Sometimes the best advice comes from the past. More than 260 years ago, a curious inventor and writer named Benjamin Franklin shared some pretty brilliant thoughts about money. His ideas are so practical that they still work today, even in our world of apps, credit cards, and constant temptation to buy things we don’t really need. Let’s explore how his wisdom can help you build real wealth.
Who Was Benjamin Franklin and Why Should We Listen to Him?
Benjamin Franklin wasn’t born wealthy or privileged. He was the tenth son of seventeen children in a working-class family. He only received two years of formal education, but he was determined to improve himself. Every day after work, Franklin would spend hours reading, writing, and teaching himself about the world. This self-made attitude shaped everything he wrote about money.
In 1758, Franklin published “The Way to Wealth,” a collection of practical advice about building and keeping money. He wasn’t writing from an ivory tower or theoretical knowledge. He had actually built his own wealth through hard work and smart choices. His ideas became so popular that they’re still quoted and studied today. Teachers, financial advisors, and successful entrepreneurs still reference Franklin’s wisdom because it simply works.
The Big Idea: Time is Money
Franklin had a simple but powerful idea: time and money are the same thing. When you waste time, you’re literally throwing away money. Think about it. Every hour you spend scrolling through social media instead of working on a project is money that could have been earned. Every day you delay starting your business or side hustle is income delayed.
This doesn’t mean you should never rest or relax. Franklin believed in balance, but he was passionate about not wasting time on unproductive activities. He famously said, “One today is worth two tomorrows,” meaning that taking action right now is far better than planning to do it later. Procrastination is expensive. The sooner you start working toward your financial goals, the sooner you’ll reach them.
Modern psychology and finance experts agree. Delaying your savings by even five years can cost you tens of thousands of dollars in compound interest when you factor in investment growth. Time really is your most valuable asset.
Work Hard, But Not Just Any Work
Franklin wasn’t just saying “work harder.” He believed in working smart and being diligent. The phrase “diligence is the mother of good luck” captures this perfectly. He meant that by being careful, focused, and dedicated to your work, you create opportunities for yourself. Good things don’t just happen by accident. You make them happen through consistent effort.
But here’s what makes this different from just being a workaholic: Franklin also valued mastery and attention to detail. He observed that “the eye of a master will do more work than both his hands.” In other words, oversight and quality matter. You might work fewer hours but accomplish more if you’re focused and skilled at what you do.
This applies to your career today. Rather than just working long hours for low pay, invest in developing skills that make you valuable. Learn what customers or employers actually need. Work on becoming excellent at something, and you’ll naturally earn more.
The Uncomfortable Truth About Saving
Here’s where many people get stuck. Franklin said: “If you would be wealthy, think of saving, as well as getting.” Just earning money isn’t enough. You must save it. This seems obvious, but it’s surprisingly hard for most people.
Franklin was pretty blunt about it. He noticed that people would work hard all day, earn good money, and then spend it all on things they didn’t need. A fancy outfit here, fancy food there, trying to impress others. He observed that “what maintains one vice would bring up two children.” Those small luxuries that seem harmless actually cost a fortune over time.
Picture this: someone spends $5 daily on premium coffee, $10 on lunch out, and $15 on entertainment. That’s $30 per day, or about $900 per month, or nearly $11,000 per year. That money could go toward an emergency fund, paying off debt, or investments. Franklin understood that small expenses multiply into big problems.
Modern financial advisors recommend the 50/30/20 rule: spend 50 percent on needs, 30 percent on wants, and save 20 percent. Franklin would probably say that was generous. But the principle is the same: decide how much you’ll save before you spend anything else. Make saving automatic. This isn’t deprivation. It’s making a choice about your future.
The Danger of Debt
Franklin had strong words about debt. He said, “Lying rides upon Debt’s back,” meaning that debt forces people to make poor choices and act dishonestly. He also noted that “the second vice is lying, the first is running in debt.” Harsh? Maybe. But there’s truth in it.
When you owe money, you lose control. A creditor essentially owns part of your future. You can’t quit a job, take time off, or pursue your dreams because you’re bound by payments. Franklin believed this was worse than many taxes. At least taxes are temporary and shared by everyone. Personal debt follows you everywhere and crushes your options.
He wasn’t against all borrowing, but he was against using credit for things you want rather than things you genuinely need. Borrowing for education or a home might make sense. Borrowing for the latest gadgets or a vacation? That’s trading your freedom for temporary pleasure.
Today, this advice is more relevant than ever. Credit card debt, student loans, and car payments keep many people stuck working jobs they hate. Building wealth requires being intentional about debt. If you’re in debt now, the fastest way to change your financial situation is to tackle it aggressively.
Small Habits Create Big Results
Franklin wasn’t suggesting you become a hermit or never enjoy life. He was suggesting you become intentional about your choices. One of his most famous sayings was, “A life of leisure and a life of laziness are two things.” You can relax after you’ve earned it. You can enjoy yourself after you’ve built the foundation for your future.
What made Franklin rich wasn’t one big breakthrough. It was thousands of small decisions: showing up early, staying late, learning new skills, avoiding unnecessary expenses, reinvesting profits, and never stopping. He modeled something powerful: sustainable success comes from habits, not luck.
Today, this means building routines that support your financial health. Check your budget weekly. Automate your savings. Review your spending monthly. These small actions seem minor individually, but together they move you toward wealth.
Live Below Your Means
One of Franklin’s core beliefs was that your actual wealth isn’t determined by how much you earn. It’s determined by how much you spend. You can earn $100,000 per year and be broke. You can earn $40,000 per year and be building wealth. The difference is spending less than you make.
This creates what financial experts call a “wealth gap.” The gap between your income and your expenses is where your freedom lives. The bigger this gap, the more options you have. You can invest, save for emergencies, start a business, or take time off. Living below your means isn’t about being cheap. It’s about having choices.
Franklin lived this way. He could have spent lavishly, but he didn’t. He invested his money back into his business and his learning. This discipline is what turned a poor boy with minimal education into one of the most successful people of his time.
The Early Bird Gets the Wealth
You’ve probably heard the phrase “Early to bed and early to rise, makes a man healthy, wealthy and wise.” Franklin believed this was more than just a catchy rhyme. He thought that disciplined sleep and wake schedules created a foundation for everything else.
When you wake early, you have quiet time before the world makes demands. You can plan your day, exercise, or work on important projects. When you go to bed on time, you have the energy to work hard and make good decisions the next day. Bad sleep leads to poor choices, including poor financial choices.
This ties back to the idea that time is money. Wasting hours because you’re exhausted is wasting money. Taking care of your basic health through sleep, exercise, and nutrition sets you up for success.
Continuous Learning Pays Dividends
Franklin was obsessed with learning. He taught himself mathematics, languages, science, and business. He didn’t accept that his limited education was a stopping point. He made education a lifelong habit.
This principle applies directly to building wealth. The more you know about business, investing, tax strategies, and money management, the better decisions you make. That knowledge translates directly to money. A person who understands how compound interest works will invest early. Someone who understands tax-advantaged accounts will use them. Knowledge is the most profitable investment you can make.
Today, education is more accessible than ever. Online courses, podcasts, books, and mentors are available. Yet many people spend more time entertaining themselves than educating themselves. Franklin would be shocked. Investing in your own knowledge might be the highest-return investment available.
Bringing Franklin’s Wisdom Into Your Life Today
So how do you actually use this? Franklin’s advice might be old, but it works with modern tools and circumstances. Here’s a practical approach:
First, get clear on your time. Calculate your hourly rate at your current job. Everything you buy has a “time cost.” That coffee costs 12 minutes of work. That dinner out costs an hour. This mindset helps you spend intentionally.
Second, create a realistic budget. Track what you actually spend for one month. You might be shocked. Then decide what percentage you’ll save. Even 10 percent is good. Automate it so money moves to savings before you can spend it.
Third, build an emergency fund. This is your safety net. Aim for 3 to 6 months of living expenses. This prevents you from going into debt when emergencies happen.
Fourth, eliminate high-interest debt. Credit card debt destroys wealth building. Make this your first priority after an emergency fund.
Finally, learn about investing. Once you’re saving money, let it grow. Start early, invest regularly, and let time work for you. This is where real wealth builds.
The Timeless Truth
Benjamin Franklin’s advice was written in 1758, and it still resonates today because he understood human nature. We all want shortcuts and quick riches, but they don’t exist. What does exist is the patient, consistent application of good habits.
Franklin proved that anyone willing to work hard, think carefully, avoid unnecessary debt, and save regularly can build wealth. He didn’t have advantages we have now. No internet, no electricity at his time of writing, no modern tools. Yet he became extraordinarily successful.
Your circumstances are probably better than his were. You have tools and opportunities he could never have imagined. If you combine his timeless principles with modern financial tools and knowledge, you can build extraordinary wealth.
The Way to Wealth isn’t complicated. It’s simple. Earn more than you spend. Invest the difference. Let time do the heavy lifting. Repeat for decades. That’s it. That’s the secret. It’s not sexy or trendy, but it works. And isn’t that what really matters?