Benjamin Franklin was so varied in his accomplishments, he almost seems like a mythical character.

One of the leading scientists of his time, he discovered key principles of electricity and first documented the Gulf Stream. He invented the lightning rod, the Franklin stove, and bifocal glasses—all of which are still in use today. He took an early stand against slavery. And finally, he helped draft and signed his name to the Declaration of Independence.1

But he made his money in publishing. Demonstrating his rare combination of a brilliant mind and an aptitude for common sense, Franklin’s almanac was essential reading in the Colonies.

You’re probably familiar with some of his proverbs about money. For example, in 1758 he wrote, “A penny saved is a penny got.”2 A saying that gets more apropos the higher your tax bracket.

Financial writer Lou Carlozo has noted four pieces of financial advice from Franklin that though written in the mid-1700s, are just as true today.3

1. “There are no gains without pains.” Weightlifters have made this their mantra, but this principle is also true outside the gym—especially in the area of money. Becoming financially healthy and saving aggressively for retirement require sacrifice. If you spend without restriction and then just hope to save what’s left over, you will not reach your retirement goal.
2. “Beware of little expenses. A small leak will sink a great ship.” Small purchases can add up in a big way. We’ve all looked at our credit card statement and wondered how we racked up thousands in expenditures without making a major purchase. A budget is hugely helpful in plugging these “leaks” because it requires you to track expenses as you spend.
3. “Rather go to bed supperless than rise in debt.” Franklin felt strongly about spending beyond one’s means. In another place he says that when you rely on credit, you are giving your freedom away. Going into debt, especially for things you don’t need, greatly limits what you can do in the future.
4. “Save while you may; no morning sun lasts a whole day.” Put away as much money as you can while you have a career, because the time will come when you don’t have that way of consistent source of income. With the majority of Americans retiring sooner than they expected, this saying is more applicable than ever.4

At the heart of Franklin’s wisdom is the powerful idea that you are responsible in your financial well-being. Be proactive in the things you can control. And don’t worry about things you have no influence over.

If you could use some guidance in getting your finances on track this year, your trusted advisor would be happy to help.