Franklin's Funds

Ben Franklin's 8 Lessons of Personal Finance, AND YOU!

by Dan Loughin

Chapter Advisor, Reading Chapter

As an amateur historian, I am in awe of those that came before us; the men and women that helped form our country.  One of these men was Benjamin Franklin, whom I’m sure you’ve heard of from the story with the kite and the key, the invention of bifocal glasses or the creator of Poor Richard's Almanac..

But there is more to Franklin than you know.  He not only was once Governor of Pennsylvania, but he also served as the first Ambassador to France, the first Ambassador to Sweden, and the first Postmaster General of the United States.  He was also an author, printer, political theorist, scientist, inventor, civic activist, and diplomat.  He was a true everyman, that I’m sure could dunk a basketball or throw a 90 MPH fastball, had those sports been invented in the 1700’s.

As he was all of these things, he attained great wealth through his life, to the point where he was able to retire at the age of 42.  As the knowledgeable man he was, he released his 8 lessons of personal finance to the general public, so that all may know how he did it.  And I will share them with you now.  Please keep in mind that while these were written in the late 1700’s, they are timeless, and still hold their value.

1) Understand The True Value of Things
If you’re going to go into business for yourself, or you’d be happy working in fast food all of your life, you need to understand that everything has a true value and a perceived value.  The perceived value is quite easy to understand: it is what the average person would pay for something.  The true value, however, is much more difficult to understand.  I’m 30, and I still struggle with this on various different products and services.  Just because something is priced at $20, it does not mean that said item is actually valued at $20.  This is true of everything: from food to cars.  Once you understand the true value of these things, you life, and financial situation, will drastically improve.

2) Be Self-Sufficient
There are plenty of us, most of the residents of this great country in fact, that work for someone else, so this point was made not to encourage running your own business (but if you do, more power to you), but to not rely on anyone else for money.  Understandably, this is incredibly difficult, if not impossible, when you are 12.  But when you reach your 20’s, it starts to become unattractive to anyone to beg your parents for money.  By 30, it’s irresponsible.  By 40, you should be reevaluating your life if you are consistently begging people for money to pay for things for you.  Excluded from this, however, is if you live with your parents in your 20’s and 30’s and pay them rent.  You are not free-loading off of them, as you are paying them money.  This strictly means that you are financially independent of other people.

3) Invest in Yourself
Very simply, you are your best asset.  You make money for yourself.  You experience life for yourself.  Get educated, by either going to school or learning from people who have obtained proper knowledge.  Go to the doctor to keep yourself in healthy shape.  Eat right.  De-stress.  Whatever you need to do to make sure your primary asset is protected is the best investment you can make.

4) Surround Yourself with Friends Who Share Your Values
Plain and simple, make sure your friends are the same “kind” of people you are.  Figure out your personal values, and search out people who share them.  I’m not talking about political or religious values, however; people of differing opinions in religion and politics can help a person grow as an individual.  I’m talking about things like work ethic and family orientation.  If you work harder than anyone you know, and one of your friends is lazy and takes advantage of you, it’s probably best that you are not friends with them.

5) Don’t Compromise Your Integrity for Money
Webster’s defines integrity as “adherence to moral and ethical principles.”  In short, do sell what breaks your personal moral code, what you’ve told yourself you’d never, for an extra buck.  Not only will you feel like you cheated yourself and anyone close to you, but you most likely will kill any chance of much more vast wealth down the road.

6) Steady Diligence Is the Way to Wealth
You hear the rags to riches stories, the one in a million shot that a person hit the huge jackpot at the lottery, that the person took the long-shot bet on the superfecta at the Kentucky Derby, and won over $1 Million.  These are exactly what they sound like: once in a lifetime rarities that don’t happen to the average person.  Franklin was saying that if you work hard, save hard.  Don’t do things just to keep busy that won’t pay you (like 15 hours of video games on the weekend).  If you stay on top of your work and your spending, you will eventually have financial wealth.

7) Time Is Money
Everyone has heard this phrase before, but Franklin is the first one to be attributed to the saying.  Very simple, time is a finite resource.  We get no more or no less than we are given when we are born.  Money can grow, time cannot.  If you stay diligent with your work and saving early on, then you can cash in your time on the back half of your life, and do things that really matter to you.  Don’t let other people suck your time away.   You are protective of your money; why not your time as well?

8) The Accumulation of Money Is a Means to an End

I’m sure you’ve heard “money isn’t everything” or “money is the root of all evil” or “money doesn’t buy happiness.”  While true at the core, these sayings are flawed.  While money isn’t everything, if you value time as money, it becomes everything.  Money is not the root of all evil, greed is.  And while MORE money doesn’t buy happiness, you’ll  need money to live, and if you live correctly, you’ll be happy.  Take stock of what you want to do and how you want to do it before you start.  You don’t want to work in your 90’s out of necessity.  Use money to be able to retire as early as possible, and enjoy what life has to offer when you’re able to.

Knights and Damsels

***It's come to my attention that some people are having issues viewing the punctuation in this post when it is viewed as part of the PA DeMolay website. This appears to be an Internet Explorer issue, generally related to version 7. If you are running this version, and are having trouble viewing the punctuation, I encourage you to either update your browser or view the posting on the original feed at demolaypa.blogspot.com. I apologize for any inconvenience.***

I’m always on the look out for interesting articles that relate to DeMolay and what we stand for. Every DeMolay knows the story of Jacques DeMolay, at least to some extent. They know he was a knight, they know he was brave, and they know he died while keeping the faith of his brothers. In DeMolay we’ve become especially attached to the idea of knighthood. There are very few young boys out there who haven’t, at least once, dreamed of donning a fanciful cuirass and riding into battle atop a well barded destrier (Yes, I know. Young guys have no idea what a “cuirass” or “destrier” is. This is one of those “teachable moments.” If you don’t know what those words mean, go look them up!)

I recently finished a novel called “A Storm of Swords.” It’s the third novel, in a much larger series, known as “The Song of Ice and Fire,” which was written by George R.R. Martin. The series comprises a tale of knights and heroes, battles and murders, and general medieval type stuff. One of the recurring themes of the book is how the dreams of the younger characters rarely come true. One little boy has his heart set on being a knight, but he falls out of a window at the age of 8, and never regains use of his legs. Another character, this time a young girl, dreams of being a high born lady and perhaps even queen, but she is later married to a very conniving, and some would say dishonorable, man.

So, what do these two things have in common? Why, another piece of literature of course! Some of you may have read the “Song of Roland” in high school or college. It’s a piece of 12th century French literature that details the Battle of Roncevaux Pass, which occurred in the year 778. More importantly, however, it gives us one of the few complete lists of what was called the “Code of Chivalry,” dated to a period when it was actually being used.

In the “Song of Roland” there are laid out the following components of the knightly code:
1. To fear God and maintain His Church
2. To serve the liege lord in valor and faith
3. To protect the weak and defenseless
4. To give succor to widows and orphans
5. To refrain from the wanton giving of offence
6. To live by honor and for glory
7. To despise pecuniary reward
8. To fight for the welfare of all
9. To obey those placed in authority
10. To guard the honor of fellow knights
11. To eschew unfairness, meanness and deceit
12. To keep faith
13. At all times to speak the truth
14. To persevere to the end in any enterprise begun
15. To respect the honor of women
16. Never to refuse a challenge from an equal
17. Never to turn the back upon a foe

Let’s take a harder look at this. Of the 17 aspects listed, 12 of them relate to how one should act when not on the field of battle. Three of them deal with honor, while three others deal with faith. Six of the tenets deal with protecting or defending other people, while several more deal with truth and doing what is right. Now, let’s take those 17 rules and see how they match up to the 7 Cardinal Virtues.

• Filial Love
o To give succor to widows and orphans

• Reverence for Sacred Things
o To fear God and maintain His Church
o To keep faith

• Courtesy
o To eschew unfairness, meanness and deceit
o To respect the honor of women

• Comradeship
o To guard the honor of fellow knights
o Never to refuse a challenge from an equal
o Never to turn the back upon a foe

• Fidelity
o To despise pecuniary reward
o To fight for the welfare of all
o To obey those placed in authority
o At all times to speak the truth
o To persevere to the end in any enterprise begun

• Cleanness
o To refrain from the wanton giving of offence
o To live by honor and for glory

• Patriotism
o To serve the liege lord in valor and faith
o To protect the weak and defenseless

Well, now look at that! Funny how all of those old ideas of Chivalry just happen to match up to DeMolay ideals, huh? Let’s take a closer look, shall we?

Filial Love, to DeMolays, means loving one's parents. However, in this case, I also believe that it means giving honor to people who are parents themselves, especially widows and orphans, who may not have anyone to help them in a time of need. Reverence for Sacred Things reminds us to have respect for that which is holy, and in the same way, the knights of old were encouraged to be faithful to their church and maintain its teachings. A knight, like a DeMolay, also practiced Courtesy, by being slow to anger, never letting vengeance become a goal, and honoring the fairer sex. They were also strong Comrades, who believed that each knight was a brother, to be protected and listened to, and that even a worthy foe deserved respect. Fidelity, as is apparent, was the key belief of any knight, and therefore of any DeMolay. Knights and DeMolays do what they do without hope for reward, fight the good fight, obey authority, speak the truth, and never quit. Both groups also tried to live clean lives, abhorring offensive things and living for honor and glory rather than for worldly pleasures. Finally, both DeMolays and knights enjoy a sense of patriotism, protecting the weak, and defending their country.

As DeMolays we have a long history of trying to emulate knightly behavior. As men, most of us also have a yearning to be a part of something bigger than ourselves. What you must realize is that the moment a young man becomes a DeMolay he has already found something bigger, and has been “knighted” into a brotherhood of character. It then becomes his responsibility to live up to those standards to the best of his ability, just like the knights of old!

Frat! ~ ”Dad” Seth Anthony

Misplaced Flower Space

Some of you may be wondering why the Executive Officer's article in the latest Keystone Crusader was called "Dad" Labagh's Article Space. This happens to be a little inside joke. You see, each month the amount of room given to "Dad" Labagh in the Key Cru has gotten smaller and smaller. His space has been shrinking. In response, "Dad" Labagh had me create this blog, in essence, to give him more article space! "Dad" Labagh started an article in this month's Key Cru, and it is now finished here on the blog, where "Dad" Labagh can have all the space he needs! Keep checking back often to see what's on his on mind!

Frat! ~ "Dad" Seth Anthony

Now, on to the article...

IT STARTED THIS WAY:

May is the month for Mother’s Day, and I hope that you will find an appropriate way to observe this day as an individual, and as a Chapter. Most Chapters will have a Parents Day obligatory observance on or near Mother’s Day, and many of them will have a member present the Flower Talk as a suitable tribute for the day. Recently I was asked, “Why don’t we do the Flower Talk at statewide classes any more?” First, let me say, I love the Flower Talk—I’ve presented it many, many times and I believe I could still deliver it if called upon at a moment’s notice. A Flower Talk used to be given on the night a young man received his DeMolay Degree, as if it was a “3rd Degree” for DeMolay.

AND HERE IS THE CONCLUSION OF "DAD" LABAGH'S ARTICLE:

But ever since Norman Bates uttered the line, “Well, a – a boy’s best friend is his mother” in Alfred Hitchcock’s classic 1960 movie, “Psycho,” it has been harder for our society to blindly idealize motherhood in prose or in verse. Sarcastically said by this creepy character, it underlines a sad truth about the world—that not every parent loves and cares for his or her children.
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Thankfully, many more do, than don’t, and in DeMolay we DO pay tribute to Mom with the Flower Talk and Moms and Dads within the context of our First Virtue and Parents’ Day obligatory observance. Which is a long way of dancing around the question, without giving an answer, but here’s the thought: Why make a young man stand for a Flower Talk that might be hurtful or insulting to him if he has no fond thoughts for a mother who has not been a positive part of his life?

I recall several occasions at statewide classes where the presentation of the Flower Talk was a particularly embarrassing experience for a DeMolay member who stood numbly, feeling nothing but hatred and rejection when he was forced to think about his mother. I remember a young DeMolay who was left in tears, not because he had to choose a white flower in memory of his deceased mother, but rather, because there wasn’t a black flower or a dead flower to symbolize the mother who had abandoned him at an early age because of her drug habit.

The Flower Talk is a beautiful and stylish rendering of the "ideal" relationship of a young man to his mother—- it sets up a “perfect” relationship as somehow being normal. There is nothing wrong with trying to impress upon a young man the importance of his mother, and encouraging him to improve his behavior and to express his appreciation. Even a young man who hasn't had the wonderful benefit of a caring and loving mother should know that it is a desired and important relationship, so that he makes it a priority for HIS children in future years. But we should understand that, for a young man who hasn’t shared this experience, it is a much harder concept to grasp if he has to abstractly try to imagine what love is, especially a mother’s love, instead of experiencing it.

The best thing for each Chapter Advisor to do is to get to know all new members (and their family backgrounds) well enough to know if receiving a Flower Talk is a good idea or not. If unsure, a Chapter Advisor can ask a parent or guardian, and can even talk to the DeMolay himself about how he would feel being asked to stand one more time at the altar for a presentation about the ideal of motherhood. Receiving the Flower Talk should be an option—not a requirement—for every young man who crosses the DeMolay threshold. We should sincerely encourage it, but we shouldn't force it.

"Dad" Thomas R. Labagh