Continuing our January theme of John Templeton’s relationship with thrift, we have more today from step 12 of The Templeton Plan. Today we look at some interesting facts and figures about his lifestyle during the early stages of his Wall Street career. They clearly show a man who ardently adhered to a philosophy of thrift. If these writings resonate with you be sure to join our campaign to Bring Back National Thrift Week, either by visiting the official website or by becoming a fan on Facebook.
Some sample habits and behaviors mentioned in The Templeton Plan:
- He and his wife made a habit of never spending more than $0.50 on dinner for two (about $6.00 by today’s standards, according to DollarTimes).
- He committed himself to spending less that 16% of his spendable annual income on housing costs.
- He and his wife furnished an entire five-room apartment for $25 ($305 by today’s standards) by going to auctions and bidding on unwanted lots.
- What pieces he could not find at auctions, he built himself from wooden boxes.
- The first five cars he owned were all bought second-hand.
These habits were all part of his lifestyle during a time in which he was not even poor. He had a steady income as an investment counselor and traveled in circles where everyone else had big cars, big houses, and luxurious lifestyles. The man just understood the value of conserving his resources to their best advantage.