My family and I are big fans of Benjamin Franklin and his writings.  As we just celebrated Independence Day last weekend, I thought it would be fun to share with you a few nuggets from his famous essay “The Way to Wealth”, written in 1758. Ben was a staunch advocate for personal liberty and financial freedom. His timeless wisdom continues to be sound advice for the path to financial independence.

The Foundation of Financial Freedom: Hard Work and Frugality

Franklin begins “The Way to Wealth” with a simple truth: “Industry need not wish”.  Americans have a good understanding that hard work is essential for achieving financial success.  It seems engrained in us that just as the colonists had to work diligently to secure their freedom, we too must be industrious to secure our financial futures.

However, alongside hard work, Franklin preached the importance of frugality, which is a more difficult principle to follow.  “Beware of little expenses; a small leak will sink a great ship”, he warned. Our clients work hard, and we want them to enjoy their success with some fun and comfort.  But something we all struggle with is “lifestyle creep”.  We make a little more money, and we begin adding new (seemingly small) fixed expenses to our monthly expenditures.  Better to view increased income as an opportunity to build our wealth with savings.

Avoiding Debt: A Path to True Independence

Franklin’s advice on debt is particularly relevant today. He cautioned, “Rather go to bed supperless than rise in debt”.  Debt can be a significant barrier to financial independence.  Especially in our current period of high-interest rates, monthly credit card payments barely make a dent in reducing the debt principle.  Of course, in business, debt can be a great tool to expanding your income.  Your LSL advisor would be happy to assist you with such decisions.

In our personal lives, by living within our means, spending less than we bring in each month, we can keep our financial house in order and move steadily toward the independence we desire.

The Power of Saving and Investing

In addition to avoiding debt, Franklin also highlighted the importance of saving and investing. “A penny saved is a penny earned”, he famously said. Regular saving and wise investing are crucial strategies for building wealth over time. By making informed investment choices and allowing our money to grow, we can keep up with inflation and create opportunities for ourselves as we age.  Franklin’s message:  Save now and the less we will have to stress over meeting our goals later.

If you need referrals for investment advisors, ask your LSL professional for the names of trusted advisors we have worked with.

Generosity and Community

Lastly, Franklin understood the importance of generosity and community. He believed that true wealth comes not just from financial success but also from giving back and helping others. This creates a cycle of wealth and goodwill that benefits everyone.

And spend time with those you love.  “Lost time is never found again; and what we call time enough, always proves little enough”.  Belonging to a community will build emotional wealth, which is a true treasure.


This month, as we celebrate the freedoms bestowed upon us by our forefathers, let us also commit to achieving financial independence.  At LSL, it is our wish for you to enjoy your success and reach financial freedom and individual liberty.  We are here to help you get there.

Happy Independence Day!

Want more content like this?


Sign up to receive our monthly newsletter straight to your inbox.