Determination Not To Be Beaten

Thrift is not the only good habit to which many men owe their wealth. Another habit is the determination on the part of some not to be beaten and not to have advantage taken of them. This likewise is a good habit, so long as the man controls the habit. When, however, the habit gets the better of the man, then it becomes a source of danger rather than of protection.

I have traveled considerably with very wealthy men. I have traveled with them to examine great enterprises, mills, factories, mines, forests, water powers, and railroads. It has been interesting to note how these men will carelessly give away thousands, yes, millions of dollars and yet will make themselves sick arguing about an overcharge on a hotel or carriage bill.

I once was traveling in Europe with the late J. P. Morgan, - a very generous and wonderful man. I remember his arguing for one-half an hour with a guide over a charge of a few dollars. It practically ruined Mr. Morgan's day and sent him to bed with a bad headache. Mr. Morgan insisted that a vital principle was involved and that it was up to him to fight it out. This is very true. An important principle was involved, but many other important principles were involved in very much larger transactions that Mr. Morgan did not feel called upon to fight. The truth was that he had formed from early youth the habit of insisting upon his rights and he could not break himself of the habit in his later years. The habit controlled him.

Every self-respecting man would rather give away a thousand dollars than be "done" out of one dollar. It is a good habit to "count the change," so to speak, and make sure that no carpenter, plumber, painter, or taxi driver takes advantage of us. But when we get obsessed by this habit and are made irritable or almost sick by having some one take advantage of us, then the habit ceases to be a good habit.

Some men are very easy with their children, while others are very severe. Some men are very easy with those who wrong them, while others are very severe. Both are actuated by habits rather than by principles. Personally, I am inclined to be severe and expect in others the same discipline to which I was subjected by my parents and employers. I sometimes wonder, however, if when coming to die, I shall be prouder of the times that I have forced others to settle against their will, or prouder of the times when they have got the better of me. This is not answering the question, but simply asking it. Every reader may answer it for himself.

The point is, we should realize that everything ought to be used with moderation. Everything has its uses and abuses. Every rule has its exceptions. Habits must be within our control and they must not control us. Yes, the determination not to be taken advantage of is quite essential in the accumulation of wealth, but it is not essential in the accumulation of happiness. Quite the reverse is probably true. This is a psychological fact which should be most carefully considered in connection with the study of enduring investments.

Desire For Power And Influence

Nobody accumulates money for money itself. Money is of value only as it will give men what they desire. First, man desires a home and enough money to raise a family, to properly feed, clothe, house, and educate this family. Secondly, man desires to accumulate money so that when the opportunity comes to go into business for himself, he can grasp the opportunity. Most wealthy men, however, pass these two stages in the early part of their career. During the latter part of their career these men are actuated by the desire for power, influence, and those other intangible qualities that money gives.

When I was a boy, the church put a decided ban upon three things; namely, drinking, card playing, and dancing. I thought it was very foolish at the time, but have since found that there was an economic reason for this; namely, because it is impossible for a man to be satisfied through drink, gambling, or yielding to the sex impulse. The more he has of these three things, the more he wants; the more he has, the less he is satisfied, until finally the ruling impulse of his entire life is whiskey, gambling, or women. The church said, "Let these things alone; beware of temptation; and do not let in the thinnest edge of the wedge." The church was right as far as it went, but it should have added one more thing; namely, the love of money. Money fails to satisfy, and the more one has the more one wants.

It is honorable for all of us to desire power, influence, and those other intangible assets which money gives, but they must not control us. After we get a certain amount, should not we begin fighting the habit instead of feeding it? God did not put us in the world to rule others. We can be just as selfish in our desire for power, influence, and fame as in more common and brutal ways. The desire for these things is legitimate up to a certain point, but beyond that point it is wrong. These factors of power, influence, and fame which we so much crave, are often killing us instead of helping us and making us worth-while men and women. Certainly these factors are not the basis of enduring investments.