Chapter 1 Summary

Chapter One

Benjamin Franklin was a thriving American in his day. Though he did not invent thrift, he brought the name to what it is regarded as today. Two of his most famous works, Poor Richard's Almanack and The Way to Wealth contained helpful teachings on thrift and every American lived by his principles. These principles were the cornerstone of society and represented the American Dream. Franklin's practices are even more helpful today then they were back then. Since many are sky-high in debt because of credit cards and money scams, people are turning to these somewhat ancient practices to help them get by in life. However, those times were still similar because credit and bankruptcies were around but they were a new topic for people living in the 1800's. His notions of spending less and saving more intrigued people and those who lived by these words saw major differences. To understand thrift, one must know what it is. Contrary to the popular belief that it is just being stingy, or self-denying, thrift is rather maximizing what is given to you. Franklin lived like and two years after he opened his own business, he was able to pay off all of his debts. He was able to retire in his early forties because of his significant wealth.What made Franklin so influential has to be that he grew up in a modest household where he was not given everything. His success came from working hard. From hard work comes trust from not only friends but also those in higher positions such as employers. According to Ben, time should never be wasted, leisure should be put to good use. Good fortune should be given to public service and used for the good of others. To Franklin, stewardship was important and in order to become wealthy, one must live a frugal lifestyle.