Tip Hero is all about a frugal community coming together to trade and share tips. Sometimes, we call on the advice of professionals so that we can refine our own money-savings techniques and such. But I got to thinking the other day: what about personal finance advice from some of the most famous/successful/influential people of all time? Surely, they would have some wisdom to impart.

There are many lists claiming that they have listed the most famous people of all time. All of these lists are, of course, different. However, some names appear high on many lists. It seems that if there was actually a “World Popularity Contest,” these people would be taking home some fabulous prizes. Most of these people didn’t come as a surprise to me. All of the people on this list were extremely influential, and not necessarily because of their wealth (if they were even wealthy in the first place). They seem to have embraced frugal lifestyles and frugal thinking. You should easily be able to see a trend in their wise words.

Martin Luther King Jr.

Ranked at the top of many “world’s most famous” lists, Dr. Martin Luther King Jr. spent the majority of his life fighting against racism with peaceful resistance. He was not known for his money, but for his eloquent and uplifting words, his fierce determination and his admirable strength in the face of adversity.

Here’s what King had to say about the difference between property and people:

I am aware that there are many who wince at a distinction between property and persons–who hold both sacrosanct. My views are not so rigid. A life is sacred. Property is intended to serve life, and no matter how much we surround it with rights and respect, it has no personal being. It is part of the earth man walks on; it is not man. (The Trumpet of Conscience, 1967)

In short, King believed that people are defined by more than stuff. People own property and things, not the other way around. Knowing who you are and what is important in life makes up a person. King knew this and became famous for his conviction and love of all people. Great people are not necessarily the people who own the most belongings.

George Washington

The father of our country needs no introduction. Washington had no model to copy when he became the first President of the United States. He undoubtedly had to do a lot of trial and error. He had to take risks and lay down a foundation for a brand new nation. Here’s a quote from Washington that’s relevant to us today:

Ninety-nine percent of the failures come from people who have the habit of making excuses.

People are full of excuses. Often times, laziness and procrastination are the biggest enemies of frugality. This MSN Money article goes into some of the reasons why people say they can’t save. Either money is too tight or they’ve got to pay off debt or they believe they’ll win the lottery and all their money problems will vanish. It may sound cliche, but the old saying has always been true: why put off until tomorrow what you can do today? If you don’t look for ways to save and carry out doable methods, you’ll waste unnecessary money. Don’t make excuses. Take a leaf out of Washington’s book.

Abraham Lincoln

Known for his efforts to keep a divided country together and to grant freedom to all, Lincoln has remained an icon not only in American history, but in World history. This was a man that knew the value of community and working together. Sure, his efforts were more focused toward reuniting a country, but his principles can certainly be applied on a smaller scale.

Persuade your neighbors to compromise whenever you can. Point out to them how the nominal winner is often a real loser–in fees, and expenses, and waste of time.

Sharing and building community can help all in the quest to be frugal. Lincoln spoke of making compromises, which can help all in the long run. Give up the convenience of owning a lawnmower and share one with several neighbors, for example. Use neighbors to your advantage to save money. You can trade services, share tools, etc. United we stand…you know the rest.

William Shakespeare

Shakespeare, one of the most famous and prolific writers of all time, definitely deserves a spot on history’s most famous lists. Along with his innumerable comedies, tragedies and poems, he also created many words and popular expressions that we still use today (including the word “frugal”)!

Here is a wise question posed by Shakespeare in one of his sonnets:

Why so large a cost, having so short a lease, dost thou upon your fading mansion spend?

He speaks here of the cost of short-lived appearances. Why would one spend tons and tons of money on a place that is “fading.” We all may want to live in a nice place, but there are creative and inexpensive ways to make a house feel like a home. Investing a ton of money into an older property is probably a waste of money and time. It’s at least worth doing research before throwing money down.

Shakespeare on investing:

Foul cankering rust the hidden treasure frets, But gold that’s put to use more gold begets.

Money that just sits around will do nothing for you except sit there. There is definite value in learning to make your money work for you and make you more money in the long run. Investments in things like school and property can increase your wealth over time. Shakespeare knew what he was talking about here – and also managed to make his money advice rhyme. What a guy.

Jesus Christ

No matter what your religious beliefs are, Jesus undoubtedly influenced, and continues to influence, many people around the world. I’m sure if given the chance, he’d win a popularity contest or two. This guy was definitely not known for his wealth. Here is a famous quote from Jesus:

Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also. (Matthew 6:19-21)

I think this quote has a lot of heart and merit. Jesus, of course, was talking about the kingdom of heaven here. He says there is no point in storing up worldly possessions when you can’t take them with you in the end. However, even if you look at this quote without religion or spirituality in mind, there is a meaningful message. Your heart is where you treasure is. The things that matter in life are not possessions. They are memories, emotions, experiences, and all things that dwell internally that money can’t buy. These are the things that make a person truly rich.

Ben Franklin

One of history’s most brilliant thinkers, Franklin is known mostly for his inventions and his achievements in politics. He is also well-known for a very famous frugal saying: “A penny saved is a penny earned.” Franklin came from very modest beginnings and began his adult life with very little in terms of money. But as we know, he grew to be one of history’s most famous and influential figures. Take a look at this simple but important advice from Franklin.

Beware of little expenses; a small leak will sink a great ship.

How very true this is. Debt starts off small, but it grows and grows until it is somehow unmanageable and impossible to determine where it began. Little things add up, so every penny saved really does count. A real life example of this is something we’ve talked about on Tip Hero many times. A $2 coffee purchased every day doesn’t seem like a big deal daily, but over time, that money really adds up. Think of little, unnecessary purchases as small leaks and that great ship as your financial future.

Albert Einstein

Another of history’s most brilliant and intellectual men, Einstein is famous worldwide for his theories and scientific discoveries. Here was a man who was never satisfied with what he had done and viewed his achievements as mere stepping stones to the next achievement. While he was definitely successful in his scientific work, he was also a man of words.

Here is some money advice from one of the world’s greatest thinkers:

I am absolutely convinced that no wealth in the world can help humanity forward, even in the hands of the most devoted worker in this cause. The example of great and pure personages is the only thing that can lead us to find ideas and noble deeds. Money only appeals to selfishness and always irresistibly tempts its owner to abuse it. Can anyone imagine Moses, Jesus or Gandhi with the moneybags of Carnegie?

Einstein makes a good point which I think is relevant to most people on this list. Moses, Jesus, Gandhi and other influential people are not revered for their wealth, but for their actions in life. Money certainly does tempt people to abuse it, but Einstein knew that the key to resisting temptation was to realize that money is not the most important thing in the world.

Princess Diana

This list is definitely in need of some womanly advice. Princess Diana was loved by many. She was very active in her charity work even through a very public divorce. Here are some wise (and comical) words from the Princess.

They say it is better to be poor and happy than rich and miserable, but how about a compromise like moderately rich and just moody?

I included this quote because not only is it funny, but also makes a good point. I am, by no means, saying that money is bad or evil or unnecessary. These influential people just warn us that money is not the end all be all reason for living, but a means for living. Money is a temptation, and we must practice restraint with it or money problems will consume us. Diana was a smart woman. Sure, we’d rather be poor and happy (wouldn’t we?), but we wouldn’t choose to be poor. I think if we substitute her “moderately rich and just moody” for “frugal, creative and content,” we will all live better lives. What do you think?

Who is missing from this list and what frugal/money advice do they have to offer? Please help me expand the list! Thanks for being a Tip Hero!

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