P. T. Barnum wrote the Golden Rules for Making Money in 1880. He provides a few paragraphs on each of the 20 golden rules:
1. Don’t mistake your vocation
2. Select the right location
3. Avoid debt
Money is in some respects like fire; it is a very excellent servant but a terrible master. When you have it mastering you; when interest is constantly piling up against you, it will keep you down in the worst kind of slavery. But let money work for you, and you have the most devoted servant in the world. It is no “eye-servant.” There is nothing animate or inanimate that will work so faithfully as money when placed at interest, well secured. It works night and day, and in wet or dry weather.
4. Persevere
5. Whatever you do, do it with all your might
6. Depend upon your own personal exertions
7. Use the best tools
8. Don’t get above your business
9. Learn something useful
10. Let hope predominate but be not too visionary
11. Do not scatter your powers
12. Be systematic
13. Read the newspapers
14. Beware of “outside operations”
15. Don’t indorse without security
16. Advertise your business
17. Be polite and kind to your customers
18. Be charitable
19. Don’t blab
20. Preserve your integrity
From the introduction,
Those who really desire to attain an independence, have only to set their minds upon it, and adopt the proper means, as they do in regard to any other object which they wish to accomplish, and the thing is easily done. But however easy it may be found to make money, I have no doubt many of my hearers will agree it is the most difficult thing in the world to keep it. The road to wealth is, as Dr. Franklin truly says, “as plain as the road to the mill.” It consists simply in expending less than we earn; that seems to be a very simple problem.
The thoughts are worth reading today. You can update things a bit, from read the newspapers, to read the websites, but mainly it is sensible advice today.
