Wisdom from Ben Franklin's "Poor Richard's Almanac"

Benjamin Franklin’s adages in "The Way to Wealth" teach us that success is just the consistent application of hard work and thrift. Despite what late night infomercials claim, the principles to success haven’t changed much in 200 years. Below, I’ve collected all the maxims from The Way to Wealth in one list. Read through them, pick out a few favorites, and memorize them. They’re perfect for keeping you focused on becoming the most successful person you can be. Enjoy!

1. God helps them that help themselves
2. Sloth, like rust, consumes faster than labor wears, while the used key is always bright
3. Dost thou love life, then do not squander time, for that’s the stuff life is made of
4. The sleeping fox catches no poultry
5. There will be sleeping enough in the grave
6. Wasting time must be the greatest prodigality
7. Lost time is never found again
8. Time-enough, always proves little enough
9. Sloth makes all things difficult, but industry all easy
10. He that riseth late, must trot all day, and shall scarce overtake his business at night
11. Laziness travels so slowly, that poverty soon overtakes him
12. Drive thy business, let not that drive thee
13. Early to bed, and early to rise, makes a man healthy, wealthy and wise.
14. Industry need not wish
15. He that lives upon hope will die fasting
16. There are no gains, without pains
17. He that hath a trade hath an estate
18. He that hath a calling hath an office of profit and honor
19. At the working man’s house hunger looks in, but dares not enter
20. For industry pays debts, while despair encreaseth them
21. Diligence is the mother of good luck
22. Plough deep, while sluggards sleep, and you shall have corn to sell and to keep
23. One today is worth two tomorrows
24. Have you somewhat to do tomorrow, do it today
25. Be ashamed to catch yourself idle
26. Let not the sun look down and say, inglorious here he lies
27. The cat in gloves catches no mice
28. Constant dropping wears away stones
29. Diligence and patience the mouse ate in two the cable
30. Little strokes fell great oaks
31. Employ thy time well if thou meanest to gain leisure
32. Since thou art not sure of a minute, throw not away an hour
33. A life of leisure and a life of laziness are two things
34. Trouble springs from idleness, and grievous toil from needless ease
35. Many without labor would live by their wits only, but they break for want of stock
36. Industry gives comfort, and plenty, and respect: fly pleasures, and they’ll follow you
37. Keep the shop, and thy shop will keep thee
38. If you would have your business done, go; if not, send
39. The eye of a master will do more work than both his hands
40. Want of care does us more damage than want of knowledge
41. Not to oversee workmen is to leave them your purse open
42. In the affairs of this world men are saved not by faith, but by the want of it
43. Learning is to the studious, and riches to the careful
44. He that by the plough would thrive, Himself must either hold or drive.
45. If you would have a faithful servant, and one that you like, serve yourself
46. A little neglect may breed great mischief
47. For want of a nail the shoe was lost; for want of a shoe the horse was lost, and for want of a horse the rider was lost
48. A man may, if he knows not how to save as he gets,keep his nose all his life to the grindstone, and die not worth a groat at last
49. If you would be wealthy, think of saving as well as of getting
50. What maintains one vice, would bring up two children
51. Beware of little expenses; a small leak will sink a great ship
52. Who dainties love, shall beggars prove
53. Fools make Feasts, and wise men eat them
54. Buy what thou hast no need of, and ere long thou shalt sell thy necessaries
55. At a great pennyworth pause a while: he means, that perhaps the cheapness is apparent only, and not real
56. Many have been ruined by buying good pennyworths
57. ‘Tis foolish to lay our money in a purchase of repentance
58. Wise men learn by others’ harms, fools scarcely by their own
59. Silks and satins, scarlet and velvets put out the kitchen fire
60. A ploughman on his legs is higher than a gentleman on his knees
61. Always taking out of the meal-tub, and never putting in, soon comes to the bottom
62. When the well’s dry, they know the worth of water
63. If you would know the value of money, go and try to borrow some
64. He that goes a borrowing goes a sorrowing
65. Pride is as loud a beggar as want, and a great deal more saucy
66. ‘Tis easier to suppress the first desire than to satisfy all that follow
67. Pride that dines on vanity sups on contempt
68. Pride breakfasted with plenty, dined with poverty, and supped with infam
69. The second vice is lying, the first is running in debt
70. But what madness must it be to run in debt for these superfluities!
71. When you run in debt; you give to another power over your liberty
72. Lying rides upon debt’s back
73. ‘Tis hard for an empty bag to stand upright
74. Creditors have better memories than debtors
75. The borrower is a slave to the lender, and the debtor to the creditor
76. Disdain the chain, preserve your freedom; and maintain your independency: be industrious and free; be frugal and free.
77. Poverty often deprives a man of all spirit and virtue: ’tis hard for an empty bag to stand upright
78. Creditors are a superstitious sect, great observers of set days and times
79. Those have a short Lent who owe money to be paid at Easter
80. The borrower is a slave to the lender, and the debtor to the creditor
81. For age and want, save while you may; No morning sun lasts a whole day
82. Gain may be temporary and uncertain, but ever while you live, expense is constant and certain
83. Tis easier to build two chimneys than to keep one in fuel
84. Rather go to bed supperless than rise in debt.
85. Get what you can, and what you get hold; ’Tis the stone that will turn all your lead into gold

Which of Franklin’s maxims really strike a cord with you? Let us know in the
comments!

(Borrowed from "The Art of Manliness")

Credit Score Killers

Here are some Credit Score Killers - Avoid them ALL!

#1 - Foreclosure. Your home mortgage is probably your largest and most significant obligation. It also carries a significant amount of weight in regards to your credit score! A foreclosure signifies that you were not able to live up to your end of the agreement to make "substantially equal payments" over a specified period of time. It has been called the "Scarlet Letter" on your credit report. Communicate, Communicate and Communicate MORE with your lender if you get behind. Avoiding them does not make the problem go away and will only hasten their actions. Stay on top of this one!

#2 - Co-Signing for a Loan. Have you ever been contacted by a friend of family member to co-sign on a loan for them? Do you know why they are asking you to do this? It is because the bank/finance company doesn't think that they are worthy of establishing a credit relationship. Loan companies and banks are not in the business of making loans - they are in the business of being paid back for the money that they lend! If your friend or family members defaults on the loan, you will be responsible for a full repayment. Besides hurting your credit, it will also destroy the relationship. Don't risk either one!

#3 - Late Payments on Credit Card Bills. This one may not seem like a big deal but a few of these on your credit report can easily drop your score by 75-100 points! Stay on top of your payments and make sure that you get them made on time!

#4 - Maxing Out Your Credit Cards. Your credit score is a complicated calculation based upon the amount of your credit limits, along with the amounts that you have actually borrowed in addition to the timeliness of your payments - and several other factors. Maxing out your credit cards will lower your score because you have borrowed a greater percentage of the total amount of your credit limits and signifies distress in your financial health. This will lower your score significantly and should be avoided.

#5 - Settling Your Debt for Less than You Owe. This action can provide you with a tremendous sense of relief but it is not without consequence. Settling a Debt for a lessor amount indicates that you were not able to completely fulfill your obligation to a creditor and weighs heavily against your credit score. Make sure that you weigh all of your possibilities before moving in this direction because the impact on your credit score is substantial! This isn't a horrible option but just understand the impact that it will have for a long period of time on your scores!

Bottom Line - if you need help and direction, ask for it and make sure that you are dealing with someone who has your best interest at heart! Avoid "Credit Counseling Services" and "Debt Settlement Companies". They charge you a lot of money and it will take years for your credit scores to recuperate! Work with someone who has "the heart of a teacher" and who will walk you through and explain the entire process - all positives and negatives.

Contact us today for a FREE Consultation!

Oi Vay!

I enjoy reading through different articles on how to handle debt. Most of them are decent and offer generally good advice on ways to what to do. BUT, one that I read recently is completely off base and all wrong. I had to offer a rebuttal on the three steps needed to "Get Out of Debt".

DEBT CONSOLIDATION LOAN
#1 - No one ever got out of debt by borrowing more money! As a loan officer at a local bank, I always qualified "debt consolidation" customers by adding in their new payment along with all of their old payments - together - as though they never paid off the credit cards! Why would I do that? Because most of them would never change their behaviors and would be back in to see me in another year with the SAME problems! A lower payment may be enticing initially, but, in most cases, the payments are stretched out farther and you will pay more in interest than if you just buckled down and paid off the debt that you have now!

SETTLE YOUR DEBT
#2 - Debt Settlement messes up your credit! When you make an aggressive settlement with a creditor, it will show on your credit as "settled for a lesser amount". This reflects negatively within your credit scoring because you have not paid your debts "as agreed". This is not a way to work your way out of debt. It is a tactic used by credit counseling services who will handle the negotiation process for you. It is NOT a way to "Beat Debt".

USE A CREDIT COUNSELING SERVICE
#3 - Beware of Credit Counseling Services! You don't need the assistance of a Counseling Service to help lower your credit card interest rates! You can make a phone call and, if you are current on your payments and have not had a "late pay" in a while, they will work with you! Make this call yourself and save the fees charged by the services!

The Sacks Group created "The Compass Project" to help TRAIN families on how to better handle their own finances. We work with families every single day who (1) understand that the monies they borrowed are an obligation that they need to pay and (2) want to change the habits and behaviors that have gotten them into financial difficulties!

We work with families for a flat monthly fee to get them back on their feet again! Something lead you down the road to financial struggles - habits or circumstances - and we are here to help establish a new way of living and hand it right back to you after the dust has settled!

Don't fall for these "Credit Counseling Services" or these commercials about how you deserve to have your credit card balances lowered! Your credit will be ruined and they will charge significant fees for a service that leaves you in worse shape than before you began!

Contact us today and let us know how we can help you!