Wisdom-Trek Day 37 – (Part 5) Wisdom from Ben Franklin

Wisdom-Trek / Creating a Legacy

Welcome to Day 37 of our Wisdom-Trek, and thank you for joining me.This is Guthrie Chamberlain, Your Guide to Wisdom.Wisdom from Ben Franklin - Part 5

Thank you for joining us for our 7 day a week, 7 minutes of wisdom podcast.  This is Day 37 of our Trek, and in honor of Independence Day in the United States, Friday we started a 5-day series of episodes during which we are consulting one of our founding fathers, Benjamin Franklin, who was known for his wisdom and practical sage advice.  Today we are finishing up that series.

Today we are recording our podcast from our studio at The Big House in Marietta, Ohio.  We are looking forward to being back at Home2 for about 12 days to work on some projects there before returning to The Big House in Mid-July for a little over three weeks.  We have a lot planned for the remainder of the summer, and my hope is that you are living life to the fullest also. Regardless of what you may have planned, make sure you plan to enjoy every moment. Life slips by all too quickly for us.

On our Trek today, we finish up our examination of the 85 practical tips written by Benjamin Franklin called The Way of Wealth. In order to keep our daily Wisdom-Trek near the 7 minute length, I have split up the remaining tips over the past two days, so this series is one day longer than expected.  I hope you don’t mind. I want to keep our daily wisdom nuggets short and digestible. So, let’s venture on our trail today as we examine steps 72-85.

When consumed regularly like nutritional supplements, these nuggets of truth and wisdom will enhance our bodies and minds. This will allow us to live in such a manner that we will be creating a living legacy each day.

72. Lying rides upon debt’s back. – As we think about our hiking analogy, debt becomes our heavy backpack. But, instead of the backpack being filled with the essential gear needed to make our Trek both safe and enjoyable, it is filled with useless items and rocks that weigh us down, providing little benefit. We then have to lie to ourselves and others to justify the burdensome life that we have chosen when we decide to borrow needlessly.
73. ‘Tis hard for an empty bag to stand upright. – If your life is an empty shell without value and substance, then it is difficult to stand strong when the winds of life blow. We need to have a strong internal compass, a moral code and values that we live by. We must have integrity and never compromise it. Proverbs 10:9 reminds, "People with integrity walk safely, but those who follow crooked paths will be exposed."
74. Creditors have better memories than debtors. – If you borrow money, never lie to yourself that you won’t have to pay it back or that your loan somehow will be forgiven. Although we may conveniently forget, those that loan the money to us will not.
75. The borrower is a slave to the lender, and the debtor to the creditor. – Now old Ben took this one straight from the Bible. Any time you put yourself into subjection of another person or organization for any purpose, you voluntarily become their slave or bond servant. To my knowledge, no one can ever be forced to borrow money. You may feel you have no choice, but that is one of the lies that we tell ourselves. We may choose to borrow, or we can choose to radically change our lives to a new paradigm and not borrow the money.  Proverbs 22:7 indicates, "Just as the rich rule the poor, so the borrower is servant to the lender."
76. Disdain the chain, preserve your freedom, and maintain your independency. Be industrious and free; be frugal and free. – Debt becomes a chain that binds so that we are no longer free. [spp-tweet "To be free and remain independent, work a lot and spend a little."] There is no alternative.
77. Poverty often deprives a man of all spirit and virtue. – Poverty is often more a mindset than a reality. You can have very little as far as material means, and yet be vibrant and alive. If you are in poverty, especially if it is of your own doing, then it will drain you of your dignity and strength.  The good news is that no one has to remain in that state. Today can be the beginning of a new way of living.
78. Creditors are a superstitious sect, great observers of set days and times. – If you have ever been in financial trouble, you know all too well that the creditors never forget what day it is. When it is time to collect, they never miss a deadline.
79. Those have a short Lent who owe money to be paid at Easter. – When you know a payment is coming due and you do not have the money to make the payment, then it is hard to enjoy the seasons of life. Start the change today so when the times of celebration come, you can choose to enjoy them without burden.
80. For age and want, save while you may; no morning sun lasts a whole day. – One principle that is lost on many in today’s society in both business and personal life is that neither the good times nor the bad will last forever. If you have a prosperous season in life, save back some of the gain because the difficult times will come when you need the reserve. [spp-tweet "Life is like the seasons of a year. It will go through cycles. Be prepared."]
81. Gain may be temporary and uncertain, but ever while you live, expense is constant and certain. – You will have times of plenty and times of want. Prepare during the times of plenty, so you can survive the times of want. Then you can rest with ease, knowing that you will survive.
82. 'Tis easier to build two chimneys than to keep one in fuel. –Building something has a start and end date, and usually a fixed cost. Too many times, we do not count the on-going cost of what we spend. I have seen many a person buy a house because they could afford the payment, but as soon as on-going maintenance starts, then they can no longer afford to maintain it. They become a slave to what they purchased.
83. Rather go to bed supperless than rise in debt. – We need to be willing to sacrifice today so that we can have a better, more solid tomorrow. Easy credit has tainted our logic into thinking that we need to have everything now. Don’t fall into this trap.
84. Get what you can, and what you get hold; 'tis the stone that will turn all your lead into gold. – This is in reference to the Alchemists in the Middle Ages who used to think there was a kind of stone that they could use to turn lead into gold. This imaginary stone was called "the Philosopher's Stone." For a practical application it means work hard today accumulating the stones in life which are of little value, and then hold onto those stones over a long period of time. [spp-tweet "Even the smallest amounts saved will start the accumulation of wealth slowly."]  With time, the stones that we have worked so hard to collect will end up being our gold.
85. Money has never made man happy, nor will it…There is nothing in its nature to produce happiness. The more of it one has, the more one wants. – Our happiness and satisfaction in life will never come from money nor the things money can buy. That is why is it not wise to go in debt to purchase stuff.  Money in itself is not the problem. It is our focus on money. Money gives us choices. It allows us to have a greater impact on our world for good. But, borrowed money provides neither.  1 Timothy 6:10 admonishes, "For the love of money is the root of all kinds of evil. And some people, craving money, have wandered from the true faith and pierced themselves with many sorrows."

 

Well, that will finish our podcast for today. If you missed any of our previous podcasts, please check out Wisdom-Trek on iTunes, Stitcher, Sound Cloud or Wisdom-Trek.com. Tomorrow we will discover the secret sauce to success, and I have to tell you it’s not found at McDonalds or Burger King.

So, please check into our "camp" tomorrow for another day on our Wisdom-Trek, Creating a Legacy.

If you enjoy our daily doses of wisdom, I encourage you to help us in the following four ways:

1. Leave us feedback about the podcast on Wisdom-Trek.com.
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Thank you!

The journal from this podcast can be found at Wisdom-Trek.com, where we also have wisdom nuggets and free resources.

As we take this Trek together let us always:

1. Live Abundantly (Fully)
2. Love Unconditionally
3. Listen Intentionally
4. Learn Continuously
5. Lend Generously
6. Lead with Integrity
7. Leave a Living Legacy Each Day

This is Guthrie Chamberlain reminding you to Keep Moving Forward, Enjoy the Journey, and Create a Great Day! See you tomorrow!