Words of Wisdom from Benjamin Franklin

Benjamin Franklin is well known for his insightful maxims, especially with regard to frugality and industriousness. His sayings still stand the test of time. Here are ten favorites:

1. Early to bed and early to rise, makes a man healthy, wealthy, and wise.
2. Wise men learn by others' harms, fools scarcely by their own.
3. Poverty often deprives a man of all spirit and virtue: 'tis hard for an empty bag to stand upright.
4. He that is good for making excuses is seldom good for anything else.
5. Rather go to bed supperless than rise in debt.
6. For age and want, save while you may; No morning sun lasts a whole day.
7. Diligence is the mother of good luck.
8. Never leave that till tomorrow which you can do today.
9. Do not anticipate trouble, or worry about what may never happen. Keep in the sunlight.
10. Energy and persistence conquer all things.

Death of U.S. Capitalism?

This is an interesting article by Paul B. Farrell posted at MarketWatch. In it, he asks whether Americans are in denial about the prospects of our economic system. He references Charlie Munger's recent commentary that "It's Over" for the United States. (If you don't know, Charlie Munger is Warren Buffet's long-time business partner.) Is it too late for America to get back on the right track? What do you think? I'd love to hear your comments.

Death of U.S. capitalism: The final 10 scenes Paul B. Farrell - MarketWatch

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Higher Standards and Community Involvement

Last week, I highlighted Top Ten Challenges Facing America Today and number four on the list was the Failing Education System. Earlier this week, NYTimes columnist Bob Herbert wrote a piece called Where the Bar Ought to Be about the education system in the United States. He profiled a passionate Harlem charter school teacher, Deborah Kenny. She has found success using the following philosophy:

The majority of the youngsters come into the middle schools performing at three to four years behind their grade levels. Within a very short time, they are on the fast track toward college. In 2008, when the math and science test scores came in, Ms. Kenny’s eighth graders had achieved 100 percent proficiency. It was not a fluke.

What’s ironic is that the teachers are doing everything but teaching to the tests. Ms. Kenny’s goals for the youngsters in her schools are the same as those that she had for her own three children, who grew up in a comfortable suburban environment and are now in college. Merely passing a standardized test was hardly something to aspire to.

“I had five core things in mind for my kids, and that’s what I want for our students,” she said. “I wanted them to be wholesome in character. I wanted them to be compassionate and to see life as a responsibility to give something to the world. I wanted them to have a sophisticated intellect. I wanted them to be avid readers, the kind of person who always has trouble putting a book down. And I raised them to be independent thinkers, to lead reflective and meaningful lives.”

It never crossed Ms. Kenny’s mind that a rich and abiding intellectual life was out of the reach of kids growing up in a tough urban environment.

To me, this exemplifies the approach that we should try to replicate throughout the country. We should encourage a sense of common responsibility to our communities, get involved, help each other, and hold each other to higher standards. We can do better.

How to Be Happy (10 Steps)

It's easy to get discouraged given the state of the country today. You can't always control your circumstances or the challenges that life brings you, but you can control your attitude and how you react to the world. Here are ten steps you take in your everyday life to increase your happiness:

1. Spend quality time with loved ones. Nothing can bring you more joy in life than your friends and family. Don't miss the special moments; make the people you love a priority.
2. Practice the art of gratitude. Find something to be grateful for everyday, even something small. Can't think of anything? Do you have someone who loves you? Do you have your health? Did you have enough food to eat today? Do you have somewhere warm and safe to sleep tonight? Did you learn something today? Are you still alive? These are all things for which to be grateful.
3. Appreciate nature's beauty. Taking a moment to admire the glory of a sunrise, a sunset, a cloud, a tree, a flower, or a butterfly can make you feel connected to the world and happy to be alive.
4. Give someone a genuine compliment. You can brighten someone's day with just a few kind words -even a stranger. It feels good to make other people feel good about themselves.
5. Be in the moment. Try not to worry about the past or the future. It's easier said than done, but worrying all the time is pointless. You'll miss the good things happening now. Pay attention to the present. Don't borrow trouble.
6. Help someone else. It feels good to be helpful and needed. Volunteer at a food pantry, shovel an elderly neighbor's driveway, or just hold the door open for someone at the post office. It will take your mind off of your own troubles.
7. Take care of yourself. Get a good night's sleep, eat healthy food, and get some exercise. You'll have more energy to tackle life's challenges.
8. Accomplish something you've been putting off. It feels good to cross something off of your "To Do" list, even if it's a small task. So, don't procrastinate any further. Do your taxes, mop the kitchen floor, or make a dentist appointment.
9. Adjust your perspective. When you find yourself getting really annoyed or stressed out about something, take a moment and ask yourself, will this matter in 50 years? Chances are, the answer is no. Like the saying goes, "don't sweat the small stuff".
10. It could always be worse. It's not very enlightened, but if all else fails, consider the absolute worst case scenario. Odds are, your problems will seem small in comparison.

Do you have any happiness tips? Share them in the comments section.

"The Only Thing We Have to Fear Is Fear Itself" - Franklin Delano Roosevelt

There are a lot of scary things going on right now. On Thursday I posted a list of the Top Ten Challenges Facing America Today. It's a daunting list, and it is easy to become overwhelmed by problems. But we cannot allow ourselves to surrender to fear. Fear can be a powerful motivator, but it distorts one's thinking, and can lead to very bad decisions.

It is crucial to keep in mind that our country has faced, and overcome, seemingly insurmountable obstacles many times before. Here are just a few:
• Overthrew the British Empire
• Ended slavery with a bloody Civil War
• Survived the Great Depression
• Defeated the Nazis and saved the world from facism in World War II
• Faced down the Soviet Union in the Cold War

On a more personal level, many of us owe our citizenship to ancestors that were brave enough to leave everything and everyone they knew, sail to a foreign land where perhaps they did not speak the language, and build a life from scratch.

That's why they call this the Land of the Free and the Home of the Brave!

Triumph over adversity: how do we do it?
• Face our problems head on
• Focus on things we can control and establish common ground
• Work together in cooperation and shared sacrifice

Since I opened with a quote, let me close with one as well:

"United we stand, divided we fall. Let us not split into factions which must destroy that union upon which our existence hangs.” - Patrick Henry

10 Life and Money Lessons Learned from Immigrant Parents | Wise Bread

This is a great post from Wise Bread that talks about the rewards of a simple, yet determined, American lifestyle. It is presented as an immigrant's approach, but I think it used to be a common outlook that was shared by many people born in the United States. Perhaps we should all take a lesson from earlier generations and readjust our priorities. What do you think?

10 Life and Money Lessons Learned from Immigrant Parents | Wise Bread

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What is the Middle Class?

How do you define the American Middle Class? Is it a certain lifestyle, a set of values, an occupation, an education, an address, or an income range? In this country, it seems almost everyone wants to call themselves Middle Class, even if they make $250,000 a year (which would place them, by the way, in the top 1.5% of all households).

Here is a fact that might surprise some people: in 2007 (the most recent data I can find), the median household income in the United States was $50,233 a year. For those of you that failed statistics, that means half of the households made more than that, and half of the households made less. The median gives a more accurate picture than the average, because it is not skewed by unusually high or low values (outliers like Bill Gates and Warren Buffett). Also, household income is not personal income, and may include two (or more) earners.

In my mind, the term Middle Class paints the following picture:
• Has a respectable career with reasonable job security and the opportunity for advancement
• Owns a home in a safe neighborhood in a good public school district
• Able to feed, clothe, and educate two or three children and provide them with the opportunity to go to college
• Owns one or two cars and popular consumer electronics like televisions and computers
• Does not live paycheck-to-paycheck or fund their lifestyle with debt
• Able to take the family on a modest vacation every other year
• Able to provide decent healthcare for the family
• Able to save enough for a comfortable retirement

Do you think the list above is possible to achieve on a median annual household income of $50,233? Was it possible 30 or 40 years ago?

What does "Middle Class" mean to you?

Top 10 American Values We Can All Agree On

Lately it seems as though the ideological divide in this country is wider than ever. Partisan bickering between the Left and the Right has developed into outright hostility. That's why I think it is time to remember the things we can all agree on, whether Democrat, Republican, or Independent. At some point, we must set our differences aside and find some common ground, so that we can start working together to improve the country we all love. The following is a list (in no particular order):

1. Freedom
2. Justice
3. Opportunity for All
4. Independence/ Self-sufficiency
5. Optimism
6. Persistence
7. Hard Work
8. Innovation
9. Entrepreneurial Spirit
10. Common Sense

Reading through the list, you might question whether some or all of these truly apply, given the current state of affairs. We have certainly fallen short of living up to these ideals many times in the past. But, can't we all agree that they are worth pursuing? In my opinion, American society is on a perilous path if we turn away from these values. It's time to refocus.

Do you agree? What do you think?

Top 10 Challenges Facing America Today

The first step in any recovery program is admitting you have a problem. The following is a list of what I see as the ten greatest challenges facing America today, in no particular order:
1. Living beyond our means. On a personal level and on a national level, Americans are living beyond our means. Our society is materialistic and wasteful, and our lifestyle is funded by debt. We are financially dependent on others. We have shifted from producers to consumers.
2. A pervasive sense of entitlement. The strong work ethic upon which this country was founded is no longer central to society. The superficial cult of celebrity has Americans convinced that we are all destined for fame and fortune. We demand instant gratification.
3. Energy dependence. Our insatiable thirst for foreign oil skews our foreign policy objectives and makes us vulnerable to those who would harm us.
4. Failing education system. In math and science, we continue to fall behind the competition. High school graduates don't know the basics. Our culture has come to celebrate willful ignorance.
5. Crumbling infrastructure. Our bridges, highways, and utility distribution systems are quickly falling into dangerous disrepair. This impairs our global competitiveness and imperils our citizenry.
6. Growing income inequality. The wealthiest 1% of Americans now hold 40% of the country's wealth. The middle class is shrinking, and many feel that the American Dream is no longer achievable. If these trends continue, social destabilization is inevitable.
7. Ineffective media. The current 24-hour news cycle creates a sound bite mentality in which nuance is discouraged and whoever yells the loudest wins. In the quest for ratings, media outlets substitute uninformed opinion for factual, objective reporting. There is no longer a focus on investigative journalism. Inaccuracy, intellectual laziness, and imprecision abound. We prioritize scandal and gossip at the expense of more meaningful issues.
8. Loss of faith in institutions. Abuse of power by big business, religious organizations, and government has led Americans to become jaded and distrustful. "Experts" no longer have any credibility.
9. Meaningless work. In recent decades we have shifted away from manufacturing toward a service economy. As work has become less tangible, and more contrived, many workers in Corporate America find their jobs dissatisfying, mind-numbing, and even "soul-killing".
10. Social isolation. The bonds that tie us to our communities are weakening. As Americans become unmoored from society due to unemployment, poverty, and disenfranchisement, we no longer feel a sense of social responsibility.

Do you agree? What do you think?