8 Random picks from the art of Money Getting by P.T Barnum

The art of money getting ( the golden rules of making money) is one of the best financial literacy and self-development books of all time and it’s one worth everyone’s time. We take a look at a few picks from the classic book.

1. On debt;

Young men should avoid debt. Debt robs man of his self-respect and drags him down. No one has a good memory like creditors. Debt piles intense pressure on you and you can easily lose it mentally in case of failure to manage it appropriately.

A creditor gets richer while sleeping while you wake up poorer because interest grew while you were sleeping.

2. On financial literacy;

Many people think they know financial literacy yet they don’t. They think it’s just spending less than what we earn. Financial literacy entails knowledge of saving making, spending, and saving money besides using financial resources to make informed decisions.

3. On Wealth;

You can’t accumulate wealth by continuing on the road of poverty.
Unlearn some old toxic habits and adopt new ones that can help foster your growth.

4. Rules of Nature

Good health is the foundation of wealth because a clear mind makes money. In the name of working, many people tend to forget about self-care and they end up being constrained by sicknesses thus retarding their growth.

5. On persistence;

“A constant hammering on one nail will eventually make it go through.” Sometimes, you just have to keep pushing instead of giving up after one attempt. Avoid jumping back and forth into different ventures. Concentrate on one and give your all

6. On providing start-up capital to someone;

“Let him understand the value of money by earning it themselves.”

It’s more of instilling a sense of responsibility and ownership into people. When you struggle to make something happen on your own, you get to know the real value of money and you’re most likely to make more informed and careful decisions with your money. Own your struggle and allow yourself to start small.

7. On generosity and charity;

“Be charitable, the miser will be avoided.”

Literally, the only time you’re going to be relevant to people is when you have something to offer. Even relatives will not visit your home when the family is struggling. The earlier you understand it, the better.

So constantly add value to yourself.

8. On Teaching children;

Every man should make his son or daughter learn some trade or profession so that in the days of changing fortunes- of being rich today and poor tomorrow they have something tangible to fall back upon. Anything could happen in life therefore, it’s a wise move to prepare for the worst-case scenario.