University Of Success Ch 26

P.T. Barnum's Philosophy on Success

• Barnum's autobiography, "The Life of P.T. Barnum, Written by Himself," included his advice on success.
• He believed that the public never tired of the subject of money.
• He emphasized the importance of understanding the principles of accumulating wealth, even if money alone doesn't guarantee happiness.

### Barnum's Principles on Money

• In the United States, with more land than people, financial success is achievable through hard work and respectable occupations.
• The key to wealth is spending less than you earn.
• True economy involves prioritizing essentials and minimizing unnecessary expenses.
• Tracking spending in a "necessaries" and "luxuries" ledger helps curb extravagance and mistaken frugality.
• Don't let societal pressures dictate your spending habits, as it can lead to financial strain.
• While everyone is born "free and equal," not everyone is born equally rich.
• Be content with your financial situation and don't try to keep up with those who have more.
• Gratifying every whim and caprice can hinder long-term financial stability.
• Develop savings habits and invest wisely.
• Living modestly can bring more enjoyment than extravagant spending.
• Many individuals are made poor by overextending their spending and not living within their means.
• Sudden prosperity can be challenging to navigate, as it can fuel pride, vanity, and ultimately lead to financial ruin.
• Resist the temptation to spend excessively and focus on building a solid foundation.

Avoiding Debt

• Debt can be a major financial burden, hindering self-respect and leading to a cycle of working for what you've already spent.
• While credit for business purposes or profit-generating investments can be beneficial, avoid accumulating debt for non-essential items.
• Getting into debt for basic necessities should be avoided.
• Money is a powerful tool, but it can become an enslaving master if not managed wisely.
• Interest payments can trap you in a cycle of debt, hindering financial progress.
• Allow money to work for you by investing it wisely.
• Paying as you go is an essential principle for avoiding financial pitfalls.

Maximizing Effort

• Work diligently and with purpose, giving your full attention to your chosen endeavors.
• Thoroughness in your work leads to success, while half-hearted efforts result in mediocrity.
• Ambition, energy, industry, and perseverance are essential for achieving financial success.
• Avoid waiting for opportunities to "turn up" and proactively pursue your goals.
• Idleness breeds bad habits and can lead to financial hardship.
• Trust in providence, but also take responsibility for your actions and contribute to your success.

Finding Your Niche

• Avoid the temptation to chase multiple ventures or "outside operations" at the same time.
• Prioritize a single business and focus on building expertise within that area for long-term success.
• Constant focus on one goal leads to greater innovation and efficiency.
• Diversifying your efforts can hinder progress and prevent you from becoming a true expert in any one field.
• Beware of "outside operations" and investments that deviate from your existing expertise.
• While moderate investments in promising ventures can be beneficial, don't jeopardize your existing fortune by investing in unfamiliar areas.

Maintaining Integrity

• Guard your reputation carefully and avoid revealing your business secrets to others.
• Be discreet in your conversations and written communication, as sharing too much information can be detrimental.
• Never tell others about your financial losses, as it can damage your reputation.
• Integrity is essential for long-term success and should be valued above all else.

Money and Morality

• The author argues that gaining wealth honestly is paramount, even if it is difficult.
• Dishonest wealth acquisition is seen as inherently flawed, with potential consequences like imprisonment and social stigma.
• The text emphasizes that honest individuals are trusted and respected, while those with questionable integrity face social isolation.
• The author highlights that true riches lie in integrity and contentment, not solely in material wealth.
• While money itself is not inherently evil, the inordinate love of it can be.
• The text embraces the desire for wealth as a positive force, urging individuals to use accumulated resources for the benefit of humanity.
• The author connects wealth accumulation with societal progress, stating that commerce has been a driving force behind civilization, fostering art and science.
• The text acknowledges that misers exist as exceptions to the general rule of wealth-seekers who contribute to society.
• The author finds comfort in the absence of primogeniture laws in America, ensuring that even hoarded wealth eventually benefits society.
• The text encourages a balanced approach, emphasizing the value of honest wealth acquisition while acknowledging the importance of contentment.
• Money, when utilized ethically, can contribute to human happiness and influence.
• The text concludes by reinforcing Shakespeare's wisdom, suggesting that wealth, means, and contentment are crucial pillars of a fulfilling life.

Key Figures

• The author references Dr. Franklin's famous maxim: "Honesty is the best policy."
• Shakespeare's proverb about the importance of wealth, means, and contentment is quoted.

### Themes

• The text delves into the relationship between wealth, morality, and social success.
• It emphasizes the importance of integrity and ethical wealth acquisition.
• The text highlights the potential pitfalls of greed and the importance of using wealth for the betterment of society.
• The author presents a balanced perspective, advocating for both legitimate wealth acquisition and personal fulfillment.