Chapter One: Franklin's Way to Wealth (Barbar Dafoe Whitehead)

Benjamin Franklin was not the founder of thrift, but he was a strong advocate who worked to make it an American value. He began to work at an early age and live simply and worked hard - this allowed him to pay off all of his debts. By the time he was forty-two, he had become wealthy enough to retire. Much of his success was credited to his wife Deborah, who ran the household and lived within the family's means. He believed that the household was the primary societal unit and viewed marriage as an economic partnership. He used much of his fortune for public projects, believing that generosity was a key virtue for the wealthy; much of his fortune was left for philanthropic causes after his death. Franklin never saw industry and frugality as a means to an end - by working hard and living frugally, one could eventually be free to spend their money as they wished. As a committed advocate of American independence, Franklin believed that political independence began with economic independence. He saw debt as a form of servitude and a limitation on freedom, apparent in his saying, "The Borrower is a Slave to the Lender, and the Debtor to the Creditor." He also believed debt was socially unacceptable. He told people to dress plainly, work hard, and to not be idle. However, he also thought that leisure and pleasure were rewards for hard work and frugality. "If a man worked like a dog, he might eventually live like a gentleman." Leisure did not mean wasting time though. Much like money is a resource, he viewed time as a resource and one that could not be recovered if lost. "A life of leisure and a life of laziness are two things" says Poor Richard. Public service was another important aspect of Benjamin Franklin's life, as was giving away one's fortune to charity. He believed it was his Chrsitian duty to help others in need; he wished religious faith included more charitable works. Franklin wrote two very popular books on thrift, Poor Richard's Almanack in 1732 and The Way to Wealth in 1757. They both promoted "industry and frugality" in order to gain wealth as well as virtue. He believed industry produced the abundance which frugality then guided for proper use. Benjamin Franklin, thusly, changed the popular view of thrift as being constrictive, stingy, and small-minded to being generous, big-hearted, and expansive.