Are you tired of living paycheck to paycheck? Do you wish you knew the secrets to turn a small investment into a fortune? Well, you’re in luck because, in this video, we’ll explore the financial wisdom of one of America’s most renowned figures: Benjamin Franklin. Not only was he a founding father and signatory of the Declaration of Independence, but he was also a successful author and businessman with a wealth of knowledge on the subject of finance. In fact, his books on wealth and success have inspired and guided billionaires like Warren Buffet and Richard Branson. So, if you’re ready to learn how to turn $100 into $1M, stay tuned until the end of this video.
Benjamin Franklin wrote something incredible more than 250 years ago. He combined a bunch of proverbs about wealth and success from his annual Poor Richard’s Almanack, which he wrote under the pen name Richard Saunders for 25 years. This essay was published in 1758 as a preface to the Almanack and was later called The Way to Wealth. And get this – it has been translated into over 100 languages! The way to wealth, according to Franklin, is all about not allowing poverty to multiply. He lays out a path to wealth in his writing, and it’s pretty impressive. Franklin was quite the trickster, and he and Ken’s thoughts can help you forget the lack of money forever. Want to learn more? Keep watching!
“If a man does not know how to keep what he has earned, he may work all his life without rest and die without keeping even a four-pence coin. The rich table leaves a meager bequest. So if you want to be rich, think about saving as much as you think about earning.”
It’s about more than just earning a lot of money. It’s about what you do with it. Take the advice of author Rumi Sethi, who wrote the bestseller “I Will Teach You to Be Rich.” He says that millionaires don’t just rely on one source of income; they diversify and invest wisely. In fact, they invest an average of 20% of their income each year. But, and here’s the kicker, their wealth isn’t just determined by how much they earn each year but by their smart savings and investments over time. So, start paying yourself first and invest as early as possible. Then, your money will start working for you instead of the other way around! Remember, it’s always early enough to start building wealth.
“Taxes are indeed very high, but we have many other taxes that are much heavier for some of us. We pay twice as much tax for our idleness, three times for our pride, and four times as much for our stupidity.”
Franklin was just seven when he learned a valuable lesson about money. He spent all his savings on a whistle that made a delightful sound without even trying to negotiate the price. Naturally, his loved ones were not impressed, and they pointed out that he could have bought four whistles for the same amount of money. This story might seem simple, but it holds a profound truth about financial management. It’s all about psychology and mindset.
To get rich, you must start thinking like the rich. They are not afraid of taking risks and see money as a friend, not an enemy. Millionaire Steve Sebold, who made his fortune alone, says, “The path to wealth begins with changing the way we think about making money.” It’s not about how much you earn but how much you save and invest.
One of the fundamental principles of wealth creation is to pay yourself first. That means putting some of your income into savings and investments before spending any money. The earlier you start investing, the better because time is on your side. The famous investor Warren Buffet once said, “Someone is sitting in the shade today because someone planted a tree a long time ago.”
So if you want to stand out from the crowd and achieve financial success, start by changing your mentality. Be less lazy, less proud, and more intelligent. Get rid of the things worth more than the money that goes into your IRA or savings account. And remember, anyone can become rich if they have the right mindset and take action.
“Laziness makes everything hard, and diligence makes it easy. Those who get up late run through the day and barely finish their work by night, while laziness weaves so slowly that poverty soon catches up. Whoever goes to bed early and gets up early is always healthy, rich, and smart.”
Benjamin Franklin’s success wasn’t handed to him on a silver platter. In fact, it took him over ten years of hard work and dedication to transform from a vagabond and apprentice in London to a successful business owner. Nevertheless, his work ethic was unparalleled, and he viewed his work as an opportunity for personal and professional growth. This mentality is shared by many successful people who spend long hours at work to achieve their goals.
Research by Thomas Corley found that 86% of millionaires work an average of 50 hours a week or more and are generally satisfied with their workload. In fact, most millionaires wake up before sunrise to gain extra time to work on their projects. This extra effort and dedication can make all the difference in achieving success.
It’s clear that hard work and perseverance are key ingredients to success. Just like Benjamin Franklin and other successful people, you too can achieve great things if you’re willing to put in the effort and work smart.
“You might think that a little tea or a punch now and then more expensive food, nicer dresses, and a little entertainment don’t make much difference to your wallet. But remember, small savings create big capital. Beware of small expenses. A small leak can sink a big ship.”
We’ve all heard the saying, “the little things add up,” and when it comes to managing our money, that couldn’t be more true. It’s easy to fall into the trap of spending money on small things that seem insignificant, but over time, they can add up. Financial consultant David Bach suggests writing down all your weekly expenses to see where you can cut back and redirect that money into savings or investments. And if you can find an extra $100 a day to save, you can take advantage of the miracle of compound interest.
But saving money is only part of the equation for building wealth. Luck may play a role, but perseverance sets successful people apart. Benjamin Franklin knew this well and said, “Perseverance is the biggest contributor to shaping your own luck.” Success takes effort and a strong desire to overcome obstacles and improve oneself. So it’s not enough to simply desire wealth; that desire can be the fuel to propel you forward on your journey to success.
And when it comes to overcoming obstacles, remember that every challenge presents an opportunity to learn and grow. The more we overcome, the more self-confident we become, and the better we manage our self-organization. Without these skills, this allows us to accomplish more in a week than a year.
So, remember, it’s the little things that add up, but with perseverance and a strong desire to succeed, you can overcome any obstacle and achieve your financial goals.
That’s all for today. This video has inspired you to take action toward your own financial goals. What can you learn from Benjamin Franklin’s story to help you in your life and career? So think about it and take action today.
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