July 13, 2006

Ben Franklin was wrong

My whole life, I have been taught and have heard many different sayings (quotes, proverbs, axioms, maxims, adages, whatever you want to call them) for different reasons. See when your young you might not get the proverb at all. An example would be played out like this:

Kid: "Dad, why do I look like Grandpa? "
Dad: "An apple doesn't fall far from the tree."
Kid: "But Dad what does a tree have to do with Grandpa?"

You see now the child is confused, it would have been a lot easier if the father had said "because he is your family." Stuff like this always makes me ponder of why we can't talk normally, and have to use aphorisms to answer questions or give advice. Life would be so much simpler.

Another thing is that the sayings are not always right. I always hear "The early bird catches the worm." I get it, if I get up early and do it first I get the prize, but you see that it always isnt the best thing to do. What I have learned is "The early bird may get the worm, but the second mouse gets the cheese."

One saying that has always disturbed me, is Benjamin Franklin's aphorism, "A penny saved is a penny earned." At first I could never understand how I could earn something, when I already had it. But now I have understood that by saving the penny you are earning something for your future. The problem is though that this saying doesn't apply to our time, because you see with todays interest rates in savings accounts. A penny saved, with the annual compound interest of 3%, is now 1.03 cents earned. So sorry Mr. Franklin you were wrong...



-edited: 07/13/06 at 4:05 pm

12 Comments:

At 2:42 AM, Anonymous Anonymous said...

Just to play devils advocate, they had interest back then too. So what was said is just as true then as it is now. Besides, a rolling stone with worth two in the bush.

 
At 3:09 AM, Blogger Tabish Talib said...

well maybe they had interest on loans, but not on savings accounts, that happened afterwords (if im thinking correctly), and thats 2 aphorisms put together, which one did u mean?

 
At 12:42 PM, Blogger Tabish Talib said...

I might be taking it literally, but anything u save (for future endeavours)usually would have interest on it. So aren't you taking it literally as well?
Anyways the quote is time less, but you must have laughed at least once while reading the blog...

 
At 3:11 PM, Anonymous Anonymous said...

I throw apples away. Or I eat them.

 
At 3:46 PM, Blogger MCMLXXXII said...

wow, I actually laughed at this one.

 
At 3:56 PM, Blogger MCMLXXXII said...

Plus if you compound 1 cent with a rate of 3% for 1 year, u only end up with 1.03 cents

To get 3 cents, the interest rate needs to be 200%.

If you round 1.03 cents to the nearest cent, u get 1 cent. Old Ben was right!

 
At 3:59 PM, Blogger Tabish Talib said...

isn't that 1 dollar and 3 cents...

 
At 4:03 PM, Blogger MCMLXXXII said...

No its not! Its only $1.03 if you start off with a dollar. for a penny it will be 1.03 cents.

You seriously need to do your math packet over the summer.

 
At 4:06 PM, Blogger Tabish Talib said...

okay i guess i did my math wrong, but nevertheless, its still more than a penny.

 
At 6:05 PM, Blogger Tabish Talib said...

ok i fixed it, happy everyone...

 
At 11:01 PM, Blogger Tabish Talib said...

i was just trying to prove that aphorisms are not always right
i needed the mouse to prove the bird wrong...

 
At 6:00 PM, Anonymous Anonymous said...

Hallo I absolutely adore your site. You have beautiful graphics I have ever seen.
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