While on my Benjamin Franklin kick, I came across this old letter that the founding father, inventor, philosopher, and investor had written to a young, ambitious tradesman. Thought you might enjoy.
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 sixpence during his diversion or idleness, ought not to reckon that the only expense; 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
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To kick off the new year, let’s take a step into the “Way Back Machine.” We won’t get carried away with ourselves and go too far back (long New Year’s Eve night and all that)—only ten years to the January 1st start to 2004.
At that point in time, you were looking to make an investment with $25,000. Maybe you inherited it, maybe it was a bonus, maybe you sold an asset or business, or maybe you put together the money through some good old-fashioned saving.
As you come across some potential investment ideas, you decide to take a hard look at Colgate-Palmolive. Everyone knows how lucrative toothpaste, soap, and other toiletries are. The company slaps brand names on its goods like Ajax, Irish Spring, Hill’s, Soft Soaps, Fab, and of course, Colgate and Palmolive, and it is able to achieve 36.0% returns on total capital because of the … Read the rest of this article!