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Deep Thoughts by Benjamin Franklin
Written by Steve | Published: |
I recently heard a story about Benjamin Franklin that I had heard years ago and wanted to share it with you to get some thoughts moving around in your mind.
I have heard and read multiple versions of this story and they are with slight variations but for the most part the same ending.
Benjamin Franklin requested that upon his death the 2,000 Sterling (approx $4,000-$4,400 dollars) he earned as Governor of Pennsylvania from 1785 to 1788 be divided equally between Boston and Pennsylvania because he wanted the money to be disbursed as a legacy.
He had a few stipulations on how the funds could be invested or used during the time and then two-hundred years later it could be released to these two cities that he adored.
In the spring of 1990, the balance in the Philadelphia account was valued at $2 million, whereas the balance in the Boston trust was $4.5 million, the difference attributed to the handling of the investment.
Sometimes called “Franklin’s IRA,” the money in the Boston trust was invested using a new take on an old idea. Using a tax-deferred indexed variety, the money was able to benefit from exposure to stock market growth without stock market loss. That allowed the trustees of the Franklin Institute in Boston to turn an estimated $4,400 into $4.5 million compared to Philadelphia’s $2 million.
When I read about this story recently it prompted the following questions which I think might be beneficial for you to review as well.
Do you have your ducks in a row to not only take care of yourself all through retirement with certainty but also have a surplus to give back?
Does your investment strategy produce an increased result over time while being protected from market loss?
What good could I do with additional resources?
Are there any current politicians that are outwardly focused without their own agenda and opportunity to gain? (ok topic for another day, ha ha)
Do you have the wisdom and foresight of Ben?
Something to chew on…deep thoughts for the weekend.
