Many concerns now make part or the whole of their dividends from by-products that formerly went to waste. How do we, as individuals, utilize our principal by-product? Our principal by-product is, of course, our leisure time. Many years of observation forces the conclusion that a man's success or failure in life is determined as much by how he acts during his leisure as by how he acts during his work hours. Tell me how a young man spends his evenings and I will tell you how he is likely to spend the latter part of his life.

The man who has won millions at the cost of his conscience is a failure.

It can be set down as a broad, general principle that we cannot indulge in idleness and abundance during both the first and second half of our life. Study, application, industry, enthusiasm while we are young usually enable us to enjoy life when we grow older. But unless we toil and strive and earn all we can in the first half, the second half of our life is liable to bring disappointment, discomfort, distress. The time to put forth effort is when we are most able to do it, namely, in the years of our greatest strength. The law of compensation hasn't ceased to function.

Courtesy is doing that which nothing under the sun makes you do but human kindness. Courtesy springs from the heart; if the mind prompts the action, there is a reason; if there be a reason, it is not courtesy, for courtesy has no reason. Courtesy is good will, and good will is prompted by the heart full of love to be kind. Only the generous man is truly courteous. He gives freely without a thought of receiving anything in return.

When you delve deep enough, you find that practically every great fortune and great enterprise in America have sprung from the courageous enterprise of some individual. It was Commodore Vanderbilt's enterprise in switching first from running a ferryboat to running other ships, and then, when he was well along in years, his enterprise in switching into railroading, that created what was to become one of the most notable fortunes in the history of the world.

Lady Luck generally woos those who earnestly, enthusiastically, unremittingly woo her.

After visiting several of America's most fashionable playgrounds, I have reached the conclusion that men who work hard enjoy life most. The men at such places can be divided into two classes, first, busy men of affairs ... and, second, rich loafers. I was impressed by the obvious enjoyment corporation heads and other important executives were deriving from their vacation activities.... The idle rich fellows, on the other hand, although indulging in exactly the same activities, palpably were bored.