Avoid Debt

Young men starting in life should avoid running into debt. There is scarcely anything that drags a person down like debt. It is a slavish position to get in, yet we find many a young man, hardly out of his "teens," running in debt. He meets a chum and says, "Look at this: I have got trusted for a new suit of clothes." He seems to look upon the clothes as so much given to him; well, it frequently is so, but, if he succeeds in paying and then gets trusted again, he is adopting a habit which will keep him in poverty through life. Debt robs a man of his self-respect, and makes him almost despise himself. Grunting and groaning and working for what he has eaten up or worn out, and now when he is called upon to pay up, he has nothing to show for his money; this is properly termed "working for a dead horse." I do not speak of merchants buying and selling on credit, or of those who buy on credit in order to turn the purchase to a profit. The old Quaker said to his farmer son, "John, never get trusted; but if thee gets trusted for anything, let it be for 'manure,' because that will help thee pay it back again."

Young men starting out in life should avoid getting into debt. Hardly anything drags a person down like debt. It puts you in a slavish position. Yet many young men, barely out of their "teens," go into debt. A young man meets a friend and says, "Look at this: I got a new suit of clothes on credit." He seems to think the clothes are a gift. Well, they often are. But if he manages to pay and then buys on credit again, he is forming a habit. That habit will keep him poor all his life. Debt robs a man of his self-respect and makes him almost despise himself. He grunts, groans, and works to pay for what he has already eaten or worn out. Now, when payment is due, he has nothing to show for his money. This is rightly called "working for a dead horse." I am not talking about merchants who buy and sell on credit. Nor do I mean people who buy on credit to make a profit from their purchase. The old Quaker said to his farmer son, "John, never buy on credit. But if you buy anything on credit, let it be 'manure,' because the manure will help you pay it back."

Mr. Beecher advised young men to get in debt if they could to a small amount in the purchase of land, in the country districts. "If a young man," he says, "will only get in debt for some land and then get married, these two things will keep him straight, or nothing will." This may be safe to a limited extent, but getting in debt for what you eat and drink and wear is to be avoided. Some families have a foolish habit of getting credit at "the stores," and thus frequently purchase many things which might have been dispensed with.

Mr. Beecher advised young men to take on a small debt, if they could, to buy land in rural areas. "If a young man," he says, "will just borrow money to buy some land and then get married, those two things will keep him on the right path. If they don't, nothing will." This advice may be safe within limits, but you should avoid going into debt for food, drink, and clothing. Some families have a foolish habit of buying on credit at "the stores." As a result, they often buy many things they could have done without.

It is all very well to say; "I have got trusted for sixty days, and if I don't have the money the creditor will think nothing about it." There is no class of people in the world, who have such good memories as creditors. When the sixty days run out, you will have to pay. If you do not pay, you will break your promise, and probably resort to a falsehood. You may make some excuse or get in debt elsewhere to pay it, but that only involves you the deeper.

It’s easy to say, "I have sixty days to pay. If I don’t have the money then, the creditor won’t think anything of it." No one in the world has a better memory than creditors. When those sixty days are up, you will have to pay. If you don’t pay, you will break your promise and probably tell a lie. You may make an excuse or borrow elsewhere to pay the debt, but that only puts you deeper in debt.

A good-looking, lazy young fellow, was the apprentice boy, Horatio. His employer said, "Horatio, did you ever see a snail?" "I—think—I—have," he drawled out. "You must have met him then, for I am sure you never overtook one," said the "boss." Your creditor will meet you or overtake you and say, "Now, my young friend, you agreed to pay me; you have not done it, you must give me your note." You give the note on interest and it commences working against you; "it is a dead horse." The creditor goes to bed at night and wakes up in the morning better off than when he retired to bed, because his interest has increased during the night, but you grow poorer while you are sleeping, for the interest is accumulating against you.

Horatio, the apprentice, was a good-looking but lazy young fellow. His employer said, "Horatio, have you ever seen a snail?" "I... think... I... have," he drawled. "You must have met him, then, because I'm sure you never caught up with one," said the "boss." Your creditor will meet you or catch up with you and say, "Now, my young friend, you agreed to pay me. You haven't done so. You must give me a written promise to pay." You sign the promise with interest, and the debt starts working against you. "It is a dead horse," a debt you must pay without getting anything more for your work. Your creditor goes to bed at night and wakes up better off than when he went to bed. That's because the interest he is owed has increased overnight. But you grow poorer while you sleep, because the interest you owe keeps adding up.

Money is in some respects like fire; it is a very excellent servant but a terrible master. When you have it mastering you; when interest is constantly piling up against you, it will keep you down in the worst kind of slavery. But let money work for you, and you have the most devoted servant in the world. It is no "eye-servant." There is nothing animate or inanimate that will work so faithfully as money when placed at interest, well secured. It works night and day, and in wet or dry weather.

Money is like fire in some ways. It is an excellent servant but a terrible master. When money controls you and interest keeps piling up against you, money holds you in the worst kind of slavery. But let money work for you, and you have the most devoted servant in the world. Money is no "servant who works only when watched." Nothing living or lifeless works as faithfully as money invested to earn interest, with solid security. Money works night and day, in wet weather or dry.

I was born in the blue-law State of Connecticut, where the old Puritans had laws so rigid that it was said, "they fined a man for kissing his wife on Sunday." Yet these rich old Puritans would have thousands of dollars at interest, and on Saturday night would be worth a certain amount; on Sunday they would go to church and perform all the duties of a Christian. On waking up on Monday morning, they would find themselves considerably richer than the Saturday night previous, simply because their money placed at interest had worked faithfully for them all day Sunday, according to law!

I was born in Connecticut, a state known for its strict Sunday laws. The old Puritans there had such rigid laws that people said, "they fined a man for kissing his wife on Sunday." Yet these rich old Puritans would have thousands of dollars earning interest. On Saturday night, they would be worth a certain amount. On Sunday, they would go to church and perform all the duties of a Christian. When they woke up Monday morning, they would find themselves considerably richer than they had been Saturday night. That was simply because their money had faithfully worked for them, earning interest all day Sunday, as the law allowed!

Do not let it work against you; if you do there is no chance for success in life so far as money is concerned. John Randolph, the eccentric Virginian, once exclaimed in Congress, "Mr. Speaker, I have discovered the philosopher's stone: pay as you go." This is, indeed, nearer to the philosopher's stone than any alchemist has ever yet arrived.

Do not let it work against you. If you do, you have no chance of financial success in life. John Randolph, the eccentric Virginian, once declared in Congress, "Mr. Speaker, I have discovered the philosopher's stone: pay as you go." Indeed, paying as you go comes closer to the philosopher's stone than any alchemist has ever come.