Monday, 26 January, 1829

And if you ever expect to improve your pecuniary situation, always be careful how you spend your earnings and for what. What you may have earned and not received is not yet yours, but that which you have is your own and should be saved or placed in something of real value, and from which you may reap benefit. If a man owes you one hundred dollars and that not on interest, it does you no good. Now suppose an opportunity offer where you could purchase property to the amount of one hundred dollars, and that property is really worth twice that sum - are you not the loser and is it not far better to have it in your possession and money earned and not collected, is not worth as much as money in hand, for there is the expense of collection, at least and the risk of bad debts. So, I hope you will mind and take good care of all you have and collect your debts after a reasonable time of credit. It is a bad practice to suffer accounts to run long; close them once a year, at least.