“Waste is worse than loss. The time is coming when every person who lays claim to ability will keep the question of waste before him constantly, the scope of thrift is limitless.”–Edison.

PERHAPS the most misunderstood word in the English language is the word “Economy.” Almost every one will tell you that economy consists of keeping your money instead of spending it. That isn’t economy at all because, if you did not spend something for food you would starve to death, if you did not go properly clad you would freeze to death and if you did not provide proper shelter for yourself you would die of exposure or disease. It is surely clear that economy is something besides keeping your money instead of spending it.

Some one has said that the people of America have grown rich through their extravagances, which, in a broad sense, is true. Americans have grown rich because they have spent their money and in the spending they may have appeared extravagant to other people, while as a matter of fact they were frequently not extravagant at all but were spending their own money, spending it wisely and growing richer in the operation.

Penuriousness is a sure road to failure and want; a nation composed of penurious people is decadent and will soon be no nation at all.

The silly sounding old English proverb “Penny wise is pound foolish” is not silly but is a very wise saying. Many people spend so much time holding onto a penny that a dollar rolls by the door unseen. How many people we can call to mind who have skimped and slaved all their lives only to die poor.

True economy is the wise handling of not only our money but our things. Taking care of what we have after we have bought it constitutes economy. In many households food is wasted, furniture is abused, clothing is improperly cared for, the house itself is needlessly battered up, the recently decorated walls are marred and soiled, the piano is neglected, the victrola is played with by the children, the kitchen utensils are burned, the dishes are cracked and chipped, clothing not in use hangs on pegs instead of hangers, surplus bedding is dumped in the corner of a closet, garden tools are caked with mud, the new automobile goes unwashed and is allowed to rust–these things are the reverse of economy. They represent the most woeful waste and yet in America they are the rule rather than the exception.

The people of America are wealthier on the average than the people of any other nation, largely because America is a Country of such wonderful and almost inexhaustible natural resources. Half of the Americans would die of starvation in any Asiatic country and in almost any European country. As a people and as individuals, we might be much richer and we can be much richer if we will use more wisdom in the care of the things we have and in the spending of our money.

Instead of trying to learn to hate the people who are wealthy, we should try to find out how they became wealthy. Only a handful of the rich people received their wealth through legacies– only another handful made their money through a lucky turn–still another handful acquired their money through great business sagacity, but the rank and file of the rich–and the number of wealthy people in America is enormous—the great majority of these accumulated their money through wise spending and through taking care of the things they possess.

The secret of wealth is buying once for all. When we buy, we should buy a thing which will last; buy something good even though it costs considerably more than a similar article which is perishable. Real economy consists of building a house that will last for generations, buying furni­ture that will last a lifetime, selecting clothing that is good for more than a fleeting season, choos­ing carpets that can be used by our children’s children and then, having bought these good things, economy demands that we take care of them.

There is a pride of ownership in an article which has been long in the family; you have something which you are pleased to show your friends because you acquired it when a child or it belonged to your grandmother.

If we buy of reliable dealers, if we buy the best they have, if we do not buy at all until we can afford the best, if we take care of everything we buy, if we eliminate waste of both money and goods, we will grow rich and we cannot help it.

Money in your pocket is almost spent–money in the bank is a beginning.

“Riches amassed in haste will diminish, but those collected little by little will multiply.”–Goethe.

“Those who obtain riches by labor, care, and watching, know their value.”–C. Simmons.

“Energy will do anything that can be done in this world; and no talents, no circumstances, no oppor­tunities will make a two-legged animal a man with­out it.”–Goethe.

Tags: The Secret of Wealth