Remember that time is money. He that can earn ten shillings a day, by his labour, and goes abroad, or sits idle one half of that day, though he spends but six-pence during his diversion or idleness, ought not to reckon that the only expense; he has really spent, or rather thrown away five shillings besides.
Remember that credit is money. If a man let his money lie in my hands, after it is due, he gives me the interest, or so much as I can make of it, during that time. This amounts to a considerable sum where a man has good and large credit, and makes good use of it.
Remember that money is of a very breeding prolific nature. Money begets money; and its offspring can beget more: and so on. Five shillings turned is six. Turned again it is seven and three-pence; and so on, till it becomes hundreds and thousands of pounds. The more there is of it, the more it produces, every turning; so that the profits rise quicker and quicker. He, who kills a breeding sow, destroys all her offspring, to the thousandth generation. He, who murders a crown, destroys all that it might have produced; even scores of pounds.
Remember that six pounds a year is but a groat a day. For this little sum, which may be daily wasted either in time or expense, unperceived, a man of credit may, on his own security, have the constant possession and use of an hundred pounds. So much in stock, briskly turned by an industrious man, produces great advantages.
Remember this saying, "the good paymaster is lord of another man's purse." He who is known to pay punctually and exactly to the time he promises, may, at any time, and on any occasion, raise all the money his friends can spare. This is sometimes of great use. After industry and frugality, nothing contributes more to the raising of a young man in the world, than punctuality and justice in all his dealings. Therefore never keep borrowed money an hour beyond the time you promised, lest a disappointment shut up your friend's purse for ever.
The most trifling actions, that affect a man's credit, are to be regarded. The sound of your hammer at five in the morning, or nine at night, heard by a creditor, makes him easy six months longer; but if he see you at a billiard table, or hears your voice at a tavern, when you should be at work, he sends for his money next day; and demands it before he can receive it in a lump.
It shows, besides, that you are mindful of what you owe. It makes you appear a careful as well as an honest man; and that still increases your credit.
Beware of thinking all your own, that you possess; and of living accordingly. It is a mistake that many people, who have credit, fall into.
To prevent this, keep an exact account, for some time, both of your expenses and your income. If you take the pains at first to mention particulars, it will have this good effect:—you will discover how wonderfully small, trifling expenses mount up to large sums; and will soon discern, what might have been, and may for the future be saved, without occasioning any great inconvenience.
Again: he, who sells upon credit, asks a price, for what he sells, equivalent to the principal and interest of his money, for the time he is to be kept out of it. Therefore, he who buys upon credit, pays interest for what he buys; and, he who pays ready money, might let that money out to use. So, that he who possesses any thing he has bought, pays interest for the use of it.