Quote of the Day: P.T. Barnum Explains Why Money is a 'Terrible Master'

P.T. Barnum has become synonymous with the circus thanks to his role in founding the Barnum & Bailey Circus. And while he is known in modern times as the “Great American Showman” and was portrayed by Hugh Jackman in a film about his life, according to The Barnum Museum, his life hasn’t always been easy.

Barnum, born Phineas Taylor Barnum, was born in Bethel, Connecticut, on July 5, 1810. His family didn’t have much money when he was growing up, but they had enough to ensure he got a good education. According to the museum, he was very good at math and did everything he could to avoid chores on the family farm.

Eventually, he made his way to New York on a cattle drive and fell in love with the growing metropolis. And it was there that he opened his first entertainment venue, the American Museum. It quickly became very popular, offering people the opportunity to learn about music, fine arts, literature, and nature.

After the success of the American Museum, Barnum’s enterprise grew, and he expanded his entertainment venue to include curiosities such as wax museums and glassblowers.

But a trip back to Connecticut seemed to change Barnum’s trajectory when he met Tom Thumb, who was just 25 inches tall. Barnum paid the family $3 a week to hire the 4-year-old and have him perform for the public. While Barnum lied about the boy’s age to highlight his size (he claimed the boy was 11), it was clear that the idea of human curiosity was taking off, and Barnum’s fame only grew by the 1850s, when he was considered one of the richest men in the U.S.

Barnum eventually took that success on the road as part of a circus, and he grew his collection of spectacles to include strongmen, animals, and more. In 1881, he partnered with James Bailey to create Barnum & Bailey Greatest Show on Earth, and the two men worked together until Barnum died in 1891.

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Quote of the Day by P.T. Barnum

“Money is a terrible master but an excellent servant.”

Barnum famously wrote this oft-quoted statement in his book, The Art of Money Getting or Golden Rules for Making Money, which was published in 1880, according to the Project Gutenberg. The book is full of quotable quotes, but this line from the chapter on avoiding debt seems to really hit home with a lot of readers.

Deeper Meaning of P.T. Barnum’s Quote—‘Money is a Terrible Master’

The full quote is actually, “Money is in some respects like fire; it is a very excellent servant but a terrible master. When you have it mastering you; when interest is constantly piling up against you, it will keep you down in the worst kind of slavery. But let money work for you, and you have the most devoted servant in the world.”

In this chapter, Barnum is talking about how money is okay when viewed as a tool to get what you want, but it becomes more like a monkey on your back, forcing you to keep at it—working and earning by any means—without giving you time to enjoy yourself.

Related: Quote of the Day: Johann Wolfgang von Goethe on How People Waste Both Money and Time

Those are strong words in a book that is all about how to make money, so cautioning readers against letting money rule you sends a strong message about Barnum’s deeper feelings about the dangers associated with greed. A modern take on this quote would be to examine the retirement spending paradox: how many people today work hard all their lives to afford retirement, only to find themselves unable to spend their money because they are too afraid of running out.

More Quotes from P.T. Barnum

• “No one ever made a difference by being like everyone else.”
• “The foundation of success in life is good health: that is the substratum fortune; it is also the basis of happiness. A person cannot accumulate a fortune very well when he is sick.”
• “I don’t care what the newspapers say about me as long as they spell my name right.”
• “The great ambition should be to excel all others engaged in the same occupation.”
• “Those who really desire to attain an independence, have only to set their minds upon it, and adopt the proper means, as they do in regard to any other object which they wish to accomplish, and the thing is easily done.”
• “Fortune always favors the brave, and never helps a man who does not help himself.”
• “Writing lives forever, while you may not.”

Related: Quote of the Day: Finance Expert Dave Ramsey on How to Achieve ‘Financial Peace’

Sources:

• The Barnum Museum
• Project Gutenberg