The Way To Wealth

“The Way To Wealth” is an essay from Poor Richard’s Almanac that Benjamin Franklin wrote in 1757.  The essay is a collection of Franklin’s sage advice on the subject of work ethics and frugality, which Franklin viewed as the way to wealth.

Several of Franklin’s most famous quotes appeared in “The Way To Wealth Essay.” Combine these with a few other steps, and you have a path that paves the way to wealth.

The way to wealth steps that I believe are essential are

1.  Rewrite your belief system.  You have to give up what you think can and can’t be done.

The worst thing you can do along the way to wealth is “face facts.”  Never face facts.  Believe that you can do what’s never been done.  Believe that what you want is possible.  Believe that you can be as wealthy as you want to be.

2.  Remove failure from your vocabulary.  You’ll never get wealthy if you accept failure. 

Feeling like you’re a failure will stop you faster than pretty much anything.  The way to wealth can be long and arduous.  You won’t have the strength to walk the path if you think about any past “failures.”

You must see any effort that didn’t work out as you like (notice I didn’t say “failure”) as part of the learning curve.  Every action and result is simply more information. 

Now, to these two steps, add Franklin’s advice:

1.  Franklin wrote, “There are no gains, without pains.”  In other words, the path way to wealth will have some bumps.  You will stumble, and you will fall.  It will hurt at times.

No path is perfectly smooth.  If you want easy wealth, you might want to find a way to get to an alternate universe.  Easy wealth is rare in our world.

Accept that the way to wealth requires some struggle and pain.  When you can accept that part of the process, you’ll be more likely to keep persevering when the going gets tough.

2.  “One today is worth two tomorrows,” Franklin wrote.  In other words, procrastination is not the way to wealth. 

You’re not going to create the financial freedom you want if you don’t take action.  Take action NOW.

3.  "Time is money,” says Franklin.  He’s right.  The biggest investment you can make in your own wealth creation is your time.  You must prioritize your time and allot a large amount to whatever business endeavor you choose. 

Many people get into home businesses because they think they can work an hour or two a day and get rich.  The truth is that any business opportunity that promises great wealth with just a few hours of work a week is a rip off.  Don’t fall for ridiculous claims.  Invest your time, and then enjoy your financial freedom. 

4.  "Sloth, like rust, consumes faster than labor wears, while the used key is always bright,” Franklin quips.  Laziness is draining.  Avoiding the work you need to do will not make you feel better.  It will leech energy from your mind, body and spirit.

True wealth comes from passionate action.  The more you DO, the more wealth and fulfillment you’ll have.

5.  “The eye of a master will do more work than both his hands," Franklin wrote.  This is about vision and focus.  The way to wealth requires that you have a vision of what you want to achieve and you keep your focus on that vision. 

Without a destination (vision) in mind, all the work in the world won’t pay off for you.  You must see where you’re headed.  Aim for the lifestyle you want to live.  Figure out the amount of money necessary to live it, and keep that amount in your mind’s eye as you work.

And there you have the seven steps of the way to wealth.

Apply these steps to any business or career or project, add a millionaire mindset, and you CAN achieve the financial success you desire.

By the way, another of Franklin’s famous quotes, the one from which the title of my book, Healthy, Wealthy, & Wise is drawn, is "Early to bed, and early to rise, makes a man healthy, wealthy and wise.”  I never was a fan of this advice, but I’ve found over the years that it has a lot of truth. 

When you get an early start on the day, more possibility tends to come your way.  Try getting up early—but do it with an enthusiastic attitude. 

rolling, you’re sure to be on the way to wealth.