Crackerjack Greenback Prudent Advice for a Prosperous Future

December 18, 2008

The Way to Wealth – Nuggets of Wisdom from Benjamin Franklin: Careful Whom You Trust

Filed under: Prudence,The Basics,The Way to Wealth — Paul Williams @ Crackerjack Greenback @ 4:00 am

       Last week, we talked about Leisure in Benjamin Franklin’s The Way to Wealth. Striving for leisure as an end in itself is never going to afford us any real leisure. But careful use of our time and hard work can provide comfort and leisure. However, it’s far too easy to let your hard work go to waste if you’re not careful whom you trust. Here is today’s quote:

       Trusting too much to others’ care is the ruin of many; … but a man’s own care is profitable; for, saith Poor Dick, learning is to the studious, and riches to the careful … And farther, if you would have a faithful servant, and one that you like, serve yourself.

The Way to Wealth – Benjamin Franklin

       When I wrote “Ripped Off: Can You Trust Your Financial Adviser?“, my main focus was looking at how financial advisers (stock brokers, bankers, realtors, financial planners, insurance agents, lawyers, and accountants) get paid and how that can affect the advice they give you. Franklin sums up the cautionary advice quite well: “Trusting too much to others’ care is the ruin of many.”

Shopping Around by Fabio Mascarenhas on Flickr       Whether you’re getting financial advice, paying for home repairs, or simply trying to run your business, you must always be careful who you trust. Even when you find a trustworthy adviser, repairman, or employee, you need to find a way to check up on their work. This could mean getting a second opinion, shopping around, or setting up a system to review and reward people. In anything you do, it’s wise to be careful and cautious when trusting others.

       Finally, if you can’t find anyone worth trusting with a task, it might be best if you do it yourself. Study up and decide if it is something that’s worth your time and within your abilities. If it is, you just might be the best person for the job.

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