Money that may never be spent is nothing but a miser's toy. Saving as an exercise in self-denial is an invalid goal, a sick use of money.

The way in which we manage the business of getting and spending is closely tied to our personal philosophy of living. We begin to develop this philosophy long before we have our first dollar to spend; and unless we are thinking people, our attitude toward money management may continue through the years to be tinged with the ignorance and innocence of childhood.

Only a dreamer or a fool would pick a stock at random and expect it to take off like a space ship from its launching pad. Certainly this has happened - about as often as a dime-store clerk has become a Hollywood star or a boy born in a log cabin has been elected President of the United States - just often enough, that is, to keep alive the Great American Dream.

If, instead of playing the horses, an individual chooses to play the market, that is his own affair. Only he must understand that speculating in stocks is gambling, not investing.

We Americans tend to be a prodigal lot. We are as careless with our personal resources as we are with the resources of nature, squandering both as if there were no end to the gifts of earth and sea and sky.

Take good care of the things you have. Careless people spend more for a given standard of living.

[On retirement savings:] Gone today, here tomorrow.