Virtue #5: Frugality

“Make no expense but to do good to others or yourself (i.e., waste nothing).”

Franklin did not tolerate financial wastefulness. He developed frugal habits early on in life. Even later in life, when Franklin was wealthy, he practiced and preached the importance of economical behavior. He often wore old robes to high-stakes political meetings (perhaps to a fault), and he was quick to instill a lesson in frugality whenever a family member requested something extravagant. Indeed, research suggests that materialistic aspirations are negatively associated with happiness and psychological health.