True economy is the middle way in all things, whether material or mental, between waste and undue retention. That which is wasted, whether money or mental energy, is rendered powerless; that which is selfishly retained and hoarded up, is equally powerless. To secure power, whether of capital or mentality, there must be concentration, but concentration must be followed by legitimate use. The gathering up of money or energy is only a means; the end is use; and it is use only that produces power.
An all-round economy consists in finding the middle way in the following seven things: Money, Food, Clothing, Recreation, Rest, Time and Energy.
Money is the symbol of exchange, and represents purchasing power. He who is anxious to acquire financial wealth as well as he who wishes to avoid debt — must study how to apportion, his expenditure in accordance with his income, so as to leave a margin of ever-increasing working capital, or to have a little store ready in hand for any emergency. Money spent in thoughtless expenditure — in worthless pleasures or harmful luxuries — is money wasted and power destroyed; for, although a limited and subordinate power, the means and capacity for legitimate and virtuous purchase is, nevertheless, a power, and one that enters largely into the details of our everyday life. The spendthrift can never become rich, but if he begin with riches, must soon become poor. The miser, with all his stored-away gold, cannot be said to be rich, for he is in want, and his gold, lying idle, is deprived of its power of purchase. The thrifty and prudent are on the way to riches, for while they spend wisely they save carefully, and gradually enlarge their spheres as their growing means allow.
The poor man who is to become rich must begin at the bottom, and must not wish, nor try to appear affluent by attempting something far beyond his means. There is always plenty of room and scope at the bottom, and it is a safe place from which to begin, as there is nothing below, and everything above. Many a young business man comes at once to grief by swagger and display which he foolishly imagines are necessary to success, but which, deceiving no one but himself, lead quickly to ruin. A modest and true beginning, in any sphere, will better ensure success than an exaggerated advertisement of one’s standing and importance. The smaller the capital, the smaller should be the sphere of operations. Capital and scope are hand and glove, and they should fit. Concentrate your capital within the circle of its working power, and however circumscribed that circle may be it will continue to widen and extend as the gathering momentum of power presses for expression.
Above all take care always to avoid the two extremes of parsimony and prodigality.
Food represents life, vitality, and both physical and mental strength. There is a middle way in eating and drinking, as in all else. The man who is to achieve prosperity must be well nourished, but not overfed. The man that starves his body, whether through miserliness or asceticism (both forms of false economy), diminishes his mental energy, and renders his body too enfeebled to be the instrument for any strong achievement. Such a man courts sickly mindedness, a condition conducive only to failure.
The glutton, however, destroys himself by excess. His bestialized body becomes a stored up reservoir of poisons, which attract disease and corruption, while his mind becomes more and more brutalized and confused, and therefore more incapable. Gluttony is one of the lowest and most animal vices, and is obnoxious to all who pursue a moderate course.
The best workers and most successful men are they who are most moderate in eating and drinking. By taking enough nourishment, but not too much, they attain the maximum physical and mental fitness. Beings thus well-equipped by moderation, they are enabled to vigorously and joyfully fight the battle of life.
Clothing is covering and protection for the body, though it is frequently wrested from this economic purpose, and made a means of vain display. The two extremes to be avoided here are negligence and vanity. Custom cannot, and need not, be ignored; and cleanliness is all important. The ill-dressed, unkempt man or woman invites failure and loneliness. A man’s dress should harmonize with his station in life, and it should be of good quality, and be well made and appropriate. Clothing should not be cast aside while comparatively new, but should be well worn. If a man be poor, he will not lose in either self-respect or the respect of others by wearing threadbare clothing if it be clean and his whole body be clean and neat. But vanity, leading to excessive luxury in clothing, is a vice which should be studiously avoided by virtuous people. I know a lady who had forty dresses in her wardrobe; also a man who had twenty walking-sticks, about the same number of hats, and some dozen mackintoshes; while another had some twenty or thirty pairs of boots. Rich people who thus squander money on piles of superfluous clothing, are courting poverty, for it is waste, and waste leads to want. The money so heedlessly spent could be better used, for suffering abounds and charity is noble.
An obtrusive display in clothing and jewelry bespeaks a vulgar and empty mind. Modest and cultured people are modest and becoming in their dress, and their spare money is wisely used in further enhancing their culture and virtue. Education and progress are of more importance to them than vain and needless apparel; and literature, art, and science are encouraged thereby. A true refinement is in the mind and behavior, and a mind adorend with virtue and intelligence cannot add to its attractiveness though it may detract from it) by an ostentatious display of the body. Time spent in uselessly adorning the body could be more fruitfully employed. Simplicity in dress, as in other things, is the best. It touches the point of excellence in usefulness, comfort, and bodily grace, and bespeaks true taste and cultivated refinement.
Recreation is one of the necessities of life. Every man and women should have some definitive work as the main object of life, and to which a considerable amount of time should be devoted, and he should only turn from it at given and limited periods for recreation and rest. The object of recreation is greater buoyancy of both body and mind, with an increase of power in one’s serious work. It is, therefore, a means, not an end; and this should ever be born in mind, for, to many, some forms of recreation innocent and good in themselves — become so fascinating that they are in danger of making them the end of life, and of thus abandoning duty for pleasure. To make of life a ceaseless round of games and pleasures, with no other object in life, is to turn living upside down, as it were, and it produces monotony and enervation. People who do it are the most unhappy of mortals, and suffer from languor, ennui, and peevishness. As sauce is an aid to digestion, and can only lead to misery when made the work of life. When a man has done his day’s duty he can turn to his recreation with a free mind and a light heart, and both his work and his pleasure will be to him a source of happiness.
It is a true economy in this particular neither to devote the whole of one’s time to work nor to recreation, but to apportion to each its time and place; and so fill out life with those changes which are necessary to a long life and a fruitful existence.
All agreeable changes is recreation and the mental worker will gain both in the quality and, quantity of his work by laying it down at the time appointed for restful and refreshing recreation; while the physical worker will improve in every way by turning to some form of study as a hobby or means of education.
As we do not spend all our time in eating or sleeping or resting, neither should we spend it in exercise or pleasure, but should give recreation its proper place as a natural tonic in the economic scheme of our life.
Rest is for recuperation after toil. Every self-respecting human being should do sufficient work every day to make his sleep restful and sweet, and his rising up fresh and bright.
Enough sleep should be taken, but not too much, over indulgence on the one hand, or deprivation on the other, are both harmful. It is an easy matter to find out how much sleep one requires. By going to bed early, and getting up early (rising a little earlier every morning if one has been in the habit of spending long hours in bed), one can very soon accurately gauge and adjust the number of hours he or she requires for complete recuperation. It will be found as the sleeping hours are shortened that the sleep becomes more and more sound and sweet, and the waking up more and more alert and bright. People who are to prosper in their work must not give way to ignoble ease and over indulgence