“Remember that time is money” is another very famous quote attributed to Benjamin Franklin. As a statesman, scientist, and philosopher, many of his maxims are known and used in every day conversation. This particular metaphor has remained an important lesson in finance and business.
This quote appears in a short letter titled “Advice to a Young Tradesman.” This is the beginning of the letter and the first two paragraphs:
Advice to a Young Tradesman, Written by an Old One
To my Friend A. B.
As you have desired it of me, I write the following hints, which have been of service to me, and may, if observed, be so to you. Remember that TIME is money. He that can earn ten shillings a day by his labour, and goes abroad, or sits idle one half of that day, tho' he spends but sixpence during his diverson or idleness, ought not to reckon that the only expense; he has really spent or rather thrown away five shillings besides.
Since the quote “time is money” appears as the first hint by Franklin, he most likely finds this concept to be of utmost importance for any business person or entrepreneur.
He goes on to explain how people who are otherwise capable of making money not only lose money by not working but will also lose money because they most likely spent it during the time of not working. Thus, wasting time wastes money in two ways:
Good business people, who want to stay in business, do not squander opportunities and money.
This is just one of the many quotes for which Benjamin Franklin is known. Besides contributing to the country as a patriot during his life time and as a scientist, he also left us with many memorable maxims to help guide us.