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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