Produced by Wayne N. Keyser in honor of his Parents, Clifton B. and Esther N. Keyser
The Art of Money Getting or Golden Rules for Making Money
by P.T. Barnum
In the United States, where we have more land than people, it is not at all difficult for persons in good health to make money. In this comparatively new field there are so many avenues of success open, so many vocations which are not crowded, that any person of either sex who is willing, at least for the time being, to engage in any respectable occupation that offers, may find lucrative employment.
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. Mr. Micawber, one of those happy creations of the genial Dickens, puts the case in a strong light when he says that to have annual income of twenty pounds per annum, and spend twenty pounds and sixpence, is to be the most miserable of men; whereas, to have an income of only twenty pounds, and spend but nineteen pounds and sixpence is to be the happiest of mortals. Many of my readers may say, "we understand this: this is economy, and we know economy is wealth; we know we can't eat our cake and keep it also." Yet I beg to say that perhaps more cases of failure arise from mistakes on this point than almost any other. The fact is, many people think they understand economy when they really do not.
True economy is misapprehended, and people go through life without properly comprehending what that principle is. One says, "I have an income of so much, and here is my neighbor who has the same; yet every year he gets something ahead and I fall short; why is it? I know all about economy." He thinks he does, but he does not. There are men who think that economy consists in saving cheese-parings and candle-ends, in cutting off two pence from the laundress' bill and doing all sorts of little, mean, dirty things. Economy is not meanness. The misfortune is, also, that this class of persons let their economy apply in only one direction. They fancy they are so wonderfully economical in saving a half-penny where they ought to spend twopence, that they think they can afford to squander in other directions. A few years ago, before kerosene oil was discovered or thought of, one might stop overnight at almost any farmer's house in the agricultural districts and get a very good supper, but after supper he might attempt to read in the sitting-room, and would find it impossible with the inefficient light of one candle. The hostess, seeing his dilemma, would say: "It is rather difficult to read here evenings; the proverb says 'you must have a ship at sea in order to be able to burn two candles at once; we never have an extra candle except on extra occasions." These extra occasions occur, perhaps, twice a year. In this way the good woman saves five, six, or ten dollars in that time: but the information which might be derived from having the extra light would, of course, far outweigh a ton of candles.
But the trouble does not end here. Feeling that she is so economical in tallow candies, she thinks she can afford to go frequently to the village and spend twenty or thirty dollars for ribbons and furbelows, many of which are not necessary. This false connote may frequently be seen in men of business, and in those instances it often runs to writing-paper. You find good businessmen who save all the old envelopes and scraps, and would not tear a new sheet of paper, if they could avoid it, for the world. This is all very well; they may in this way save five or ten dollars a year, but being so economical (only in note paper), they think they can afford to waste time; to have expensive parties, and to drive their carriages. This is an illustration of' Dr. Franklin's "saving at the spigot and wasting at the bung-hole;" "penny wise and pound foolish." Punch in speaking of this "one idea" class of people says "they are like the man who bought a penny herring for his family's dinner and then hired a coach and four to take it home." I never knew a man to succeed by practising this kind of economy.
True economy consists in always making the income exceed the out-go. Wear the old clothes a little longer if necessary; dispense with the new pair of gloves; mend the old dress: live on plainer food if need be; so that, under all circumstances, unless some unforeseen accident occurs, there will be a margin in favor of the income. A penny here, and a dollar there, placed at interest, goes on accumulating, and in this way the desired result is attained. It requires some training, perhaps, to accomplish this economy, but when once used to it, you will find there is more satisfaction in rational saving than in irrational spending. Here is a recipe which I recommend: I have found it to work an excellent cure for extravagance, and especially for mistaken economy: When you find that you have no surplus at the end of the year, and yet have a good income, I advise you to take a few sheets of paper and form them into a book and mark down every item of expenditure. Post it every day or week in two columns, one headed "necessaries" or even "comforts", and the other headed "luxuries," and you will find that the latter column will be double, treble, and frequently ten times greater than the former. The real comforts of life cost but a small portion of what most of us can earn. Dr. Franklin says "it is the eyes of others and not our own eyes which ruin us. If all the world were blind except myself l should not care for fine clothes or furniture." It is the fear of what Mrs. Grundy may say that keeps the noses of many worthy families to the grindstone. In America many persons like to repeat "we are all free and equal," but it is a great mistake in more senses than one.
That we are born "free and equal" is a glorious truth in one sense, yet we are not all born equally rich, and we never shall be. One may say; "there is a man who has an income of fifty thousand dollars per annum, while I have but one thousand dollars; I knew that fellow when he was poor like myself; now he is rich and thinks he is better than I am; I will show him that I am as good as he is; I will go and buy a horse and buggy; no, I cannot do that, but I will go and hire one and ride this afternoon on the same road that he does, and thus prove to him that I am as good as he is."
My friend, you need not take that trouble; you can easily prove that you are "as good as he is;" you have only to behave as well as he does; but you cannot make anybody believe that you are rich as he is. Besides, if you put on these "airs," add waste your time and spend your money, your poor wife will be obliged to scrub her fingers off at home, and buy her tea two ounces at a time, and everything else in proportion, in order that you may keep up "appearances," and, after all, deceive nobody. On the other hand, Mrs. Smith may say that her next-door neighbor married Johnson for his money, and "everybody says so." She has a nice onethousand dollar camel's hair shawl, and she will make Smith get her an imitation one, and she will sit in a pew right next to her neighbor in church, in order to prove that she is her equal.
My good woman, you will not get ahead in the world, if your vanity and envy thus take the lead. In this country, where we believe the majority ought to rule, we ignore that principle in regard to fashion, and let a handful of people, calling themselves the aristocracy, run up a false standard of perfection, and in endeavoring to rise to that standard, we constantly keep ourselves poor; all the time digging away for the sake of outside appearances. How much wiser to be a "law unto ourselves" and say, "we will regulate our out-go by our income, and lay up something for a rainy day." People ought to be as sensible on the subject of money-getting as on any other subject. Like causes produces like effects. You cannot accumulate a fortune by taking the road that leads to poverty. It needs no prophet to tell us that those who live fully up to their means, without any thought of a reverse in this life, can never attain a pecuniary independence.
Men and women accustomed to gratify every whim and caprice, will find it hard, at first, to cut down their various unnecessary expenses, and will feel it a great self-denial to live in a smaller house than they have been accustomed to, with less expensive furniture, less company, less costly clothing, fewer servants, a less number of balls, parties, theater-goings, carriage-ridings, pleasure excursions, cigar-smokings, liquor-drinkings, and other extravagances; but, after all, if they will try the plan of laying by a "nest-egg," or, in other words, a small sum of money, at interest or judiciously invested in land, they will be surprised at the pleasure to be derived from constantly adding to their little "pile," as well as from all the economical habits which are engendered by this course.
The old suit of clothes, and the old bonnet and dress, will answer for another season; the Croton or spring water taste better than champagne; a cold bath and a brisk walk will prove more exhilarating than a ride in the finest coach; a social chat, an evening's reading in the family circle, or an hour's play of "hunt the slipper" and "blind man's buff" will be far more pleasant than a fifty or five hundred dollar party, when the reflection on the difference in cost is indulged in by those who begin to know the pleasures of saving. Thousands of men are kept poor, and tens of thousands are made so after they have acquired quite sufficient to support them well through life, in consequence of laying their plans of living on too broad a platform. Some families expend twenty thousand dollars per annum, and some much more, and would scarcely know how to live on less, while others secure more solid enjoyment frequently on a twentieth part of that amount. Prosperity is a more severe ordeal than adversity, especially sudden prosperity. "Easy come, easy go," is an old and true proverb. A spirit of pride and vanity, when permitted to have full sway, is the undying canker-worm which gnaws the very vitals of a man's worldly possessions, let them be small or great, hundreds, or millions. Many persons, as they begin to prosper, immediately expand their ideas and commence expending for luxuries, until in a short time their expenses swallow up their income, and they become ruined in their ridiculous attempts to keep up appearances, and make a "sensation."
I know a gentleman of fortune who says, that when he first began to prosper, his wife would have a new and elegant sofa. "That sofa," he says, "cost me thirty thousand dollars!" When the sofa reached the house, it was found necessary to get chairs to match; then side-boards, carpets and tables "to correspond" with them, and so on through the entire stock of furniture; when at last it was found that the house itself was quite too small and old-fashioned for the furniture, and a new one was built to correspond with the new purchases; "thus," added my friend, "summing up an outlay of thirty thousand dollars, caused by that single sofa, and saddling on me, in the shape of servants, equipage, and the necessary expenses attendant upon keeping up a fine 'establishment,' a yearly outlay of eleven thousand dollars, and a tight pinch at that: whereas, ten years ago, we lived with much more real comfort, because with much less care, on as many hundreds. The truth is," he continued, "that sofa would have brought me to inevitable bankruptcy, had not a most unexampled title to prosperity kept me above it, and had I not checked the natural desire to 'cut a dash'."
The foundation of success in life is good health: that is the substratum fortune; it is also the basis of happiness. A person cannot accumulate a fortune very well when he is sick. He has no ambition; no incentive; no force. Of course, there are those who have bad health and cannot help it: you cannot expect that such persons can accumulate wealth, but there are a great many in poor health who need not be so.
If, then, sound health is the foundation of success and happiness in life, how important it is that we should study the laws of health, which is but another expression for the laws of nature! The nearer we keep to the laws of nature, the nearer we are to good health, and yet how many persons there are who pay no attention to natural laws, but absolutely transgress them, even against their own natural inclination. We ought to know that the "sin of ignorance" is never winked at in regard to the violation of nature's laws; their infraction always brings the penalty. A child may thrust its finger into the flames without knowing it will burn, and so suffers, repentance, even, will not stop the smart. Many of our ancestors knew very little about the principle of ventilation. They did not know much about oxygen, whatever other "gin" they might have been acquainted with; and consequently they built their houses with little seven-by-nine feet bedrooms, and these good old pious Puritans would lock themselves up in one of these cells, say their prayers and go to bed. In the morning they would devoutly return thanks for the "preservation of their lives," during the night, and nobody had better reason to be thankful. Probably some big crack in the window, or in the door, let in a little fresh air, and thus saved them.
Many persons knowingly violate the laws of nature against their better impulses, for the sake of fashion. For instance, there is one thing that nothing living except a vile worm ever naturally loved, and that is tobacco; yet how many persons there are who deliberately train an unnatural appetite, and overcome this implanted aversion for tobacco, to such a degree that they get to love it. They have got hold of a poisonous, filthy weed, or rather that takes a firm hold of them. Here are married men who run about spitting tobacco juice on the carpet and floors, and sometimes even upon their wives besides. They do not kick their wives out of doors like drunken men, but their wives, I have no doubt, often wish they were outside of the house. Another perilous feature is that this artificial appetite, like jealousy, "grows by what it feeds on;" when you love that which is unnatural, a stronger appetite is created for the hurtful thing than the natural desire for what is harmless. There is an old proverb which says that "habit is second nature," but an artificial habit is stronger than nature. Take for instance, an old tobacco-chewer; his love for the "quid" is stronger than his love for any particular kind of food. He can give up roast beef easier than give up the weed.
Young lads regret that they are not men; they would like to go to bed boys and wake up men; and to accomplish this they copy the bad habits of their seniors. Little Tommy and Johnny see their fathers or uncles smoke a pipe, and they say, "If I could only do that, I would be a man too; uncle John has gone out and left his pipe of tobacco, let us try it." They take a match and light it, and then puff away. "We will learn to smoke; do you like it Johnny?" That lad dolefully replies: "Not very much; it tastes bitter;" by and by he grows pale, but he persists arid he soon offers up a sacrifice on the altar of fashion; but the boys stick to it and persevere until at last they conquer their natural appetites and become the victims of acquired tastes.
I speak "by the book," for I have noticed its effects on myself, having gone so far as to smoke ten or fifteen cigars a day; although I have not used the weed during the last fourteen years, and never shall again. The more a man smokes, the more he craves smoking; the last cigar smoked simply excites the desire for another, and so on incessantly.
Take the tobacco-chewer. In the morning, when he gets up, he puts a quid in his mouth and keeps it there all day, never taking it out except to exchange it for a fresh one, or when he is going to eat; oh! yes, at intervals during the day and evening, many a chewer takes out the quid and holds it in his hand long enough to take a drink, and then pop it goes back again. This simply proves that the appetite for rum is even stronger than that for tobacco. When the tobacco-chewer goes to your country seat and you show him your grapery and fruit house, and the beauties of your garden, when you offer him some fresh, ripe fruit, and say, "My friend, I have got here the most delicious apples, and pears, and peaches, and apricots; I have imported them from Spain, France and Italy--just see those luscious grapes; there is nothing more delicious nor more healthy than ripe fruit, so help yourself; I want to see you delight yourself with these things;" he will roll the dear quid under his tongue and answer, "No, I thank you, I have got tobacco in my mouth." His palate has become narcotized by the noxious weed, and he has lost, in a great measure, the delicate and enviable taste for fruits. This shows what expensive, useless and injurious habits men will get into. I speak from experience. I have smoked until I trembled like an aspen leaf, the blood rushed to my head, and I had a palpitation of the heart which I thought was heart disease, till I was almost killed with fright. When I consulted my physician, he said "break off tobacco using." I was not only injuring my health and spending a great deal of money, but I was setting a bad example. I obeyed his counsel. No young man in the world ever looked so beautiful, as he thought he did, behind a fifteen cent cigar or a meerschaum!
These remarks apply with tenfold force to the use of intoxicating drinks. To make money, requires a clear brain. A man has got to see that two and two make four; he must lay all his plans with reflection and forethought, and closely examine all the details and the ins and outs of business. As no man can succeed in business unless he has a brain to enable him to lay his plans, and reason to guide him in their execution, so, no matter how bountifully a man may be blessed with intelligence, if the brain is muddled, and his judgment warped by intoxicating drinks, it is impossible for him to carry on business successfully. How many good opportunities have passed, never to return, while a man was sipping a "social glass," with his friend! How many foolish bargains have been made under the influence of the "nervine," which temporarily makes its victim think he is rich. How many important chances have been put off until to-morrow, and then forever, because the wine cup has thrown the system into a state of lassitude, neutralizing the energies so essential to success in business. Verily, "wine is a mocker." The use of intoxicating drinks as a beverage, is as much an infatuation, as is the smoking of opium by the Chinese, and the former is quite as destructive to the success of the business man as the latter. It is an unmitigated evil, utterly indefensible in the light of philosophy; religion or good sense. It is the parent of nearly every other evil in our country.DON'T MISTAKE YOUR VOCATION
The safest plan, and the one most sure of success for the young man starting in life, is to select the vocation which is most congenial to his tastes. Parents and guardians are often quite too negligent in regard to this. It very common for a father to say, for example: "I have five boys. I will make Billy a clergyman; John a lawyer; Tom a doctor, and Dick a farmer." He then goes into town and looks about to see what he will do with Sammy. He returns home and says "Sammy, I see watchmaking is a nice genteel business; I think I will make you a goldsmith." He does this, regardless of Sam's natural inclinations, or genius.
We are all, no doubt, born for a wise purpose. There is as much diversity in our brains as in our countenances. Some are born natural mechanics, while some have great aversion to machinery. Let a dozen boys of ten years get together, and you will soon observe two or three are "whittling" out some ingenious device; working with locks or complicated machinery. When they were but five years old, their father could find no toy to please them like a puzzle. They are natural mechanics; but the other eight or nine boys have different aptitudes. I belong to the latter class; I never had the slightest love for mechanism; on the contrary, I have a sort of abhorrence for complicated machinery. I never had ingenuity enough to whittle a cider tap so it would not leak. I never could make a pen that I could write with, or understand the principle of a steam engine. If a man was to take such a boy as I was, and attempt to make a watchmaker of him, the boy might, after an apprenticeship of five or seven years, be able to take apart and put together a watch; but all through life he would be working up hill and seizing every excuse for leaving his work and idling away his time. Watchmaking is repulsive to him.
Unless a man enters upon the vocation intended for him by nature, and best suited to his peculiar genius, he cannot succeed. I am glad to believe that the majority of persons do find their right vocation. Yet we see many who have mistaken their calling, from the blacksmith up (or down) to the clergyman. You will see, for instance, that extraordinary linguist the "learned blacksmith," who ought to have been a teacher of languages; and you may have seen lawyers, doctors and clergymen who were better fitted by nature for the anvil or the lapstone.SELECT THE RIGHT LOCATION
After securing the right vocation, you must be careful to select the proper location. You may have been cut out for a hotel keeper, and they say it requires a genius to "know how to keep a hotel." You might conduct a hotel like clock-work, and provide satisfactorily for five hundred guests every day; yet, if you should locate your house in a small village where there is no railroad communication or public travel, the location would be your ruin. It is equally important that you do not commence business where there are already enough to meet all demands in the same occupation. I remember a case which illustrates this subject. When I was in London in 1858, I was passing down Holborn with an English friend and came to the "penny shows." They had immense cartoons outside, portraying the wonderful curiosities to be seen "all for a penny." Being a little in the "show line" myself, I said "let us go in here." We soon found ourselves in the presence of the illustrious showman, and he proved to be the sharpest man in that line I had ever met. He told us some extraordinary stories in reference to his bearded ladies, his Albinos, and his Armadillos, which we could hardly believe, but thought it "better to believe it than look after the proof'." He finally begged to call our attention to some wax statuary, and showed us a lot of the dirtiest and filthiest wax figures imaginable. They looked as if they had not seen water since the Deluge."What is there so wonderful about your statuary?" I asked.
"I beg you not to speak so satirically," he replied, "Sir, these are not Madam Tussaud's wax figures, all covered with gilt and tinsel and imitation diamonds, and copied from engravings and photographs. Mine, sir, were taken from life. Whenever you look upon one of those figures, you may consider that you are looking upon the living individual."
Glancing casually at them, I saw one labeled "Henry VIII," and feeling a little curious upon seeing that it looked like Calvin Edson, the living skeleton, I said: "Do you call that 'Henry the Eighth?'" He replied, "Certainly; sir; it was taken from life at Hampton Court, by special order of his majesty; on such a day."
He would have given the hour of the day if I had resisted; I said, "Everybody knows that 'Henry VIII.' was a great stout old king, and that figure is lean and lank; what do you say to that?""Why," he replied, "you would be lean and lank yourself if you sat there as long as he has."
There was no resisting such arguments. I said to my English friend, "Let us go out; do not tell him who I am; I show the white feather; he beats me."
He followed us to the door, and seeing the rabble in the street, he called out, "ladies and gentlemen, I beg to draw your attention to the respectable character of my visitors," pointing to us as we walked away. I called upon him a couple of days afterwards; told him who I was, and said:
"My friend, you are an excellent showman, but you have selected a bad location."
He replied, "This is true, sir; I feel that all my talents are thrown away; but what can I do?"
"You can go to America," I replied. "You can give full play to your faculties over there; you will find plenty of elbowroom in America; I will engage you for two years; after that you will be able to go on your own account."
He accepted my offer and remained two years in my New York Museum. He then went to New Orleans and carried on a traveling show business during the summer. To-day he is worth sixty thousand dollars, simply because he selected the right vocation and also secured the proper location. The old proverb says, "Three removes are as bad as a fire," but when a man is in the fire, it matters but little how soon or how often he removes.AVOID DEBT
Young men starting in life should avoid running into debt. There is scarcely anything that drags a person down like debt. It is a slavish position to get ill, yet we find many a young man, hardly out of his "teens," running in debt. He meets a chum and says, "Look at this: I have got trusted for a new suit of clothes." He seems to look upon the clothes as so much given to him; well, it frequently is so, but, if he succeeds in paying and then gets trusted again, he is adopting a habit which will keep him in poverty through life. Debt robs a man of his self-respect, and makes him almost despise himself. Grunting and groaning and working for what he has eaten up or worn out, and now when he is called upon to pay up, he has nothing to show for his money; this is properly termed "working for a dead horse." I do not speak of merchants buying and selling on credit, or of those who buy on credit in order to turn the purchase to a profit. The old Quaker said to his farmer son, "John, never get trusted; but if thee gets trusted for anything, let it be for 'manure,' because that will help thee pay it back again."
Mr. Beecher advised young men to get in debt if they could to a small amount in the purchase of land, in the country districts. "If a young man," he says, "will only get in debt for some land and then get married, these two things will keep him straight, or nothing will." This may be safe to a limited extent, but getting in debt for what you eat and drink and wear is to be avoided. Some families have a foolish habit of getting credit at "the stores," and thus frequently purchase many things which might have been dispensed with.
It is all very well to say; "I have got trusted for sixty days, and if I don't have the money the creditor will think nothing about it." There is no class of people in the world, who have such good memories as creditors. When the sixty days run out, you will have to pay. If you do not pay, you will break your promise, and probably resort to a falsehood. You may make some excuse or get in debt elsewhere to pay it, but that only involves you the deeper.
A good-looking, lazy young fellow, was the apprentice boy, Horatio. His employer said, "Horatio, did you ever see a snail?" "I - think - I have," he drawled out. "You must have met him then, for I am sure you never overtook one," said the "boss." Your creditor will meet you or overtake you and say, "Now, my young friend, you agreed to pay me; you have not done it, you must give me your note." You give the note on interest and it commences working against you; "it is a dead horse." The creditor goes to bed at night and wakes up in the morning better off than when he retired to bed, because his interest has increased during the night, but you grow poorer while you are sleeping, for the interest is accumulating against you.
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.
I was born in the blue-law State of Connecticut, where the old Puritans had laws so rigid that it was said, "they fined a man for kissing his wife on Sunday." Yet these rich old Puritans would have thousands of dollars at interest, and on Saturday night would be worth a certain amount; on Sunday they would go to church and perform all the duties of a Christian. On waking up on Monday morning, they would find themselves considerably richer than the Saturday night previous, simply because their money placed at interest had worked faithfully for them all day Sunday, according to law!
Do not let it work against you; if you do there is no chance for success in life so far as money is concerned. John Randolph, the eccentric Virginian, once exclaimed in Congress, "Mr. Speaker, I have discovered the philosopher's stone: pay as you go." This is, indeed, nearer to the philosopher's stone than any alchemist has ever yet arrived.
PERSEVERE When a man is in the right path, he must persevere. I speak of this because there are some persons who are "born tired;" naturally lazy and possessing no self-reliance and no perseverance. But they can cultivate these qualities, as Davy Crockett said:"This thing remember, when I am dead: Be sure you are right, then go ahead."
It is this go-aheaditiveness, this determination not to let the "horrors" or the "blues" take possession of you, so as to make you relax your energies in the struggle for independence, which you must cultivate.
How many have almost reached the goal of their ambition, but, losing faith in themselves, have relaxed their energies, and the golden prize has been lost forever.It is, no doubt, often true, as Shakespeare says:
"There is a tide in the affairs of men, Which, taken at the flood, leads on to fortune."
If you hesitate, some bolder hand will stretch out before you and get the prize. Remember the proverb of Solomon: "He becometh poor that dealeth with a slack hand; but the hand of the diligent maketh rich."
Perseverance is sometimes but another word for self-reliance. Many persons naturally look on the dark side of life, and borrow trouble. They are born so. Then they ask for advice, and they will be governed by one wind and blown by another, and cannot rely upon themselves. Until you can get so that you can rely upon yourself, you need not expect to succeed.