That economy which, in nature is a universal principle, is in man a moral quality and it is that quality by which he preserves his energies, and sustains his place as a working unit in the scheme of things.
Financial economy is merely a fragment of this principle, or rather it is a material symbol of that economy which is purely mental, and its transmutations spiritual. The financial economist exchanges coppers for silver, silver for gold, gold for notes, and the notes he converts into the figures of a bank account. By these conversions of money into more readily transmissible forms he is the gainer in the financial management of his affairs. The spiritual economist transmutes passions into intelligence, intelligence into principles, principles into wisdom, and wisdom is manifested in actions which are few but of powerful effect. By all these transmutations he is the gainer in character and in the management of his life.
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.
