The recession has hit most Americans pretty hard. And as a result, people are scrambling to get their financial bearings. Managing finances is a difficult thing. And managing finances during a recession is even more difficult, but absolutely necessary. The recommended course of action would be to take advice from a financial advisor. But, this would be a costly venture. And unfortunately, during these tight times, most people do not have the means to consult a professional.
This got me thinking. When we can’t go to a professional, why not have the professional come to us? To aid us in making wise financial decisions during this crunch time, wouldn’t it be nice if we could consult some of the leading economists of the modern era? And that too, free of cost.
“How is this possible?” you ask.
I have compiled a list of ten quotes and lessons from some of the greatest economists of all time to educate, inspire, motivate and challenge us:
1. The greatest value and gains are in hard work.
Labor was the first price, the original purchase – money that was paid for all things. It was not by gold or by silver, but by labor that all wealth of the world was originally purchased. – Adam Smith
2. Making or saving money is not easy.
There’s no such thing as a free lunch. – Milton Friedman
3. Think outside of the box.
Successful investing is anticipating the anticipations of others. – John Maynard Keynes
4. Your goal should be personal success, not to outdo the next person.
The root of the evil is not the construction of new, more dreadful weapons. It is the spirit of conquest. – Ludwig von Mises
5. Persevere – Don’t let hindrances deter you.
One finds limits by pushing them. – Herbert Simon
6. Pay attention to detail – Do not overlook the little things.
Beware of little expenses; a small leak will sink a great ship. – Benjamin Franklin
7. Do not run away from your responsibilities.
It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities. – Josiah Charles Stamp
8. Do not limit yourself.
Joy comes from using your potential. – Will Schultz
9. Listen – Take in what others are saying and doing.
Most of the successful people I’ve known are the ones who do more listening than talking. – Bernard M. Baruch
10. Act – Don’t just talk or think about it, go out and do it.
The big divide in this country is not between Democrats and Republicans, or women and men, but between talkers and doers. – Thomas Sowell