The Way to Wealth (Hardcover)

by Benjamin Franklin (Author) "I HAVE heard, that nothing gives an author so great pleasure, as to find his works respectfully quoted by others..." (more)
Key Phrases: Poor Richard

Editorial Reviews

Review
washingtonpost.com Pearls From Poor Richard By Michelle Singletary Sunday, January 4, 2004; Page F01 Since I suspected some of you would be recovering from a stress- and debt-filled holiday, I decided to make the Color of Money Book Club choice for January an oldie but a goodie penned by Benjamin Franklin. This month I'm recommending Franklin's "The Way to Wealth" (Applewood Books, $9.95). At just 30 pages, this pocket-size book takes less than a half-hour to read but will give you a lifetime of financial wisdom -- that is, if you're wise enough to follow the advice. "The Way to Wealth" is an essay first published in 1758 as a preface to Franklin's Poor Richard's Almanack. The essay begins with Franklin's fictitious Father Abraham being asked to talk about taxes by a crowd waiting for an auction to start. Father Abraham, who quotes Poor Richard, lectures the consumers on topics ranging from the perils of idleness to business ownership to frugality to the dangers of debt. Franklin's most well-known quotes can be found in this essay. Here are just a few: "Early to bed and early to rise makes a man healthy, wealthy and wise." "Never leave that till tomorrow, which you can do today." "God helps those who help themselves." It is in "The Way to Wealth" that you will find Franklin's most famous maxims about money. In fact, Arthur Levitt, former chairman of the Securities and Exchange Commission, gave out copies of "The Way to Wealth" at his final investor town-hall meeting. Here's what Franklin's Father Abraham said: On the importance of saving: "If you would be wealthy, think of saving, as well as of getting. Away, then, with your expensive follies, and you will not have then so much reason to complain of hard times." These words ring so true today. In fact, if current savings patterns continue, there will be an annual shortfall of at least $45 billion by 2030 between the amount retirees need to cover basic expenses and what they have accumulated, according to a new study by the Employee Benefit Research Institute in collaboration with the Milbank Memorial Fund, a New York research foundation. For many middle-income folk, the personal shortfall could be avoided if they saved just 5 percent of their annual income every year, the authors of the study concluded. On the foolishness of always searching for a sale "Many have been ruined by buying good pennyworths . . . and yet this folly is practiced every day at auctions." Think Wal-Mart or Target: Bargain shoppers get positively giddy when boasting how they saved money on various items (I know I used to). But if you buy one item and get the second at half off, you haven't saved any money. You're still spending. "You can go broke saving money," Jeff Lychwick, one of my readers, often says. On the constant need to buy clothes and goods: "What use is this pride of appearance, for which so much is suffered? It cannot promote health, nor ease pain: it makes no increase of merit in person, it creates envy, it hastens misfortune." Father Abraham then asks the crowd "what madness it must be to run in debt for these superfluities?" How often do we all (me included) succumb to the clever marketing of stuff we don't need? "The blurring of this needs/wants distinction helps fuel our consumer society," wrote Knight Kiplinger in the January issue of Kiplinger's Personal Finance magazine. "The success of this process over the past two decades has resulted in what I call the democratizing of luxury. Today as never before, American households at virtually every income level seek products whose price, quality and prestige clearly exceed the functional need to be met." Just look at how DVDs have become an electronic "necessity." For goodness' sake, people were pushing and shoving for a chance to buy a $29 DVD player at Wal-Mart during the holiday season. Madness! On the accumulation of debt: "Think what you do when you run into debt; you give to another power over your liberty." Franklin goes on to write: "When you have got your bargain, you may, perhaps, think a little of payment; but, as Poor Richard says, creditors have better memories than debtors. . . . The day comes round before you are aware, and the demand is made before you are able to satisfy it." "The Way to Wealth" should be required reading, especially for teens and young adults -- before they get credit cards. It's no wonder Franklin is on the $100 bill. His timeless insight on money management is worth a handsome sum. Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and online at www.npr.org . Readers can write to her in care of The Washington Post, 1150 15th St. NW, Washington, D.C. 20071 or by e-mail at [e-mail] . 2004 The Washington Post Company -- Michelle Singletary "Washington Post" (01/04/2004)

Product Description
The first American book on personal finance, "The Way to Wealth" by Benjamin Franklin is still the best and wisest money book ever written. Originally published in 1758 as the preface to "Poor Richard's Almanack, " this little gem has been through innumerable printings and sold millions of copies to those in search of smart but entertaining advice about hard work, earning and saving money and debt.

As the 21st Century charges along and the current economic climate continues to send out mixed messages, Franklin's simple but wise commentary on the value of industry and frugality resonates as much for us today as it did for listeners nearly 350 years ago. Here is a sample:

- "Early to bed and early to rise makes a man healthy, wealthy and wise."

- "If you would be wealthy, think of saving, as well as of getting."

- "If you would have your business done, go; if not, send."

- "Think what you do when you run into debt; you give to another power over your liberty."

- "Creditors have better memories than debtors."

Although older than the United States itself, "The Way to Wealth" is still very popular. It is handed out by major companies and financial institutions to friends, clients, and customers and is the January, 2004 selection of "The Washington Post's" the Color of Money Book Club. As Michelle Singletary, director of the Club wrote in a column about The book, "At just 30 pages, this pocket-size book takes less than an hour to read but will give you a lifetime of financial wisdom--that is if you're wise enough to follow the advice."

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Product Details

• Hardcover: 30 pages
• Publisher: Applewood Books(MA) (September 1, 1986)
• Language: English
• ISBN-10: 0918222885
• ISBN-13: 978-0918222886
• Product Dimensions: 6.7 x 4 x 0.3 inches
• Shipping Weight: 1.6 ounces (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars See all reviews (32 customer reviews)
• Amazon.com Sales Rank: #7,290 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

32 of 34 people found the following review helpful:

5.0 out of 5 stars Creating Wealth in a Nutshell, August 28, 2002

By	D. Drews "JiveBoy4FIRE" (OR USA) - See all my reviews (REAL NAME)

This book is very good. Ben Franklin has a great style. This book is very short, but he gets to the point. Although this bookw as wriiten before the American Revolution, the suggestions are still relevant today. This book is a good little sermon on what to do if you want wealth, dont sleep all day, dont take on debt, etc. I enjoyed it. The cover and binding are very nice too.

15 of 15 people found the following review helpful:

5.0 out of 5 stars WORDS FOR THE WISE, December 12, 2003

By	William Hefner (EUREKA, CA USA) - See all my reviews (REAL NAME)

Benjamin Franklin's words are just as true today as they were 200 years ago. At only 30 pages, this book is full of lessons that seem to have fallen upon deaf ears in today's business world. You will find this volume well worth your time, and will recognize a number of popular sayings that are included therein. Franklin's wit and eloquently simple writing style is as pleasurable to read as it is informative. I highly recommend it.

27 of 30 people found the following review helpful:

1.0 out of 5 stars A Penny Saved is a Penny Earned, January 22, 2007

By	Dwayne A. Thomas "Someone who knows how to fi... (New York City) - See all my reviews (REAL NAME)

Therefore, you should earn a few pennies and not buy this volume. I say that for the following reasons:

1: The book's size (30 pages) is misleading. Not only is this a pocket sized book, but the words are pretty big. As a result, if this book were written on normal sized pages in a normal sized font, it would likely be less than five pages. I breezed through it in less than 1/2 an hour.
2: As this essay is part of a larger work (Poor Richard's Almanack), paying $9 for the first few pages when you can buy the whole thing for a few dollars more makes no sense.
3: This work is in the public domain. In fact, I ran a search on "way to wealth benjamin franklin" and found the entire text online in a number of places, including Wikipedia and the Department of State's website. And considering the brevity of the work, if this is all you want, you can just print it.

I only recommend buying this book if and only if you have read the essay and you have decided you would like to have this essay on your bookshelf, something I've done with other books.