The Art of Money Getting · Chapter
Don't Get Above Your Business explained
Barnum warns against the folly of young men who, after learning a trade, refuse to work as hirelings and instead wait for inherited wealth or borrowed capital.
What happens
Barnum warns against the folly of young men who, after learning a trade, refuse to work as hirelings and instead wait for inherited wealth or borrowed capital. He argues that money not earned through effort is easily lost, citing examples of self-made millionaires like Astor, Stewart, Girard, and Vanderbilt. He contrasts the poor boy who becomes rich through perseverance and economy with the rich boy who squanders his inheritance. Barnum emphasizes that in America, the man makes the business, not the other way around, and that true success comes from excelling in one's chosen field with honesty and integrity.
Themes in this chapter
The Dangers of Debt and True Economy
Barnum warns against borrowing money to start a business, emphasizing that unearned capital leads to loss and that true wealth comes from self-denial, economy, and experience.
Perseverance and Self-Reliance
The chapter extols the virtues of hard work, patience, and perseverance, using examples of poor boys who became rich through their own efforts.
Wealth and Character Development
Contrasts the character of self-made men with that of heirs who inherit wealth without earning it, showing how wealth can either build or destroy character.
Specialization and Focus
Barnum advises excelling in one's chosen occupation, noting that the best in any field are always in demand.
Characters to notice
- Young Man Waiting for Dead Man's Shoes
Exemplifies the folly of waiting for inheritance instead of working.
- Rich Boy Becomes Profligate
Describes the spoiled heir who wastes his inheritance through arrogance and debauchery.
- Uncle John
Referenced as a type of wealthy relative young men hope will die.
- Solomon
Implied in the proverb 'there is no royal road to learning' and wisdom about wealth.
Key passages
“There is no greater mistake than when a young man believes he will succeed with borrowed money.”
It is a major error for a young man to think he can achieve success using money he has borrowed.
Barnum's core warning against relying on debt to start a business.
“Without self-denial and economy; patience and perseverance, and commencing with capital which you have not earned, you are not sure to succeed in accumulating.”
Unless you practice self-denial, thrift, patience, and persistence, and start with money you have earned yourself, you are unlikely to build wealth.
Emphasizes the importance of earned capital and personal virtues.
“Young men, instead of 'waiting for dead men's shoes,' should be up and doing, for there is no class of persons who are so unaccommodating in regard to dying as these rich old people.”
Young men should stop waiting for inheritances and start working, because rich old people are notoriously slow to die.
Humorous critique of those who rely on inheritance rather than their own efforts.
“In this Republican country, the man makes the business. No matter whether he is a blacksmith, a shoemaker, a farmer, banker or lawyer, so long as his business is legitimate, he may be a gentleman.”
In America, a person's character defines their business, not the other way around. Any honest occupation can make one a gentleman.
Contrasts American meritocracy with English class rigidity.
“The great ambition should be to excel all others engaged in the same occupation.”
Your main goal should be to surpass everyone else in your chosen field.
Barnum's call for excellence and specialization.
