Benjamin Franklin's Independence To Do Well
Benjamin Franklin was an author, printer, inventor, scientist, civic activist, postmaster, statesman, and diplomat. He founded University of Pennsylvania, American Philosophical Society, Library Company of Philadelphia, and United States Postal Inspection Service. He invented lighting rod and bifocals. He started volunteer fire-company and volunteer militia to defend Philadelphia. He was a Postmaster General and a diplomat to France and Great Britain. The list can go on and on. How does one man achieve so much in his lifetime?
Well, the answer is resoundingly simple. Most of the above mentioned was accomplished after he gained financial independence. At the age of 42, he retired and turned over the operation of his printing press to his foreman David Hall. The detailed contract that Franklin drew up provided him with half of the printing shop’s profits for the next 18 years which amounted to 650 pounds annually. Back then, an average clerk was making about 25 pounds a year. According to Walter Isaacson, Franklin’s biographer: “Now he would have, he wrote Cadwallader Colden, “leisure to read, study, make experiments, and converse at large with such ingenious and worthy men as …show more content…
While working as a lawyer, he had real estate projects on the side. Later on, he started his own hedge fund. Charlie Munger: “Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari’s – I wanted the independence. I desperately wanted it.” He was inspired by Benjamin Franklin to pursue financial independence. Aside money-making activities, he has designed different projects as an architect. Furthermore, he has written about human misjudgment and contributed to integration of social sciences by suggesting to think in terms of big ideas. In addition to all this, he is a prolific