Page 37 - Benjamin Franklin\'s The Way to Wealth: A 52 brilliant ideas interpretation - PDFDrive.com

14 DEATH AND TAXES?

Whoever thought taxes were the only sure-fire outgoing in life clearly
hadn’t tried to keep a roof over their head, let alone a car on the road.
Benjamin Franklin was far closer to the truth when he observed that
‘gain may be temporary and uncertain, but ever while you live, expense is
constant and certain’.

Contrary to common wisdom (and to one of Franklin’s other statements—
check out the Defining Idea) death and taxes aren’t the only sure things in
life nowadays. As luck would have it, there are shedloads of expenses that
are coming your way as sure as eggs is eggs.

DEFINING IDEA…
Our new Constitution is now established, and has an appearance that
promises permanency; but in this world nothing can be said to be
certain, except death and taxes.
~ BENJAMIN FRANKLIN

We all know that. If we think back we all know that in any given year
there will be at least one major repair or replacement bill for plumbing or
something electrical or automotive, and yet every time it happens we throw
up our hands in despair and wonder where on earth we’re going to find the
money. Chances are, it’s the credit card that takes the strain and then
surreptitiously siphons the money out of your life with monthly payments.
Nor are businesses immune. Every business suffers ‘unexpected’ expenses
on an annual basis with technology that needs replacing, outgoings on
premises or the cost of financing fallow periods.

So how about budgeting for those entirely predictable ‘unexpected’
expenses?

Start off by taking an honest look over your figures for the last few years.
Don’t have figures? Well, there’s your problem for a start. If you don’t
have a household budget then being surprised by entirely predictable