Benjamin Franklin achieved financial success at a very young age. When he gave financial advice, he was not just spouting theory, but speaking from experience.

In his book, The Way To Wealth, we read:

Friends, says he, and neighbors, the taxes are indeed very heavy, and if those laid on by the government were the only ones we had to pay, we might more easily discharge them; but we have many others, and much more grievous to some of us. We are taxed twice as much by our idleness, three times as much by our pride, and four times as much by our folly, and from these taxes the commissioners cannot ease or deliver us by allowing an abatement.

So here are the three ways we tax ourselves:

1. “by our idleness” - we are taxed by our idleness when we choose to non-productive things. I not saying that we should never recreate or relax.

2. “by our pride” - we are taxed by our pride when we buy stuff because others or buying it, or just because its the latest fashion.

3. “by our folly” - we are taxed by our folly when we get needlessly into debt, or when we just spend without considering the consequences.

Entire books could be written on each of these three things, and probably have been written. We can save ourselves so much pain if we just lower our self-imposed taxes.

Do yourself a favor and ask yourself, “How am I needlessly taxing myself?” Then go make yourself a tax cut.