Weare all familiar with the names of the wealthiest Americans today, like Bill Gates, Jeff Bezos, and Warren Buffett, but who was the richest American in the late 1700s?

Ben Franklin.

He was the Jeff Bezos of the eighteenth century.

Ben Franklin was the richest man in America.

That surprised me when I first heard it. I guess it shouldn’t have as Ben’s visage graces the one hundred dollar bill, and a slang term for cash is Benjamins.

Ben Franklin started life with no money, and by 1785, he was the richest person in America. Ben Franklin still ranks as one of the 100 wealthiest Americans, adjusted for inflation, of all time.

His advice on creating wealth is well worth considering.

Every day presents us with the opportunity of making those slight changes that would make all the difference. I hope you find an inflection point or two among the following gems.

One of America’s richest people shares practical money advice.

Ben collected his thoughts on the subject in his book The Way to Wealth. It was published under his nom de plume Richard Saunders. Franklin used that name for writing his Poor Richard’s Almanack series.

The Way to Wealth is a compilation of his wise sayings from those almanacs. The sayings from The Way to Wealth have become common, and you know many of them. You have heard them repeated since you were a child. But I bet, like me, you didn’t realize they all originated in those almanacs from the early 1700s.

Ben Franklin is one of my heroes. He has been an inspiration to me my entire life.

Ben’s sage advice still rings true. Wealth creation is possible by following his common-sense steps. It’s like having the matrix revealed. It’s simple, but that doesn’t mean it’s easy. And it takes time. Time is the secret ingredient.

Building wealth carefully takes patience.

There is a powerful seductive urge to want to be rich now. We think that will solve all our problems. Trying too hard to get rich quick is how we end up making mistakes. Taking on too much risk is a low percentage game.

Getting rich slowly and carefully is a high percentage game. Start thinking it is your destiny to be wealthy. Start living your life by following that idea.

It’s not about out spending your neighbors and friends and showing off. It’s about learning, expanding your horizons, and living healthy. It’s about shedding bad habits. It’s about becoming the best version of yourself.

Be honest with yourself. Set high standards for your behavior. Start course-correcting today.

Wealthy is a mindset first. The money will follow.

Learn the simple rules and apply them. Its what Ben Franklin did, and he is still on the list of the 100 wealthiest people in American history. Follow his example and blaze your trail.

Play the long game. Get excited and motivated to create your life and legacy.

Here are 17 quotes by Ben Franklin on the way to wealth, along with my take on them, to get your mind right, right now.

It’s not what you make, its what you keep.

“Get what you can and what you get hold.”

Ben Franklin

“If you would be wealthy, think of saving, as well as of getting.”

Ben Franklin

Many of us have a fraught relationship with money. We want it, we fear it, we are anxious we will run out. Did I mention we want it? We want money, but we may not be clear on how to get it, keep it, and grow it.

If you want to become financially secure and worry-free, you must have a clear understanding of what money is and what it is not. Money is a means, not an end.

You can’t buy happiness, love, and satisfaction. But money does represent financial: safety, security, peace of mind, and freedom.

Money will not solve your problems. If you have a plan on how to use and deploy money, it can be the means to solve problems, end worry, sleep better, help others, and enjoy life.

To have a financial plan, you must have a solid understanding of the four characteristics of money and your relationship to them.

Your relationship with money separates into four aspects. They are:

· Earning

· Spending

· Saving

· Investing

Your out-goes cannot be higher than your incomes.

“Little strokes fell great oaks.”

Ben Franklin

The direction of our life is the result of a continuous series of micro decisions. We make them all the time, all day every day. The cumulative effect of each little action needs to be in the direction of our goals. We need to set goals to know where we want to go.

Like Yogi Berra said, “You have to know where you are going; otherwise, you may not get there. “

How we get there is the result of the series of micro-decisions we make and their cascading effects. Of micro-decisions, Benjamin Franklin said, “Little strokes fell great oaks.”

Of their cascading effects, he said:

“For the want of a nail the shoe was lost,
For the want of a shoe the horse was lost,
For the want of a horse the rider was lost,
For the want of a rider the battle was lost,
For the want of a battle the kingdom was lost,
And all for the want of a horseshoe-nail.”

― Benjamin Franklin

Cultivate a mindset that pays attention to the seemingly little things. Little things add up. Think of how snow accumulates: flake on flake. Continuous accumulation is the key to getting rich.

What gets scheduled gets done.

“Sloth, like rust, consumes faster than labor wears, while the used key is always bright.”

- Ben Franklin

If you want something done, give it to a busy person.

Get what you want to do on your calendar and into a routine. A solid routine will focus your energies and provide scaffolding to your days. Routines are protection from being at the mercy of moods and emotions.

Don’t rely on discipline. Habits and routines are much more reliable.

“Have you somewhat to do tomorrow, do it today.”

- Ben Franklin

Most of us don’t follow through by merely stating our goals. We procrastinate. Napoleon Hill said, “A goal is a dream with a deadline.” Set a deadline and make a schedule.

Visualize a Future Worth Aspiring To.

“The eye of a master will do more work than both his hands.”

- Ben Franklin

What separates people who do important things from people who don’t?

Some people take action even when they are feeling low or scared. Some people persist and overcome overwhelming obstacles in their path. What makes them resilient and able to get up again and again?

Winston Churchill said, “Success is going from failure to failure and not losing enthusiasm.” That’s great, but how do you bounce back and not lose enthusiasm? How do you become resilient?

People who consistently take action have a clear vision of where they want to go. They have articulated an exciting future for themselves. They have designed a compelling future, and they can see it right over there. Their vision pulls them forward like a magnet.

Eliminate the Negative.

There are a lot of drags on your financial situation and leaks in your spending budget that can be identified and fixed. Eliminating excess is the place to start. You get the triple benefit of healthier habits and ways to spend your time and costs savings. These cost savings add up to big money because they are recurring.

“You may think perhaps, that a little tea, or a little punch now and then, diet a little more costly, clothes a little finer, and a little entertainment now and then, can be no great matter; but remember, “Many a little makes a mickle.” Beware of little expenses; “A small leak will sink a great ship,”

- Ben Franklin

Eliminate Poor Habits.

“What maintains one vice would bring up two children.”

- Ben Franklin

Be honest with yourself and do a self-audit. You know what your poor habits are. Identify them and eliminate them. It’s simple, but not easy.

Be respectful of your future self. Don’t allow yourself to arrive at a future destination a second-rate version of yourself. You will be there sooner than you think.

Eliminate Debt.

“Think what you do when you run in debt; you give to another power over your liberty.”

- Ben Franklin

Either you master money, or it masters you. If you don’t have a plan, you become part of someone else’s plan. Dump the debt.

Start with consumer debt and credit card balances. Make it your goal to eliminate all your debt.

Remember, it’s not what you earn but what you keep.

“A penny saved is a penny earned.” This saying is Ben Franklin, but it turns out he didn’t coin that exact phrase. He did write in the 1737 Poor Richard’s Almanack: “A penny saved is two pence clear.” So close enough. The point is, watch the seemingly little expenses that slip through our fingers.

John D. Rockefeller accumulated a fortune by scrupulously shaving a few cents off of the cost of making oil barrels.

Be cautious and bold.

When I was younger, I spent like a drunken sailor. I thought if I could just make enough money, I would have a surplus that I could save. But every time I made more, I just spent more. My expenses increased to match my income.

A lot of you can probably relate. It’s like chasing a mirage or chasing the dragon. You never get there. It’s a continuously receding horizon.

Plug the leaks in your spending habits and save and invest.

“Beware of little expenses; a small leak will sink a great ship.”

- Benjamin Franklin

The little things add up over time. And time is on your side.

Make cuts.

“There are no gains without pains.”

- Ben Franklin

Take a few moments to analyze your spending habits. It’s time to make some cuts. Find a few areas where you’re spending more than necessary.

Start with the non-essential spending categories like eating out and entertainment. Do you have subscription services you’re paying for but rarely use? Cut them first. Do you have a gym membership? Do you use it regularly? Cut it and work out at home with free videos like fitnessblender.com.

Do you have cable TV? Cut the cord, read a book, and save money.

Don’t be Seduced by Sales.

“You expect they will be sold cheap, and, perhaps, they may for less than they cost; but, if you have no occasion for them, they must be dear to you.”

- Ben Franklin

It’s easy to get excited about a sale and discounts. That’s why marketers run them. Marketers are savvy and sophisticated. “50% off” or “buy one get one free” ads make it tempting to buy stuff. It’s like the sirens call in the Odyssey.

If you need the item, there is nothing wrong with taking advantage of the opportunity. But you are wasting money if you buy it now, hoping you’ll use it in some vague future.

Many a closet and garage are the graveyards of these kinds of purchases.

If you have made any of those mistaken purchases, list the items on eBay and sell them to someone who will use them. Convert those impulse purchases back into cash.

Don’t shop just because you see a good deal or have a coupon. Unnecessary and impulsive purchases result in lost potential.

You could easily save $300 a month by avoiding sales. That is $3600 a year. If you save $3600 a year in an investment account earning 8% per year and do that for 30 years, you will have $475,000! That is close to half a million dollars.

“Buy what thou hast no need of, and ere long thou shalt sell thy necessaries.”

- Ben Franklin

Pay attention to little expenses.

We tend to think that $5 here and there won’t have an impact. These little costs add up quickly. Without realizing it, you can spend hundreds of dollars each month on trivial bullshit.

“Many a little makes a mickle.” Beware of little expenses; “A small leak will sink a great ship,”

- Ben Franklin

These small expenses include things like subscriptions, restaurants, that gym membership you never use. You know the drill. Individually they don’t impact much. But combined and over time, they are a significant drag on your future.

Take the time to scrutinize your budget and identify your outflows of money. The goal is to eliminate unnecessary costs.

Use judgment. Don’t extinguish all your fun, but reevaluate what you are doing and why.

Spend where you get pleasure, just be aware and mindful of your spending and make sure you are getting your pleasure bang for your buck.

Saving an additional $100 each month by trimming waste can go far when you save and invest it. Investing $100 a month that earns a 7% annual return will give you $130,000 in savings over 30 years.

Summary

Here is how to build a fat stack of Benjamins:

· It’s not what you make, its what you keep

· What gets scheduled gets done

· Visualize a Future Worth Aspiring To

· Eliminate the Negative

· Eliminate Poor Habits

· Eliminate Debt

· Remember, it’s not what you earn but what you keep.

· Be cautious and bold

· Make cuts

· Don’t be seduced by sales

· Pay attention to little expenses

I would love to hear your thoughts and experiences about getting, spending, saving, and investing.

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