The Way to Wealth (2)/Advice to a Young Tradesman
ADVICE TO A YOUNG TRADESMAN.
Remember that time is money. He that can earn 10s, aday by his labour, and goes abroad, or sits idle one half of that day, though he spends but 6d. during his diversion or idleness, ought not to reekon that the only expense; he has really spent, or rather thrown away, 5s. besides.
Remember that credit is money. If a man lets his money lie in my hands after it is due, he gives me the interest, or so much as I can make of it during that time. This amounts to a considerable sum where a man has good and large credit, and makes good use of it.
Remember that money is of a prolific generating nature. Money can beget money, and its offspring can beget more, and so on:—5s. turned is 6s.; turned again it is 7s. 3d.; and so on till it becomes £100. The more there is of it the more it produees every turning, so that the profits rise quicker and quicker. He that kills a breeding sow, destroys all her offspring to the thousandth generation. He that murders a crown, destroys all that it might have produced, even scores of pounds.
Remember that £6 a-year is but a groat a-day. For this little sum, (whieh may be daily wasted either in time or expense, unperceived,) a man of eredit may on his own seeurity, have the constant possession and use of £100. So much in stock, briskly turned by an industrious man, produces great advantage.
Remember this saying,—"The good paymaster is lord of another man's purse." He that is known to pay punctually and exactly to the time he promises, may at any time, and on any occasion, raise all the money his friends can spare. This is sometimes of great use. After industry and frugality, nothing contributes more to the raising of a young man in the world, than punctuality and justiee in all his dealings; therefore, never keep borrowed money an hour beyond the time you promised, lest a disappointment shut up your friend's purse for ever.
The most trifling actions that affect a man's credit are to be regarded. The sound of your hammer at five in the morning or nine at night, heard by a creditor, makes him easy six months longer; but if he sees you at a billiard table, or hears your voice at a tavern, when you should be at work, he sends for his money the next day; demands it before he can receive it in a lump.
It shows, besides, that you are mindful of what you owe; it makes you appear a careful as well as an honest man, and that still increases your credit.
Beware of thinking all your own that you possess, and of living accordingly. It is a mistake that many people who have credit fall into. To prevent this, keep an exact account, for some time, both of your expenses and your income. If you take the pains at first to mention particulars, it will have this good effect, you will discover how wonderfully small trifling expenses mount up to large sums, and will discern what might have been, and may for the future be saved, without occasioning any great inconvenience.
In short, the way to wealth, if you desire it, is as plain as the way to-market. It depends chiefly on two words, industry and frugality; that is, waste neither time nor money, but make the best use of both. Without industry and frugality nothing will do, and with them every thing. He that gets all he can honestly, and saves all he gets, (necessary expenses excepted,) will certainly become rich—if that Being who governs the world, to whom all should look for a blessing on their honest endeavours doth not, in his wise providence, otherwise determine.
An old Tradesman.
1748.