Editor's note: Jeffrey Reeves' introduction to "The Way to Wealth" provides an overview of this weekly blog series.
Having laid the groundwork for continuing his verbal treatise, Benjamin Franklin, in the persona of Father Abraham, translates the premises he’s postulated into a series of calls to action.
“Let us, then, up and be doing, and doing to the purpose…”
These simplest of words carry profound meaning when it comes to building your wealth. During the last 35 years, Americans have lost track of the basic truth that it just isn’t enough to work hard and follow conventional wisdom, doing what everyone else does with their money just because that’s what everyone else is doing.
You need to invest your activity and decisions with deep personal meaning. You need to be "doing to the purpose."
Every successful personal economy has four essential goals:
- to be debt free
- to develop an inflation-proof income stream that requires neither work nor active management
- to have plenty of cash at hand when confronting life’s surprisingly unsurprising surprises
- to pay forward a legacy of both money and the simple wisdom found in The Way to Wealth so future generations aren’t burdened with property they don’t own and investments they don’t control.
If your work, your spending, your use of money is not bringing you closer to these four goals each and every day, it’s time to wake up and make some significant changes in how you are managing your money.
How do you measure up?