The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1893-03-04
Gen. Buffers Advice to Young Men.

The following letter was written by
General Butler to the editor of the Boston
Herald in 1887.
DEAR SIR: L have received your note
asking me to write some practical hints for
young men on the requirement of wealth
which may be published. A difficult task
is set me, as the circumstances under which
young men commence life are so widely
varied. But l think that more young men
fail to acquire property in the investment
of what they earn or receive than in any
other way. The temptations to speculation
are so great, aud the desire to become sud
denly rich so strong, that I believe eight
out of ten, if not more, of young men are
wrecked at the very beginning.
fla young man is earning something
more than the expenses of his living and
has no object in view he is likely to either
to increase those expenses carelessly or to
loan his money to his friends, and in so
doing in the majority of cases he will lose
both friends and money, so that the best
thing that he can do is have an object, to
gather up his money and to have call for
it which shall be a profitable one. He
makes no investment because he says, 81
have got so little money that it won't come
to anything. | will wait until l get more;;"
and in waiting, generally, what he has
goes,
When young man has very little
money let him buy some property, prefer
ably piece, however small, according to
his means, of improved real estate that is
paying rent He had better buy it when
sold at auction under a judicial sale. paying
in cash what he can, giving his notes for
the balance in small sums coming due at
frequently recurring intervals, secured by
mortgage on the property, and then use
all his extra income in paying up those
notes. 1t is always safe to discount your
own note, and if the notes come little too
fast as soon as he gets anything paid his
friends will aid him when he is putting his
money where it can not be lost, and where
the property is taking care of the interest,
and in very short time he will find that
he has got very considerable investment.
He will become interested in it, save his
money to meet his notes, and he will di-
rectly come into considerable possession
of property and hardly know how it came
to him. That is, he will have had amotive
for saving, and will get the result of that
saving and will not be tempted to enter
into speculations.
Nothing is so safe for an investment as
improved real estate. Nothing is likely to
grow in value faster In the last so years
80 per cent. of all the merchants and trad
ers in Boston have failed. In the last 80
years 90 per cent. of all the business cor
porations have failed or gone out of bust
ness, so that their stock has been wiped
out In the last so years all the improved
real estate on the average has paid its in
terest and taxes and quadrupled in value
If young mans father can give anything
to start him in the world he had better in
vest it in that way and letit accumulate and
earn his living, and he will be richer than
if he had gone into business. Jay Gould
is said to have started from mouse trap
seller to become millionaire. Assuming
that to be true he is only one of GO,0O0,-
900 of people; and if any young man thinks
he is going to initiate Jay Gould there are
G0,OO0,0OO chances to one he won't sue
ceed.
The rule would lay down for young
man is never do mean thing for money.
Be prudent and saving ofyour money. Be
careful to have no interest account running
against you unless you have an equal or
greater interest account running in your
favor. Work diligently and you are sure !