At first, this article may seem a bit off-topic, more about the history of personal financial management than actual financial management advice. On the other hand, we can always learn from history.

It is noteworthy that one of the greatest ancestors of this country was Benjamin Franklin. He was a scientist, politician, writer and inventor. We owe him the bifocal glasses, the lightning rod, the library concept and the harmonica, a beautiful sound glass musical instrument.

Franklin was also the author of his day’s version of a blog called Poor Richard’s Almanac under the pseudonym Richard Saunders. While many are aware of this, few are aware that he also wrote a document called Sermons from Father Abraham, also known as The Path to Wealth.

Some modern sayings you’ve heard have their roots in Franklin’s writings, including some you may have heard:

• “No Gains, No Pains”
• “Time is money”
• “Early to bed, early to rise, makes a man healthy, rich and wise”
• “A penny saved is two pennies dear”

In today’s economy, with an increased awareness of the need to be financially conservative, there is another saying of Franklin’s that should be heeded.

“Buy what you don’t need, and soon you’ll sell your needs.” She was passing on wise words. To modernize this phrase, he could say “Spend money on things you don’t need, and before long, you’ll have to sell the things you do need.” The news is peppered with stories of people who have had to sell their cars, boats, jewelry, and even their homes to get through this recession.

Granted, many of these desperate people we’ve heard about had crazy interest-only loans for homes they never should have bought. On the other hand, many of these stories are about innocent victims of the domino effect. They have lost their jobs because their clients lost theirs.

Some bad decisions were made by our government, big business, and individuals. As a result, we are experiencing record unemployment and layoffs. If the recession hasn’t affected you directly, it should still be a wake-up call. Bad habits are made in good times, good habits are made in bad times.

Even if the recession is over, you should review your finances and spending habits. If you’ve already adjusted your clothing expenses, look again. If you have made big changes and you think there are no more, keep looking. There is always another way to save an extra dollar. If you want to build wealth, you need to understand: It’s not about what you do, it’s about what you keep!