The Art of Money Getting · Theme
The Dangers of Debt and True Economy
How The Art of Money Getting develops The Dangers of Debt and True Economy.
The book warns against debt as a form of slavery and distinguishes true economy (spending less than one earns) from mere miserliness, advocating for living within one's means.
Where it surfaces
- Avoid Debt
The chapter focuses entirely on the perils of debt, describing it as a form of slavery and emphasizing the importance of paying as you go.
- Whatever You Do, Do It with All Your Might
The warning against idleness and the poorhouse or jail as consequences of not working diligently ties into the dangers of financial irresponsibility.
- Don't Get Above Your Business
Barnum warns against borrowing money to start a business, emphasizing that unearned capital leads to loss and that true wealth comes from self-denial, economy, and experience.
- Beware of “Outside Operations”
The chapter warns against jeopardizing a legitimate fortune through speculative investments, highlighting the perils of financial overreach.
- Don't Endorse Without Security
The chapter focuses on the perils of endorsing notes without security, showing how easy credit leads to speculation and financial ruin.
- Don’t Blab
By cautioning against revealing losses, the chapter touches on the economic prudence of protecting one's reputation to avoid financial ruin.