Money is in some respects life's fire: it is a very excellent servant, but a terrible master.
P. T. BarnumRead
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.
Interpretation
What this quote means
True economy is about spending less than you earn and prioritizing savings over immediate desires.
This quote emphasizes the principle of financial prudence, advocating for a lifestyle that prioritizes saving and maintaining a balance between income and expenses. Barnum suggests that by making sacrifices in our spending habits, such as wearing old clothes or choosing simpler meals, we can ensure that we always have a surplus that adds to our financial security. This approach encourages foresight and discipline in managing one's finances to prepare for unforeseen circumstances.
Themes
EconomySavingsFinancial PrudenceSpendingIncome
In practice
Example use cases
This quote can be used in a financial literacy workshop to encourage responsible money management.
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The desire for wealth is nearly universal, and none can say it is not laudable, provided the possessor of it accepts its responsibilities, and uses it as a friend to humanity.
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