Let me now turn to the things which you ought to do. And, first of all, the husbanding of your time. Young people require more sleep than those that are grown up, and the number of hours cannot well be, on an average, less than eight. An hour in bed is better than an hours spent over the fire in an idle gossip.
Money is said to be power; but superior sobriety, industry, and activity are still a more certain source of power. Booklearning is not only proper, but highly commendable; and portions of it are absolutely necessary in every case of trade or profession. One of these portions is distinct reading, plain and neat writing, and arithmetic. The next thing is the grammar of your own language, for grammar is the foundation of all literature. Excellence in your own calling is the first thing to be aimed at. After this may come general knowledge. Geography naturally follows grammar; and you should begin with that of this kingdom. When you come to history, begin also with that of your own country; and here it is my bounded duty to put you well on your guard. The works of our historians are, as far as they relate to former times, masses of lies unmatched by any others that the world has ever seen.
To be poor and independent is very nearly an impossibility; though poverty is, except where there is an actual want of food and raiment, a thing much more imaginary than real. Resolve to set this false shame of being poor at defiance. Nevertheless, men ought to take care of their names, ought to use them prudently and sparingly, and to keep their expenses always within the bounds of their income, be it what it may.
One of the effectual means of doing this is to purchase with ready money. Innumerable things are not bought at all with ready money which would be bought in case of trust; it is so much easier to order a thing than to pay for it. I believe that, generally speaking, you pay for the same article a fourth part more in the case of trust than you do in the case of ready money. The purchasing with ready money really means that you have more money to purchase with.
A great evil arising from the desire not to be thought poor is the destructive thing honoured by the name of "speculation," but which ought to be called gambling. It is a purchasing of something to be sold again with a great profit at a considerable hazard. Your life, while you are thus engaged, is the life of a gamester: a life of general gloom, enlivened now and then by a gleam of hope or of success.