Overall Thoughts
I read this book over a short flight last month. It’s a quick and easy read, but it’s full of great reminders on hustling and getting paid. This book was published in 1932 and all the advice still stands strong today.
Impactful Quotes
“You find good businessmen who save all the old envelopes and scraps, and would not tear a new sheet of paper, if they could avoid it, for the world. This is all very well; they may in this way save five or ten dollars a year, but being so economical (only on note paper), they think they can afford to waste time; to have expensive parties, and to drive their carriages, this is an illustration of Dr. Franklin’s ‘saving at the spigot and wasting at the bung-hole;’ ‘penny wise and a pound foolish.'”
Although the analogy is old, it can be applied to us in today’s world. What the author is saying here is there are too many people who think because they cheap out on certain expenses, they can afford expensive things. Don’t be that person.
“The real comforts of life cost but a small portion of what most of us can earn.”
A great reminder that when it comes to our necessities (food, shelter, clothing, etc.) most of us can easily afford them with what we make.
“Some families expend twenty thousand dollars per annum, and some much more, and would scarcely know how to live on less, while others secure more solid enjoyment frequently on a twentieth part of that amount.”
Another great reminder to do more with less, or less with more. Just because you have a lot, doesn’t mean you have to spend a lot. You can still spend for what you need, and use that money elsewhere.
“The foundation of success in life is good health: that is the substratum fortune; it is also the basis of happiness. A person cannot accumulate a fortune very well when he is sick.”
Most of us take our health for granted. If you are alive and healthy, you are already wealthy by many standards.
“There is scarcely anything that drags a person down like debt. Debt robs a man of his self-respect, and makes him almost despise himself.”
If you owe someone money, pay them back. If you have credit cards, pay them off. If you have debt, make a plan to pay it off. You will feel much better.
“‘I have discovered there is enough money in the world for all of us, if it was equally divided; this must be done, and we shall all be happy together.’
‘But, if everybody was like you, it would be spent in two months, and what would you do then?’
‘Oh! Divide again; keep dividing, of course!’
This was probably my favorite quote in the book because it is so practical and true. If you believe that sharing wealth equally will solve the troubles of economy, think again.
“There is no greater mistake than when a young man believes he will succeed with borrowed money.”
“So with the young man starting in business; let him understand the value of money by earning it. When he does understand its value, then grease the wheels a little in helping him to start business, but remember, men who get money with too great facility cannot usually succeed. You must get the first dollars by hard knocks, and at some sacrifice, in order to appreciate the value of those dollars.”
I’m glad the author addressed this topic. This is the approach many of my family members have as well and I’ve seen it work well. When you get an appreciation for hard work, you start making smarter decisions with your money.
“When a man’s undivided attention is centered on one object, his mind will constantly be suggesting improvements of value, which would escape him if his brain was occupied by a dozen different subjects at once.”
Sounds very similar to “Deep Work” and “Getting Things Done”.
“Say nothing about your profits, your hopes, your expectations, your intentions.”
In today’s terms this quote would mean stay low, and don’t talk about the moves you’re making.
You can buy “The Art of Money Getting” at this link – “The Art of Money Getting”.