THE HABIT OF SAVING 283I enjoy a rather close acquaintance with many hundreds of people
throughout the United States and in some foreign countries. For nearly
twenty-five years I have been watching many of these acquaintances,
and I know therefore, from actual experience, how they live, why some
of them have failed while others have succeeded, and the reasons for both
failure and success.
This list of acquaintances includes men who control hundreds of
millions of dollars, and who actually own many millions that they have
acquired. I also know men who have had millions of dollars, all of which
passed through their fingers and they are now penniless.
For the purpose of showing the student of this philosophy just
how the law of habit becomes a sort of pivotal point on which success
or failure turns, and exactly why no one can become financially inde-
pendent without developing the habit of systematic saving) the living
habits of some of these many acquaintances will be described.
We will begin with a complete history, in his own words, of a man
who made a million dollars in the field of advertising but who was left
with nothing to show for his efforts. The story is true, in every respect,
and it has been included as a part of this lesson because the author
of the story, Mr. W C. Freeman, is willing to have his mistakes made
public with the hope that others may avoid them.
This story first appeared in The American MagaZine) and it is here
reprinted through the courtesy of the publishers of that publication.
(Copyright, The Crowell Publishing Company, 1927.)
A SAD BUT TRUE STORYI HAVE MADE A MILLION DOLLARS
BUT I HAVEN'T GOT A CENT
While it is embarrassing, yes, humiliating, publicly to confess
to an outstanding fault that has made a good deal of a mess of