Many of you may know that Benjamin Franklin is said to have coined the phrase “A penny saved is a penny earned.” He actually had quite a lot to say about compound interest. But, as it turns out, a few other founders of the United States of America had something to say on the subject of finance, too.
John Adams believed in the importance of a strong financial 
education:
“All the perplexities, confusion and distress in America arise not from the defects of the Constitution not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit and circulation.”
– From a letter to Thomas Jefferson in 1787
Alexander Hamilton knew what created a sound economy:
“Industry is increased; commodities are multiplied; agriculture and manufacturers flourish; and herein consists the true wealth and prosperity of a state.”
– Report on Manufactures, 1790
Thomas Jefferson believed in spending less than you earn:
“I… know nothing more important to 
inculcate into the minds of young people than the wisdom, the honor, and the blessed comfort of living within their income, to calculate in good time how much less pain will cost them the plainest stile of living which keeps them out of debt, than after a few years of splendor above their income, to have their property taken away for debt when they have a family growing up to maintain and provide for.”
– From a letter to Martha Jefferson Randolph in 1808
Benjamin Franklin knew the power of compound interest:
“Remember that Money is of a prolific generating Nature. Money can beget Money and its Offspring can beget more, and so on. Five Shillings turn’d, is Six: Turn’d again, ’tis Seven and Three Pence; and so on ’til it becomes an Hundred Pound. The more there is of it, the more it produces every Turning, so that the Profits rise quicker and quicker.
– From “Advice to a Young Tradesman, Written by an Old One,” 1748
George Washington on the corruptive power of 
money:
“Few men have virtue to withstand the highest bidder.”
– From a letter, Aug. 17, 1779
Clearly the founding fathers had some idea of how to handle finances – both their own and those of the nation. We can all learn from their ideas and advice, and taking these five concepts to heart is a great way to start!
Tags: banking, compound, investing, long term, money, traditional
great post as usual!
There is a critical shortage of infomtriave articles like this.