A magazine editor recently asked me to sit down on my 40th birthday and write an article on the most important things I had learned in my first 40 years. I told him that the chief thing I had learned was that the copybook maxims are true, but that too many people forget this once they go out into the heat and hustle and bustle of the battle of life and only realize their truth once one foot is beginning to slip into the grave. The man who has won millions at the cost of his conscience is a failure.

New Year, the season for changes in positions and advances in salaries, approaches. If you have in your employ some who deserve more salary, do not compel them to go through the unpleasant ordeal of asking a raise, but, rather, voluntarily increase their remuneration. A raise that comes from the boss without asking is worth a lot more than one that has to be gouged out of him. Is it not true that a great many employers who would not dream of overcharging their customers have no qualms whatever about underpaying their employees if the latter will submit without protest?

Inflationary trends are under way. Wage increases, through strikes or threatened strikes, are rampant. Government expenditures are ballooning ominously. Hoarding has contributed unconscionably to price-boosting. The Government should institute measures calculated to arrest inflation. America's commitments are already so mountainous, international and domestic, that the pruning knife should be applied. You and I, all American taxpayers, don't possess limitless resources-our pockets are not bottomless. Curb inflation at every turn!

Our future and our fate lie in our wills more than in our hands, for our hands are but the instruments of our wills.

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 Christmas spirit brings home to us-or should bring home to us-the profound Biblical truth that it is more blessed to give than to receive. Anything which inspires unselfishness makes for our ennoblement. Christmas does that. I am all for Christmas.

When it comes to betting on yourself... you're a chicken-livered coward if you hesitate.