Seven Principles From Benjamin Franklin on Building Wealth and a Good Life

personal995
May 7
4 min read

Benjamin Franklin is often remembered as an inventor, statesman, and Founding Father. But at his core, he was a man deeply committed to personal growth and practical wisdom. Franklin didn’t just chase wealth for its own sake. He saw money as a tool for virtue, freedom, and the good life.

In his autobiography and maxims, Franklin laid out a path for anyone seeking to live well by managing their time, money, and mind. To Franklin, wealth wasn’t about luxury, it was about independence, moral character, and usefulness to others.

Here are seven enduring principles from Benjamin Franklin on building wealth that offer guidance for building a good life through the thoughtful creation and use of wealth.

1. Wealth is a Means to Freedom

“A man is not completely born until he is free.” Benjamin Franklin

Franklin believed that financial independence was one of the greatest forms of freedom. He didn’t define wealth by how much you had, but by how little you needed. A man unburdened by debt, dependence, or extravagant desires could think, speak, and live honestly.

Lesson: Build enough wealth to buy your time back, speak your mind, and live aligned with your values. Not to impress others.

Useful Members link: Aspect 32: Independence

2. Industry and Frugality Are the Foundations

“Early to bed and early to rise makes a man healthy, wealthy, and wise.” Benjamin Franklin

Franklin’s two most emphasized virtues were industry (hard, purposeful work) and frugality (conscious spending). To him, these were not just financial tools, but moral ones. He believed the combination built discipline and character.

Lesson: Consistent effort and conscious restraint create a strong foundation for long-term wealth and self-respect.

Useful Members link: Aspect 10: Focus

3. Avoid Debt - It Erodes Liberty

“Think what you do when you run into debt; you give another power over your liberty.” Benjamin Franklin

Franklin warned fiercely against unnecessary debt. In his eyes, borrowing was not just a financial issue but a surrender of freedom and clarity. He saw a person in debt as a person enslaved. Less able to choose, speak, or act freely.

Lesson: Live beneath your means. The less you owe, the more you own yourself.

Useful Members link: Aspect 7: Financial Management

4. Invest in Learning - It Compounds

“An investment in knowledge always pays the best interest.” Benjamin Franklin

For Franklin, learning wasn’t a luxury, it was a necessity. He saw knowledge as the ultimate compounding asset, enabling better decisions, greater adaptability, and lasting prosperity. His own life was a testament to the self-educated man outgrowing his circumstances.

Lesson: Never stop learning. True wealth grows with your ability to think and adapt.

Useful Members link: Aspect 24: Knowledge

5. Be Useful - Wealth Grows Through Value

“The noblest question in the world is: What good may I do in it?” Benjamin Franklin

Franklin didn’t idolize wealth-hoarders. He respected wealth creators, those who added value to the lives of others. He believed the best way to grow rich was to be useful. In a world where people chase passive income, Franklin reminds us to first ask: “How can I serve?”

Lesson: Be valuable to others. Wealth is a byproduct of usefulness, not self-interest.

Useful Members link: Aspect 36: Holism

6. Time is Your True Capital

“Dost thou love life? Then do not squander time, for that’s the stuff life is made of.” Benjamin Franklin

Franklin viewed time as the ultimate currency. More precious than gold, more fleeting than money. Every wasted hour was a lost opportunity to grow, create, or enjoy life meaningfully. He structured his days rigorously, not to become robotic, but to stay intentional.

Lesson: Guard your time. Spend it on what multiplies your wealth - inner and outer.

Useful Members link: Values

7. Build Character Over Status

“It is hard for an empty sack to stand upright.” Benjamin Franklin

To Franklin, no amount of money could replace virtue. Wealth built without integrity was unstable. He believed in earning respect, not buying it, and in using wealth to support good character—not to mask the lack of it.

Lesson: True wealth is a reflection of inner character. Without honesty, humility, and purpose, riches are a burden.

Useful Members link: Aspect 11: Strength

To Summarise: Benjamin Franklin on Building Wealth

Franklin didn’t believe in shortcut schemes or overnight success. He offered a philosophy where wealth was a means, not an end. One grounded in virtue, service, and self-mastery.

In a world obsessed with luxury, hustle, and fast money, Franklin invites us to slow down and ask better questions: Am I free? Am I useful? Am I living well?

By living these seven principles, you not only build financial security—you build a life of purpose, independence, and contribution. And that, to Franklin, was true wealth.