Applying P.T. Barnum’s “The Art of Money Getting” to Your Life

P.T. Barnum, arguably the greatest showman in the world, made money, lost money, and made it back again. He learned a thing or two about attracting and keeping wealth along the way.

What he has to teach can save you from similar costly mistakes. Skip some common hard-learned lessons and achieve wealth in your personal and professional life that much faster with Barnum’s advice.

“The Art of Money Getting,” one of the best-known books by P.T. Barnum, is about 50 pages (give or take, depending on the edition) of success guide gold. With so many quotable sentences loaded with wisdom, it’s easy to zip through without letting some of Barnum’s wisdom sink in.

​Below, we highlight some big takeaways from Barnum’s “The Art of Money Getting.” What are your favorite lessons from him?

There are a million and one ways to earn a living. No matter your profession, uncover your strengths and interests. Lean into those to learn and develop a trade skill.

Turn your trade skills into a side gig for an additional revenue stream. Alternatively, make it your backup plan if you leave or lose your main income stream.

​Barnum and other wealthy people like him advise having multiple income streams and various forms of insurance for those “just in case” scenarios—learning and developing a special trade checks both of those boxes.

Barnum teaches that one of the trickiest parts of “money getting” isn’t actually in acquiring wealth. The difficult part of accumulating wealth is keeping it (i.e., not overspending).

Fight the feeling that you have to “keep up with the Joneses.” You don’t need a newer and bigger house when you get a raise. You don’t need the latest fashions in home decor or clothing.

​Make sound business decisions with your personal money. Treat spending like a business deal, asking yourself what return you get from it.

Whatever you choose, whatever route you decide to go, just do it. Don’t overthink things, especially if you align your path with your strengths and interests.

Don’t drag your feet on the path. That delays your success results, costing you time and earning potential.

​If you pursue a four-year education, do everything you can to finish in four years. If you pursue developing a trade, see it through sooner rather than later.

Being bold and cautious at the same time sounds like an impossible task. However, it’s the near-perfect way to live a balanced life, avoiding too much or too little risk.

Barnum suggests you carefully plan your next steps, but don’t get stuck in analysis paralysis. Plan the best you can, and then boldly carry out that plan.

​Consider life as a beach. Check your surroundings before diving into the water. How are the current, the waves, and the temperature? Are lifeguards around? Do others seem safe? Dip your toe in to get a feel. And then wade out deeper and swim!

Wealth stays with those who understand and respect it. Often, those who come into a windfall via gambling (the lottery) or generational wealth passed down haven’t worked for the money and don’t understand or respect it. As a result, they lose much of it and suffer more than just money problems.

​You must gain knowledge and experience and then apply those to acquire wealth that stands the test of time. An honest day’s work earns you the money you deserve.

Willingly accept knowledge and advice from others. However, relying too much on others’ advice can have you traveling whichever way the wind blows, so to speak. Your work and wealth will suffer because you constantly change your path.

​Graciously accept and learn from advice, but don’t rely on it. However, lean on your decisions, expertise, and efforts to set yourself apart.

Barnum’s advice was specifically to read newspapers. That may sound outdated, but the intent remains: read sound and factual information.

Read to understand what’s going on in the world. Read for inspiration. Read for ideas. Just read.

​An excellent way to stay accountable for reading goals is to join a book club. An online book club allows you to meet from anywhere in the world. Specifically, a book club geared towards your interests or chosen trade does double duty to improve your knowledge and boost your earning potential. Check out online book clubs for focus, mindset, or success.

It’s easy to get sidetracked when learning your trade. Remain focused or risk losing time and money.

Allowing too many income streams into your life and business is tempting. Focus on mastering one at a time, or you’ll waste time and money doing many jobs poorly.

​It’s easy to fall for the idea that you must tackle your growing to-do list by doing little bits of everything here and there. However, focus on finishing one task at a time (Barnum’s “systematic” approach), or your work will never end.

There’s way more golden advice in P.T. Barnum’s “The Art of Money Getting” than listed here. From why money so easily slips away from some and towards others to advertising and being charitable, Barnum covers so much ground in his brief guide.

Intrigued and inspired by these key takeaways from Barnum’s book? Read “The Art of Money Getting” and more inspiring works by joining our exclusive Secrets of Success Mastermind group. As a member, you’ll have access to the greatest minds in history, connect with like-minded community members, and gain skills to rise above mediocrity.

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