Book summary and review: The way to wealth, by Benjamin Franklin

The book “The way to wealth” is a collection of stories, letters, teachings, recommendations, and prompts of how to get rich, and it was written by Benjamin Franklin, one of the most notable and influential people in American history.

The various chapters of the book were published as individual works, as parts of the “Poor Richard’s Almanacκ” series, over a period of more than two decades, and they enjoyed huge success.

The American reading audience of that era was eager to read about new ways of reaching the American Dream.

America was the Promised Land for the first settlers who needed moral motivators and men of uncompromised ethics, who would possess the appropriate ideological background, in order to support the expansion of the initial settlements, further cultivation and exploitation of the land, as well as, setting and strengthening the foundations of an independent American state. One such moral motivator was Benjamin Franklin.

A few words about the author

It is generally recognized that Benjamin Franklin’s influence was immense, when it comes to setting the founding principles of the American state.

This influence has been continued throughout the history of the United States, and it is still evident to a great extent nowadays.

It can be added that Benjamin Franklin had a strong personality and enjoyed wide recognition that was not limited to the boundaries of his country.

It wouldn’t be far from the truth to say that Benjamin Franklin is regarded as one of the most important persons of all times.

If you ask a school child in any country of the world the question: “Who was Benjamin Franklin?” the most likely answer will be: “The man who invented the lightning rod”.

It becomes clear that Benjamin Franklin is most known as a physics scientist, while other aspects of his versatile talent are generally ignored.

However, during his time, Benjamin Franklin played an important role in the political and financial issues of a newly-born state, and his involvement in those fields served as the basis of writing the book “The way to wealth”.

He has offered a compilation of timeless hints and tips of advice on financial prosperity, which are believed to be valid even nowadays.

In modern times, and especially in periods of financial recession and crisis, numerous “economics gurus” come forward claiming that they know the hidden secrets that will help people overcome their financial problems and become rich.

However, we shouldn’t fool ourselves. Modern-day con artists selling their “get-rich-quick” methods, either online or offline, who just want to put their hands in your pockets for selling nothing more than hot air, have absolutely nothing to with one of the legendary fathers of the American nation.

The result of following Benjamin Franklin’s advice is not getting rich fast and without an effort. Perhaps, by following his advice, a person’s wealth can increase so fast, that the persons itself won’t realize how this happened.

However, this is not something easy to achieve, because, if you want to increase your wealth, you will have to sacrifice some of his or her daily little things that give him or her pleasure but increase his or her personal expenses. He or she should do this, in order to accumulate wealth.

Benjamin Franklin’s hints of financial wisdom are simple and easy to understand, and can be followed by anyone.

Nonetheless, theory may be difficult to apply in practice, in spite of these well-intentioned tips of advice, since many people may have been used to living in luxury.

These ideas that come from another era are very different, compared to today’s consumerism and the mentality of “live today” or “live for today”.

When it comes to instructions on how to manage personal finances successfully, as these instructions are presented in this classical work, focus is placed on encouraging a more conservative and prudent way of living.

This economic prudence is characteristic of a spirit of moderation and self-restraint, as well as application of cautious and rational management of wealth, following a lifestyle that supports the conservation of both personal and national resources.

These ideals were the norm in the writer’s era, and of course, they are not even closely related to modern consumerism, according to which, quality of life is defined on the basis of the consumption of ephemeral goods.

Conservation of resources, as expressed in saving money for the future, is central in Franklin’s analysis of successful personal wealth management.

Benjamin Franklin’s unique style of humor

In his narrative style, the writer uses the model of a father, i.e., Benjamin Franklin himself, who uses his unique personal style to tell stories and teach his children, i.e., his readers.

The narrative flow is not sort of humor.

Moreover, it wouldn’t be far from truth to say that humor plays a key role, when it comes to the effectiveness of the narration, since it helps in getting messages and ideas across to the reader, according to the writer’s intention.

Humor livens up the stories in the book, and in some cases, it becomes well-intentioned sarcasm.

Benjamin Franklin uses traditional figures in society during his time, such as “poor Richard” and “father Abraham”, and in the faces of those imaginary, yet perfectly believable, persons, he illustrates characters from wider social groups.

Further reading:

The way to wealth by Benjamin Franklin-Goodreads

How Ben Franklin helped establish the Post Office to win the Revolutionary War

The Way To Wealth (1758), Benjamin Franklin - Book Summary

An Executive Summary of The Way to Wealth By Benjamin Franklin

The way to wealth, and a plan by which every man may pay his taxes ... [Signed] Richard Saundrrs. Philadelphia