Bankruptcy and Benjamin Franklin

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Benjamin Franklin represents wealth and enterprise to the American people. He greatly contributed to the economy with his idea of implementing paper money. You might remember him especially by the fact that it is his face on the one-hundred dollar bill.

For age and want, save while you may. No morning sun lasts the whole day.

Benjamin Franklin

In his lifetime, he frequently spoke about finances. He was a believer in frugality and living within your means. We can learn a lot from Franklin’s perspective. Unhealthy spending habits, lack of discipline and debt can be very cancerous to our lives. So what else has he said on this topic? A well-known quote of his is as follows: “For age and want, save while you may. No morning sun lasts the whole day.”

Franklin can teach us a few things about personal finance and economics even 200 years later.  Let’s break it down. Let’s begin with the portion that says “No morning sun lasts the whole day”.

When it comes to saving money and having good personal finances, we must learn to practice self-restraint. It’s necessary to teach ourselves self-control when it comes to buying things we do not need. This skill requires a healthy dose of patience and diligence to save. Luckily, however, as this quote says, “no morning sun lasts the whole day”. This can remind us that not every urge we have to spend lasts much longer than a moment. If we endure it well, it will only get easier and easier to resist those bad habits.

Another way to interpret this section of the quote is by relating it to saving. The idea that the morning sun doesn’t last can mean that times of financial prosperity don’t always last either. With this in mind, it is paramount to understand the wisdom in saving when the sun is shining in preparation for the rainy days. So frequently we regret spending, but when do we ever regret saving?

Remember, it’s the daily decisions, made hour by hour, that will keep you out of debt, and help you build up your savings. At the Utah Bankruptcy Guy we focus on your financial future not your past.  So if you have issues with money in your past…its just the past.  We can deal with that in your bankruptcy and the focus on your future.  In fact we will give you a free copy of Attorney Barrett’s book Life After Bankruptcy and walk you through the steps to rebuild after bankruptcy.

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