By becoming more valuable you will increase your “socially perceived value;” the value society believes you provide, for this, society will owe you a debt. What is money but a social debt, it represents the value you’ve provided thus far; what society owes you. You take that social debt (i.e. money) and then purchase whatever you desire in exchange for the debt. r
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Image courtesy of Rosswell86 It has been 7 years since my graduation day and I still remember the excitement; I was relieved that the ”exam phase” of my life was over; I looked with enthusiam towards my first job. Little … r
Unless you have been living under a rock, you will know there are some major problems in the world’s financial markets at the moment. Working for a global bank, I guess you could say I have a front row seat for this debacle that in recent days has worsened with the stunning collapse of Bear Stearns.
Much of what I have read has blamed Wall Street for turning the problems related to subprime lending into a major global problem. But I also recently read this Newsweek article where a former mortgage broker shares his insights into the fraud and greed that has plagued his former industry: r
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. r
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. r
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. r