Money is in some respects life's fire: it is a very excellent servant, but a terrible master.
P. T. BarnumRead
True economy consists in always making the income exceed the out-go. Wear the old clothes a little longer if necessary; dispense with the new pair of gloves; mend the old dress: live on plainer food if need be; so that, under all circumstances, unless some unforeseen accident occurs, there will be a margin in favor of the income.
Interpretation
What this quote means
True economy is about spending less than you earn and prioritizing savings over immediate desires.
This quote emphasizes the principle of financial prudence, advocating for a lifestyle that prioritizes saving and maintaining a balance between income and expenses. Barnum suggests that by making sacrifices in our spending habits, such as wearing old clothes or choosing simpler meals, we can ensure that we always have a surplus that adds to our financial security. This approach encourages foresight and discipline in managing one's finances to prepare for unforeseen circumstances.
Themes
EconomySavingsFinancial PrudenceSpendingIncome
In practice
Example use cases
This quote can be used in a financial literacy workshop to encourage responsible money management.
More from P. T. Barnum
All quotes →The common man, no matter how sharp and tough, actually enjoys having the wool pulled over his eyes, and makes it easier for the puller.
P. T. BarnumRead
No man has a right to expect to succeed in life unless he understands his business, and nobody can understand his business thoroughly unless he learns it by personal application and experience.
P. T. BarnumRead
No man ever went broke overestimating the ignorance of the American public.
P. T. BarnumRead
I don't care what the newspapers say about me as long as they spell my name right.
P. T. BarnumRead
The desire for wealth is nearly universal, and none can say it is not laudable, provided the possessor of it accepts its responsibilities, and uses it as a friend to humanity.
P. T. BarnumRead
Similar quotes
Moderation in all things, especially moderation.
Ralph Waldo EmersonRead
I remember once going to see him [Ramanujan] when he was lying ill at Putney. I had ridden in taxi-cab No. 1729, and remarked that the number seemed to me rather a dull one, and that I hoped it was not an unfavourable omen. "No," he replied, "it is a very interesting number; it is the smallest number expressible as a sum of two cubes in two different ways."
G. H. HardyRead
If you put your hand into a fire, does anyone have to tell you to move it? Do you have to decide? No: When your hand starts to burn, it moves. You don’t have to direct it; the hand moves itself. In the same way, once you understand, through inquiry, that an untrue thought causes suffering, you move away from it.
Byron KatieRead
There is wisdom in turning as often as possible from the familiar to the unfamiliar: it keeps the mind nimble, it kills prejudice, and it fosters humor.
George SantayanaRead
I think we all have a little voice inside us that will guide us. It may be God, I don't know. But I think that if we shut out all the noise and clutter from our lives and listen to that voice, it will tell us the right thing to do.
Christopher ReeveRead
In every generation there has to be some fool who will speak the truth as he sees it.
Boris PasternakRead