and really like what we see…” only to be shattered later with the second or third call (or better yet, a very impersonal email): “After going through the interview process, we have decided to go with another candidate whose skill set best fits the qualifications of the position.  We wish you the best of luck in your on-going search for employment.”

It’s almost worse than getting laid-off.  Rejection is never easy.  Uncertainty never comfortable.  Unemployment never fun.  Or is it?  Could it be?  If we looked at it from a different perspective, is it possible to find an upside in all of this?

Maybe so.

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“Abundance” – courtesy of Geeart.com

If you don’t read any other book this decade on financial prosperity, you must read “The Science of Getting Rich.”  The Science of Getting Rich is a great (short) book which was written by Wallace D. Wattles back in 1910. It provides a basic roadmap teaching on how anyone can become financially free.

I will briefly share with you the major points of the book in this article.

The book starts off discussing how there are:

• Smart people that are rich, and
• Blockheads that are rich
• Intellectually brilliant people that are rich, and
• Mentally slothful people that are rich
• Big spenders that are rich, while
• Many frugal people remain in poverty

The authors point in making these observations is to note that riches are not contributable to luck, the right family, or the right neighborhood; but something else.

This article will recap the basic principles taught in “The Science of Getting Rich,” so that you can start practicing the science today, even if you’re a blockhead.

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“Would you tell me which way I ought to go from here?” asked Alice.

“That depends a good deal on where you want to get,” said the Cat.

“I really don’t care where” replied Alice.

“Then it doesn’t much matter which way you go,” said the Cat.

- Quote from the Alice in Wonderland Movie

My brother called me the other day and asked me for some advice?  He was trying to decide between two job offers:

Job 1 – The first job was your typical 40 hour a week “office” job.

Job 2 – The second job was more of a career in the insurance industry, where he would start at the bottom, and after many years and many long hours eventually rise to the top (if he was good).  The second job did not pay as well as the first job (initially), but the potential pay-off of the second job was much greater than the first job.

So which job should my brother take?  Well the answer is…it depends.

Just like the Cat was trying to tell Alice, which road you take depends a great deal on where you want to end up.

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Image courtesy of Stephen Barnwell.

I was in an “on-line forum” the other day when someone asked the question, “How do you increase your income?” The person asking the question was no longer working their “day-job,” and was seeking to make money in other ways.

This person was making a few dollars each week teaching kids how to play basketball, but was looking to make additional money.

The Solution

In order to increase your income, you must increase your value; “YOU” must become more valuable.

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Franklin ended the Way to Wealth with this ironic statement:

The people heard it, and approved the doctrine, and immediately practiced the contrary, just as if it had been a common sermon; for the vendor opened, and they began to buy extravagantly, notwithstanding all his cautions.

Franklin knew that knowing the right way to live is much easier than living the right way. Being industrious and frugal each and every day is a tough task, one that most people will never master. It takes an enormous amount of self-discipline and perseverance to become wealthy and successful. Most people who read these posts and the Way to Wealth will agree with the advice but will soon forget it and go on making foolish decisions. This isn’t going to change; people can’t be helped that don’t want to help themselves.

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The second section of the Way to Wealth imparts the importance of frugality. It isn’t enough just to earn money, you have to be smart about what you do with it. In this collection of sayings Franklin describes how a lack of frugality will cause financial ruin and describes the temptations that lead people to spend foolishly.

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Anyone who has tried to find financial advice on the web has encountered nothing but scams. “Invest with me, buy this book, use my AdSense secrets, and you will be making easy money in no time.” It is all garbage. Those who want solid advice to live by would be well served to consult The Way to Wealth by Benjamin Franklin. In a few paragraphs Franklin wittily transmits the wisdom the made him a fortune and one of America’s greatest fathers. Beware: there are no secrets or short cuts, only common sense.

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