PT Barnum wrote the following back in the 1850’s:

“Mr. Beecher advised young men to get in debt if they could to a small amount in the purchase of land, in the country districts. ‘If a young man,’ he says, ‘will only get in debt for some land and then get married, these two things will keep him straight, or nothing will.’ This may be safe to a limited extent, but getting in debt for what you eat and drink and wear is to be avoided. Some families have a foolish habit of getting credit at ‘the stores,’ and thus frequently purchase many things which might have been dispensed with“.

Looks to me like not much has changed since the 1850s.

Click here for the rest of Barnum’s writings on finance.

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Avatar photo About James Hendrickson

James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.

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