Financial Advice from the American Forefathers

In as much as we may not see them, their words of wisdom will leave with us forever. Here are some of the financial lessons left behind by our forefather which, of course, can be of great value to all of us:

“We must consult our means rather than our wishes.” – George Washington

The first American president was a General and a successful farmer. He knew how to manage all his interests and rose to become perhaps the most beloved American of all time. The quote above is just one of Washington’s favorite pieces of advice he happily dispensed out to our generation. It certainly applies to how we can effectively manage our budget with our prevailing financial situations. This implies that with the right planning, you can easily achieve whatever you desire to have. Lesson: We can’t always buy/get what we want when we want it. Therefore, set a budget and plan for the extra things.

“Remember that credit is money.” – Benjamin Franklin

As one of the American forefathers, Franklin was an all-around man—he was basically everything from a renowned politician, scientist, inventor, a civic activist who founded the first Freemasons lodge in Philadelphia, and a statesman. Indeed, the list seems endless. But it’s worth mentioning that he was also a highly successful business owner who left an indelible mark on American history. The quote essentially encourages the proper investment of borrowed money or credit for that matter. Do not just let money lie idle, instead invest it wisely to generate more money considering that money is of a prolific generating nature. Lesson: Always bear in mind that when you borrow money or on a credit account, it’s still a debt that needs to be settled. Borrow money with the full acknowledgment of the debt and use it wisely.

“A chip on the shoulder is too heavy a piece of baggage to carry through life.” – John Hancock

Famously known and remembered for his signature on the United States Declaration of Independence, John Hancock was also named as one of the richest men in the thirteen colonies. He tirelessly helped and fought for the poor and hence lived to establish a legacy worth imitating to date. This is one of the many quotes he wrote to help people approach situations with the right attitude for profitable and righteous actions at the end of it all. We can also explore it in terms of what we’re—which in most cases is because of what we make people think of us. Fame is one good example. Carrying around fame and behaving the way people expect you to can be a daunting task which amounts to a heavy chip on your shoulder. However, in our case, the chip can be likened to a heavy load of debt which can be a huge set back when it comes to achieving your goals. Lesson: You must strive to find ways to work on overcoming your debt situation as pondering about it every time without taking an action would be meaningless. Start by taking a step towards the change destination. Conclusion You may not know them; most likely, you’ve just heard about them—but the bottom line is that their benefit-rich wise quotes will forever leave with us. Take your portion and run away with it. Change your world for the better no matter your current situation.