​Owning Your Home Doesn’t Make You Rich

From Dinar Recaps Archives posted on 8/5/2019

Owning Your Home Doesn’t Make You Rich Owning Somebody Else’s Does
By Andrew Van Dam The Washington Post

In the United States more than almost anywhere else, wealth and income are concentrated among business owners and landlords. That club, blessed by capitalism, is becoming increasingly difficult to join.

Business owners and landlords tend to be about four times as wealthy as the average American. That’s more than in almost any other country included in a new study.

On the other end of the spectrum, renters in the United States tend to have about an eighth as much wealth as the average American.

In the recent working paper, Austrian central bank economists Pirmin Fessler and Martin Schürz used a long-running U.S. wealth survey and its newer European counterpart to compare wealth across continents.

It’s one of the first such comparisons to look at wealth in terms of what people use it for, rather than at arbitrary percentile cutoff points. The widest inequalities, they find, are between groups inside countries, not across country borders.

In their analysis, they split households into three groups. Homeowners, whose primary wealth is also their primary residence, form the bulk of the middle and upper-middle class. Business owners and landlords (about 15% of U.S. households), tend to be among the wealthiest.

Their wealth is typically used to generate additional income. Those who pay to rent their residences (about 35% of households), and whose wealth is typically used to cover needs such as emergency expenses or retirement, fill out the bottom of the spectrum. They’re joined by homeowners and business owners whose debt exceeds their equity.

The bottom 40% are most likely to be renters. The top 5% are most likely to own businesses or rental properties. The authors found this polarization has increased since 1962.

In every country Fessler and Schürz studied, homeowners’ wealth hovers near the national average. The biggest gaps are between those who own businesses and rental properties and their customers and tenants.

Van Dam writes for the Washington Post.

To continue reading, please go to the original article at

https://www.latimes.com/business/la-fi-landlords-business-owners-20181105-story.html

Why Gold And Silver Have Plenty Of Room To Rise

Notes From The Field   By Simon Black
Spoleto, Italy

From the Recaps Archives originally posted on August 12, 2019

Peter Schiff and I talk gold [Podcast]

Why Gold And Silver Have Plenty Of Room To Rise​

I thought in this age of insanity that we are living in, nothing would surprise me anymore. But sure enough, there was a headline in the Financial Times the other day, “Central banks should consider giving people money.”

It seems almost impossible that someone could believe in something so ridiculous. And yet this is the world we are living in. The path to prosperity is now based on unelected central bankers conjuring millions of dollars out of thin air.

Bankrupt governments are issuing bonds with negative yields, meaning they are being paid to go deeper into debt. And there are more than $13 trillion of these negative yielding bonds in the world.

If anything this makes a compelling case for why people should consider owning gold.

It’s a store of value with a 5,000 year track record of withstanding inflation, political crisis, and monetary stupidity.

I’ve been suggesting people consider buying gold for quite some time, especially over the last year. I argue that the supply of gold, is actually declining, yet the demand will increase in large part due to all of this central bank lunacy.

And that has absolutely been happening. The price of gold is up more than 25% over the last year, and just surpassed $1,500 per ounce. But unlike most other assets like real estate, stocks, bonds, etc, gold is still far from it's all time high.

There could still be plenty of gains ahead.

And silver would have to triple before it reaches it’s all time high.

Every summer for the past eight years, I’ve enjoyed a week or two in the italian countryside at a 400 plus year old villa. Here I relax with friends, family, business colleagues, and some of our Total Access members who fly in from around the world, to break bread and enjoy really stimulating and entertaining conversations.

This year Peter Schiff has been one of my guests. He’s an old friend who shares many of the same beliefs. And when our conversation this morning turned to gold, I thought it appropriate to record it, and make a Podcast out of it.

LINK

In our conversation we talk about why gold and silver have plenty of room to rise, and a number of different ways to invest.

Until tomorrow,

To your freedom and prosperity, Simon  Black,  Founder, SovereignMan.com

.Is the U.S. on Its Way to Becoming a Cashless Society?

Is the U.S. on Its Way to Becoming a Cashless Society?

Posted in Dinar Recaps Archives on 7/30/2019

Is the U.S. on Its Way to Becoming a Cashless Society?
Shelle Santana JULY 23, 2019
Is the U.S. becoming a cashless society?

As digital payments spread from coastal coffee shops to rural restaurants, business owners, lawmakers, and consumers across America are asking themselves this question. And depending on where you live, the concept of “cashless” is either a heated debate, the wave of the future, or a term you’ve never heard of.

Where the debate does exist, it highlights the growing tension between an evolving consumer payments landscape, a desire for increased business efficiency, and a growing concern that un- and underbanked consumers may be marginalized in a cashless economy.

The rise of digital payments, which includes traditional debit and credit cards as well as mobile payments, have contributed to the steady shift in payment practices among consumers.

According to the FDIC, cash represented just 30% of all payments in 2017. Furthermore, 68.7% of U.S. households had a credit card in 2017 vs. 63.8% in 2015.

Business owners who recognize this trend are responding accordingly, with some opting to go entirely cashless in an effort to increase operating efficiency, reduce wait times for customers, and create a safer work environment by mitigating the risk of theft.

Perhaps the most high-profile example of a cashless business are the Amazon Go stores, which use computer vision technology instead of cashiers to record what customers select and then automatically charges their card.

But does this mean we’re on the verge of a cashless revolution? To answer this question, I collaborated with Square, the payments and financial services company. Together, we analyzed millions of payment transactions from their database to determine just how close–or far–the U.S. is from becoming a truly cashless society.

Our findings suggest that the cashless trend is clear but nuanced, and highlights a few factors that sellers should consider when contemplating whether to forego cash payments.

First, our analysis shows that more consumers are using their credit and debit cards for smaller purchases. In the past four years, the use of cash for transactions under $20 has dropped from 46% to 37%.

Specifically, in 2015, half of consumers at Square businesses used their card for an $8 transaction, like a sandwich. Just four years later, in 2019, the transaction size has been cut nearly in half. Now 50% of consumers use their card for as little as a $4.50 purchase, like a latte.

This behavioral shift can partially be attributed to marketing from credit card companies aimed at increasing usage of cards for small, day-to-day purchases. It used to be that credit cards were strictly for large, special, or emergency purchases.

That mindset no longer exists, so people are increasingly comfortable using their credit cards for smaller transactions at places like drug stores, coffee shops, and delis.

Second, this trend isn’t limited to coastal, major metropolitan areas. Outside the top 25 metropolitan markets, the transaction amount at which consumers prefer their cards to cash dropped from $8 to $5.50 over the last four years.

Within the top 25 metropolitan markets, the decline isn’t quite as steep; the transaction amount at which consumers used their cards only dropped from $5 to $4 over those four years. As smartphone penetration and digital payments expand, so will cashless capabilities.

Third, for some business owners, a cashless business model is a strategic choice that provides clear benefits. While much of the current narrative regarding a cashless society is focused on the downside, there are advantages for both business owners and consumers. The key is understanding customer payment preferences.

For example, Travas Clifton, owner of ModCup Coffee and a Square seller, has seen the benefits of being cashless first-hand at his three New Jersey cafes. When he learned that 81% of transactions across all locations were made with credit or debit cards, he decided that the remaining 19% of cash transactions were worth potentially risking to gain more time with his family and business.

“An hour and a half [away from my shop to deposit cash] at 9 AM in the coffee business is valuable business time. That means I could be at one of my espresso bars serving people coffee. Instead I am having to hire someone to take my place at the bar.

What I’ve realized is that [cash is] the same as a credit card, it’s costing me money to process so I said, scrap it, we’re going cashless” explains Clifton. Turns out, most of his customers were fine with the switch.

But almost 1,000 miles away in St. Louis, Missouri, Laura Leester, owner of Pieces restaurant and game bar, had a very different experience running her cashless business.

She decided to open her business with a cashless model, drawn by the increased efficiency and safety, but quickly realized that nearly each day, she interacted with disgruntled customers frustrated they couldn’t pay in cash.

“When I opened my business there were so many balls rolling I didn’t really reflect on how I could be isolating a group of people in my community by not accepting cash,” she says. ”As a responsible business owner and someone who wants to share my goods and services with all socio-economic levels, I felt it was my duty to start accepting cash.”,,

Shelle Santana is an assistant professor of business administration in the Marketing Unit at Harvard Business School.

To continue reading, please go to the original article at

https://hbr.org/2019/07/is-the-u-s-on-its-way-to-becoming-a-cashless-society

Wealth Is All In Your Head

From the Recaps Archives posted on 4/30/2019

Wealth Is All In Your Head
April 6, 2019  By Mr. Tako 
 
When you think about it, money is a pretty funny thing.  For a couple thousand years humans used precious things to represent this idea of “money” — ivory, colorful shells, precious gems, livestock, silver, and most notably gold.  This worked well for humanity for a very long time… as long as the values were small.

The general inconvenience of physically carrying a whole bunch of “precious stuff” eventually gave way to paper certificates.  Stand-ins for the real thing.  

After-all, nobody wants to cart around a wheelbarrow full of silver just to buy a new car.  You were liable to get mugged by Robin Hood on the way to the car dealership….

Paper certificates were just so much easier and convenient.  In the past, those paper certificates could be redeemed for the actual “precious stuff”.

I still have a few U.S. $1 bills somewhere from the 1950’s that are actual silver certificates.  It used to be that a person could walk down to the nearest Federal Reserve and exchange those certificates for actual physical silver.  Why anyone would want to do that?  I have no idea, but it was possible all the way up into the 1960’s.

Some of my relatives were really into precious metals.  I received a number of these “silver certificate” dollars as gifts when I was a kid.

Back then, it was mostly the belief that you owned a precious metal that supported a currency.  The fact that you could still convert it into precious metals was sort of a “bonus feature” for the currency.

All this ended in 1971, when President Nixon officially took the U.S. off the gold standard.  The dollar became what’s known as a fiat currency, and around the same time most of the G-10 economies moved to fiat currencies as well.

The only thing really supporting a currency now is belief.  We believe that money has value and therefore it does.  Nowadays, most of our money is simply ones and zeros in a bank database …. data that probably resides in a secure data center somewhere.

Today, hardly anyone I know still uses physical money.  We’ve simply moved on to credit cards, bank transfers, and digital payments.   Only a few of the crazier people I know still keep gold or piles of cash at home.

In essence, money is now simply digital bits (in just the right order), shuttled around with electrons.  Money couldn’t be more ethereal.

To continue reading, please go to the original article at

https://www.mrtakoescapes.com/wealth-is-all-in-your-head/

Different Ways to be Rich in 2019

Different Ways to be Rich in 2019
By  Ben Carlson  August 1, 2019

It’s estimated only 5% of people in the United States are millionaires.

So if we’re using millionaire-status as a way to gauge wealth in this country, a lot of people are never going to get to the point where they’re considered “rich.”

But there are plenty of other ways to live a wealthy life that extend beyond how much money you have in the bank or your portfolio. And even those with a lot of money may not be considered rich when you look at other areas of their life.

Here are some ways to be rich in this day and age that go beyond money:

You have a job you enjoy. If you work a 9-5 job that means roughly 50% of your waking hours during the week are spent in the office, with your colleagues or at your place of employment. Many people put in even more hours than this.

So if you hate your employer, boss, co-workers, or career path that can be an enormous drag on your well-being.

Simply enjoying what you do, who you do it with, and the company you do it for can make for a supremely richer life than the alternative. It would be nice to pair a fulfilling career with a high paycheck but most people never find the former even if they receive the latter.

Being in control of your own time. A big paycheck is always nice but the impact wears off when you’re forced to deal with a stressful work environment, co-workers you don’t care for, or work you’re not appreciated for.

Everyone has aspects of their job they don’t care for but it’s hard to put a value on the ability to control what you work on, who you work with, and performing meaningful work that keeps you engaged.

Having a say in how you generally spend your time in your job is a perk not many workers enjoy. 

The ability to work from anywhere. Working remotely is a relatively new phenomenon because the technology to do so effectively didn’t exist in the past.

Not only does it offer more flexibility but it can boost productivity, help people with their family life, and cut down on time spent commuting. It takes the right personality type and organizational culture to pull it off, but telecommuting can make your work and personal life so much easier.

Having a short commute to work. When looking for office space a few years ago my number one requirement was location. I wanted something as close to home as possible.

Cutting my commute down from 20 minutes to 5 minutes has made me at least 9% happier in life by not dealing with traffic and terrible drivers.

One study found adding 20 minutes to your commute makes you as miserable as receiving a 19% pay cut.

To continue reading, please go to the original article at

https://awealthofcommonsense.com/2019/08/different-ways-to-be-rich-in-2019/

The Seven Deadly Sins Of Personal Finance

The Seven Deadly Sins Of Personal Finance

From the Recaps Archives posted on 6/4/2019

The Seven Deadly Sins Of Personal Finance
By J.D. Roth —03 June 2019

I've been reading and writing about personal finance for more than thirteen years. In that time, I've consumed a lot of books about money. Lately, I've found that it's fun to revisit old favorites.

Recently, for instance, I've been re-reading Brett Wilder's The Quiet Millionaire [my review]. It's different than most personal finance books. It's targeted at those who are farther along their financial journeys rather than at those just starting out. Still, there are bits and pieces in The Quiet Millionaire that are applicable to everyone.

Ten years ago, I wrote that I particularly like Wilder's list of the seven enemies to financial success (which is my phrase, not his). I still like them. He writes:

If you want to become and stay the quiet millionaire, you must plan and manage your financial way of life…You must be proactive in order to obtain the financial life you want. By doing this, you will overcome the seven major obstacles to financial success.

Wilder is saying that we know there are certain common barriers to wealth. These obstacles arise for everyone. Because of this, it's possible to plan in advance to cope with them. First, however, we have to be able to name these enemies so that we can prepare the proper weapons to fight them.

The Seven Enemies of Financial Success
According to Wilder, the seven enemies of financial success are:

Lack of discipline. Without discipline, it's difficult to build wealth. In fact, it's impossible to get rich — slowly or otherwise — if you spend more than you earn. The math just doesn't work. Wilder also warns against compulsive spending, and he urges readers to track where their money is going.

Materialism. Stuff will not enrich your life. It's so very easy to find yourself “keeping up with the Joneses”, succumbing to lifestyle inflation. But materialism breeds discontent. Instead, Wilder says, focus on intellectual and spiritual pursuits to obtain fulfillment.’

Debt. Not all debt is bad, of course. A reasonable mortgage on a sensible home is fine. But consumer debt — or a bad mortgage on a big house — is an enemy to financial success. In fact, bad debt may be the biggest enemy to financial success.

Taxes. It's our responsibility to pay the taxes we owe, but we're under no obligation to pay more than that. “It is not unpatriotic to reduce paying your taxes,” Wilder writes. We should instead actively work to keep our tax burden as low as possible.

Inflation. Inflation is wealth's silent enemy. It will not destroy you all at once. But it's always there, nibbling at the corners of your life, consuming a little cash every year. It's impossible to keep inflation completely at bay, but you can learn to mitigate its effects.

Investment mistakes. Poorly structured investment portfolios can be a killer. This enemy is fought through education, through an understanding of diversification and asset allocation, by taking the emotion out of investing.

Emergencies. The final enemy to financial success is the unexpected: unemployment, death, illness, and legal complications. Without a plan for emergencies, you leave yourself at the mercy of the fickle fates. Carry adequate insurance and maintain an emergency fund!

To continue reading, please go to the original article here:

https://www.getrichslowly.org/?s=7+deadly+sins+of+personal+finance++++++

The Treasury Department is in Desperate Need of A Sucker

The Treasury Department Is In Desperate Need of A Sucker

Posted in Dinar Recaps Archives on 7/30/2019

Notes From The Field By Simon Black
July 30, 2019 Vilnius, Lithuania

The Treasury Department is in desperate need of a sucker

Ten years ago, at the peak of the global financial crisis, the Board of Trustees which oversees Social Security in the United States issued a stark warning:

They projected that Social Security’s enormous trust funds would completely run out of money in 2039.

Naturally nobody paid attention. Back in 2009 the economy in shambles, so focusing on a future economic crisis that was more than three decades away was a low priority.

And for the past decade, the US government has continued to ignore its Social Security problem.

But it’s become much worse.

Ten years later, the Board of Trustees now projects that Social Security’s primary trust fund will run out money in 2034.

That’s five years earlier than they projected back in 2009. And it’s only 15 years away.

Now, 15 years might seem like a long time. But take a minute to grasp the magnitude of this problem:

According to the US government’s own estimates, Social Security and Medicare combined are underfunded by $100 TRILLION.

$100 trillion is literally more than FIVE TIMES the size of the entire US economy. And this giant fiscal chasm is actually growing.

The big problem for Social Security is that tax revenue is no longer enough.

Every worker who is legally employed in the United States currently pays roughly 15% of his/her wages each month to help fund Social Security and pay benefits to retirees.

But there are now so many people receiving Social Security benefits that all the payroll tax revenue is no longer enough.

Social Security also derives a portion of the income it needs to pay benefits from the investment returns on its $3 trillion worth of assets.

Problem is-- Social Security is forbidden by law to invest in anything EXCEPT United States government bonds.

Most countries who have large Sovereign Wealth Funds or Pension Funds have the latitude to invest that capital in a variety of asset classes.

I personally know several national pension fund and sovereign wealth fund executives in Europe and Asia, and they typically buy a wide variety of assets-- real estate, private equity, stocks, bonds, etc., with a target annualized return of between 6% to 8%.

To continue reading, please go to the original article here:

https://www.sovereignman.com/trends/the-treasury-department-is-in-desperate-need-of-a-sucker-25425/

To your freedom and prosperity, Simon Black, Founder, SovereignMan.com

Do's and Don'ts When You Increase Your Income

Do's & Don'ts When You Increase Your Income

From the Recaps Archives originally posted on 7/11/2019

2 Things You Should Do (and 1 You Shouldn’t) When You Increase Your Income
Team Member Blog, Consumerism to Frugalism

Most of you would like to increase your income.

Whether you’re looking to make a career move, change companies, start a business, or simply move up in your current situation, making more money is likely one of the major factors in your job decisions.

Here at Money Saved is Money Earned, we know money isn’t everything and you shouldn’t live just for money. However, we also know that money plays a major factor in your ability to live the way you want.

While we should live within our means, most people would make very different choices if money wasn’t an option. Having said that, money should never be the end goal.

What’s really at the heart of the drive for more money is the desire for more freedom and power: over our life and the choices we make about it, as well as our ability to influence the world in the ways we care most about.

Money is nothing more than the means to an end.

Unfortunately, most of us will not win the big lottery, start a billion dollar company, or inherit millions. This means that while our incomes may increase over time that increase will likely be gradual, and may come in the form of step or merit-based raises, bonuses, or commissions.

However, most people find themselves spending money as fast as they make it, gradual increase or not.

With these points in mind, what SHOULD you do if you find your income increasing?

Luckily, we’re here to help.

Here are 2 things you should do when you increase your income and 1 you shouldn’t.

Things You SHOULD Do : 

Pay off Debt

We know we play this tune like a broken record, but paying off your debt as fast as you can is one of the most effective ways of having Money Earned through Money Saved.

In fact, paying off debt is second only to not accruing debt in the first place!

The reason paying off debt as soon as possible is so impactful is because of interest.

Essentially, any loans you have you will pay interest on, which gives the lender extra incentive for loaning the money in the first place.

The trick with paying off debt at a faster pace than your loan term lies in the fact that any extra you pay goes directly toward the loan balance and not to interest.

Thus, making extra payments lowers your overall balance, which lowers the interest paid, which lowers the total amount you will pay to the lender.

Depending on the size of the loan and how much extra you put toward it, the impact on the total you pay can be quite astounding.

For instance, making extra payments on a mortgage could save you upwards of $30,000 in interest and several years on the life of the loan!

Not only does paying down your debt help you to save on interest and shorten the life of the loan, having less debt helps you maintain financial flexibility.

Say your car dies and you need another one, or you get in an accident (heaven forbid) and have medical bills. What if you get laid off or get sick and need to miss work?

If your debt to income ratio is maxed out you’ll be hard-pressed to get more credit no matter how great your credit score is or how much you make.

This is why it’s so important to focus on paying down any debt you do have as fast as possible and to try and keep it paid down. Not only will you be saving on interest and getting out from under loans faster, you’ll be able to handle any unknowns that may come up that could require you to accrue more debt.

Long story short, if you increase your income one of the first things you should do with that money is to pay down your debt.

To continue reading, please go to the original article at

https://www.moneysavedmoneyearned.com/2-things-you-should-do-and-1-you-shouldnt-when-you-increase-your-income/

13 Easy Ways To Trick Yourself To Save Money

From the Recaps Archives originally posted on 4/30/2019

13 Easy Ways To Trick Yourself To Save Money
By Ryan
 
If you have trouble saving money each month and always seem to go over your budget, try some of these helpful tips and tricks to save more money!
 
Saving money is definitely not as fun as spending money. Before I successfully changed my spending habits, I learned a few tricks to save money even when I didn’t want to. If you are trying to pay off debt or saving for retirement or a vacation, all of these tips will help you get there faster! 

#1. Use Cash For Everyday Expenses

You should have a monthly grocery budget. At the beginning of each month, take out that money in cash and leave your cards at home when you go to the store. Creating a list and shopping with cash will help you stick to your budget if you know you don’t have a credit card to fall back on.

I also recommend using Clicklist or any other online shopping method. I wrote an article about how my wife and I save a ton of money using Frys Pickup by shopping online and picking up our groceries from the store. Read more about it here: How Frys Pickup (formally Click List) Saves Me Money

For the cash technique, you can use this strategy for any other budgeted item you have. You can use cash and leave the cards at home when you go to a restaurant, movie theater, etc. Force yourself to stay on your budget.
 
#2. Pay Your Savings First Each Month

You should have a budget set up for the beginning of each month. In theory, you know how much money you are able to spend and how much you plan to save. Instead of spending money all month and saving whatever is left, reverse the process.

When you receive your first paycheck of the month, automatically move a certain amount of money from your checking account to your savings account. Many banks can do this for you automatically if you set it up for a certain amount. If you automatically move $25 dollars over initially, you know you have at least saved that much.

Force yourself to lower your spending rather than your saving. By reversing your money management order, you can more easily achieve your savings goals.

Digit is a mobile app that will assist you with this process as well. Digit is a service that looks at your spending and transfers money into a savings account automatically. If you would like to try it for free for 30 days, click my link here.

I ​To continue reading, please go to the original article here:

https://arrestyourdebt.com/13-easy-ways-trick-yourself-save-money/

The Signs That Signal You Are Too Obsessed With Making Money Now

The Signs That Signal You Are Too Obsessed With Making Money Now

From the Recaps Archives originally posted on 5/30/2019

The Signs That Signal You Are Too Obsessed With Making Money Now
Post From Invested Wallet

Making Money NowMaking money is something I’ve been working on quite a bit the last few years to better my financial health.

Yet, at times I also found myself becoming a bit too obsessed with making money now and the pursuit of wanting to get rich. I think it’s a natural feeling for many in our society.

However, I’ve been fortunate enough to catch myself and ensure I do not make it my entire life either.
Life is short and anything can change in an instant. So while money is important to our lives, it should not be all that matters.

Below are a few signs that might signal you are becoming too obsessed with making money or getting rich fast.

All You Talk About Is Money

That’s rich coming from a personal finance nerd like me, right? (That’s rich, get it? #MoneyPuns)

As much as I do think about money, it’s not something I talk about constantly to everyone in my life. It can be a touchy subject to some, plus there is plenty to talk about and connect with others about.

If you find that every word you speak or conversations lead to making money, getting rich, or how much you’re making, try to find ways to dial it back. You shouldn’t have money on your brain 24/7.

You Stress Yourself Out Trying to Get Rich

Money is stressful and managing personal finances can be too. But if your obsession with getting rich and chasing the almighty dollar is stressing you out, you may be too obsessive.

I’m all about working hard and chasing financial independence, but if it is affecting your mental and physical well-being, it’s time to re-evaluate your goals.

Ask yourself, “Is trying to make money or get rich worth the toll it has on my body and mind?”

You Jump On Every Money Making Idea

Since making money now is a heavy priority, anytime some new way to make money comes up you’re the first one to jump on it.

There is nothing wrong with wanting try something new, but it can become a problem if you never see something through and jump to the next thing right away.

By doing this, you aren’t putting 100% of your focus on something and can get frustrated when it doesn’t work out. This can take a serious toll on your mind.

To continue reading, please go to the original article here:

https://investedwallet.com/obsessed-with-making-money-now/

10 Lessons from Benjamin Franklin's Daily Schedule that will Double Your Productivity

From the Dinar Recaps Archives originally posted on 6/2/2019

TNT: LounDebnc:

10 lessons from Benjamin Franklin’s daily schedule that will double your productivity

Benjamin Franklin is best remembered as one of the Founding Fathers of the United States, but he achieved much more in his lifetime.

During Franklin’s 84 years alive, he invented the lightning rod, made significant discoveries in physics and population studies, wrote best-selling books, composed music and played the violin, harp and guitar at a high level, founded many civic organizations, including the University of Pennsylvania, and much more.

How did Franklin achieve so much more than his contemporaries, given he had the same 24 hours each day to get things done? The answer to this question lies in Franklin’s daily schedule.

Here’s how it works, including 10 lessons that will double your productivity this week.

Create a list of values to live by

Before putting pen to paper on his daily schedule, Franklin created a list of virtues to live by.

He referred to these as his 13 virtues: a list of values designed to help guide his daily schedule.

Here’s the list of Benjamin Franklin’s 13 virtues:

1. Temperance: Eat not to dullness and drink not to elevation.

2. Silence: Speak not but what may benefit others or yourself. Avoid trifling conversation.

3. Order: Let all your things have their places. Let each part of your business have its time.

4. Resolution: Resolve to perform what you ought. Perform without fail what you resolve.

5. Frugality: Make no expense but to do good to others or yourself: i.e. Waste nothing.

6. Industry: Lose no time. Be always employed in something useful. Cut off all unnecessary actions.

7. Sincerity: Use no hurtful deceit. Think innocently and justly; and, if you speak, speak accordingly.

8. Justice: Wrong none, by doing injuries or omitting the benefits that are your duty.

9. Moderation: Avoid extremes. Forebear resenting injuries so much as you think they deserve.

10. Cleanliness: Tolerate no uncleanness in body, clothes or habitation.

11. Chastity: Rarely use venery but for health or offspring; Never to dullness, weakness, or the injury of your own or another’s peace or reputation.

12. Tranquility: Be not disturbed at trifles, or at accidents common or unavoidable.

13. Humility: Imitate Jesus and Socrates.

Even though this saves time upfront, it wastes valuable time, willpower and energy, that could’ve been spent working on important tasks straight away.

To avoid this problem, Franklin made sure to clean up his work space and put things back in order before leaving the office each day.

This ensured that Franklin had enough willpower each morning, to tackle the tedious tasks in the long day ahead.

To continue reading, please go to the original article here:

https://www.theladders.com/career-advice/10-lessons-from-benjamin-franklins-daily-schedule-that-will-double-your-productivity