ADVICE to a Young Tradesman. Written by an Old One. [Sold at the New Printing-Office, in BOSTON.]
To my Friend A. B. As you have desired it of me, I write the following Hints, which have been of Service to me, and may, if observed, be so to you.
REmember that TIME is Money. He that can earn ten Shillings a Day by his Labour, and goes abroad or sits idle one Half of that Day, though he spends but Six-Pence during his Diversion or Idleness, ought not to reckon that the only Expence; he has really spent, or rather thrown away, five Shillings besides.
Remember that CREDIT is Money. If a Man lets his Money lie in my Hands after it is due, he gives me the Interest, or so much as I can make of it during that Time. This Amounts to a considerable Sum where a Man has good and large Credit, and makes good Use of it.
Remember that Money is of a prolific generating Nature. Money can beget Money, and its Off spring can beget more; and so on. Five Shillings turned, is Six turned again, 'tis Seven and Three Pence; and so on till it becomes an hundred Pounds. The more there is of it, the more it produces every Turning; so that the Profits [Page 2] rise quicker and quicker. He that kills a breeding Sow, destroys all her Off-spring to the thousandth Generation. He that murders a Crown, destroys all it might have produced, even Scores of Pounds.
Remember that Six Pounds a Year, is but a Groat a Day. For this little Sum (which may be daily wasted, either in Time or Expence, unperceived) a Man of Credit may, on his own Security, have the constant Possession and Use of an Hundred Pounds. So much in Stock briskly turned by an industrious Man, produces great Advantage.
Remember this Saying — The good Pay-Master is Lord of another Man's Purse. He that is known to pay punctually and exactly to the Time he promises, may at any Time, and on any Occasion, raise all the Money his Friends can spare. This is sometimes of great Use. After Industry and Frugality, Nothing contributes more to the Raising a young Man in the World than Punctuality and Justice in all his Dealings: Therefore never keep borrowed Money an Hour beyond the Time you promised, lest a Disappointment shuts up your Friend's Purse forever.
The most trifling Actions that affect a Man's Credit, are to be regarded. The Sound of your Hammer at Five in the Morning or Nine at Night, heard by a Creditor, makes him easy Six Months longer. But if he sees you at a Billiard Table, or hears your Voice in a Tavern, when you should be at [Page 3] Work, he sends for his Money the next Day. Finer Clothes than he or his Wife wears, or greater Expence in any Particular than he affords himself, shocks his Pride, and he duns you to humble you. Creditors are a Kind of People that have the sharpest Eyes and Ears, as well as the best Memories of any in the World.
Good-natured Creditors (and such One would always deal with if One could) feel Pain when they are obliged to ask for Money. Spare them that Pain, and they will love you. When you receive a Sum of Money, divide it among them (if you can possibly spare the Whole) in Proportion to your Debts. Don't be ashamed of paying a small Sum, because you owe a greater. Money, more or less, is always welcome; and your Creditor had rather be at the Trouble of receiving Ten Pounds voluntarily brought him, though at ten different Times or Payments, than be obliged to go ten Times to demand it, before he can receive it in a Lump. It shews, besides, that you are mindful of what you owe; it makes you appear a careful as well as an honest Man; and that still increases your Credit.
Beware of thinking all your own that you possess, and of living accordingly. 'Tis a Mistake that many People who have Credit fall into. To prevent this, keep an exact Account for some Time, both of your Expences [Page 4] and your Incomes. If you take the Pains at first to mention Particulars, it will have this good Effect; you will discover how wonderfully small trifling Expences mount up to large Sums, and will discern what might have been, and may for the Future be saved, without occasioning any great Inconvenience.
Be encouraged to Diligence in your Calling, and trust in Providence. Establish a Character as an honest and faithful, as well as skilful Workman, and you need not fear the Want of Employment. Industry pays Debts, while Despair increases them. Something doing, something coming. Industry is sure of Profit.
In short, the Way to Wealth, if you desire it, is as plain as the Way to Market. It depends chiefly on two Words, INDUSTRY and FRUGALITY; that is, Waste neither Time nor Money, but make the best Use of both. Without Industry and Frugality nothing will do, and with them every Thing. He that gets all he can honestly, and saves all he gets (necessary Expences excepted) will certainly become RICH — If that Being who governs the World, to whom all should look for a Blessing on their honest Endeavours, doth not, in his wise Providence, otherwise determine.