Ben Benson “The New Rules of Wealth”

April 27, 2024 26 Views

“In the end, I have to change. And I have to change completely. I’m going to go to extremes, I’m going to change everything but my wife and kids. I’m going to go on a reform drive like this for the next five years, and if it doesn’t work, I’m going to quit. If I can’t do it for 10 years, it means it can never be done.” (Frankfurt New Management Conference, June 1993)

Samsung Chairman Lee Kun-hee said these words at the Frankfurt New Management Conference in June 1993. Since then, Samsung has been able to transform itself into a world-class company.

The above scene is considered to be a dramatic moment in the transformation of Samsung into a world-class company. I used to think that this was just an anecdote, but as I’ve gotten older, I’ve come to realize that I can relate to this story more seriously.

“You have to completely change the way you think about money so that it doesn’t control you.”

Ben Benson’s book “Thinking About Money” is all about changing the way you think about money.

Even if you don’t need to get rich, you need to learn more about money so that you don’t struggle with it. Even if you get a good job and make a lot of money, you may end up spending more and making more money may not mean much to you.

“27 Myths About Money…”

The book is organized in a way that breaks down 27 preconceived notions we have about money. This book is similar to the best-selling books “Rich Dad, Poor Dad” and “The Fast Lane to Wealth,” which are also about money. In fact, there are even references in this book to material from Rich Dad, Poor Dad.

This is evident in the title of the first chapter, which is “Is Money the Root of All Evil? Is the lack of money the root of all evil?” Money is not inherently good or evil, but it is the people who use it that can make it “good” or “evil”.

The book breaks down 27 myths about money into the following subheadings, and each chapter explores one of them. So, just reviewing the titles of the chapters will give you a good idea of what the book is about.

“Money is the root of all evil. VS The lack of money is the root of all evil.”
“A good job creates wealth. VS It’s profits and investments that create wealth.”
“If parents are rich, children are rich VS Wealth is not inherited.”
“Rich people are greedy VS Rich people are ambitious.”
“Money is not important VS Money is important.”
“Risk is always bad VS Risk brings opportunity.”
“Money can’t buy happiness. VS Money can buy the opportunity to be happy.”
“Recessions prevent wealth VS Wealth creation is independent of the economy.”
“You need luck to get rich VS You create your own luck to get rich.”
“Hard work doesn’t make you rich VS Rich people are made by hard work and trial and error.”
“When you get rich, your friends will leave you VS True friends will support you.”
“The more money you make, the more you save VS The more money you make, the more you spend.”
“Rich people are dishonest and ruthless VS There are more rich people who do good things.”
“It’s better to give than to receive help. VS To be rich, you have to be used to receiving.”
“Money doesn’t grow on trees. VS Money grows like a tree.”
“Do what you love and the money will follow. VS Put your best foot forward in what you’re doing.”
“To get rich, you have to work harder. VS To get rich, you have to work smarter.”
“You have to invest money to make money. VS You don’t have to have a lot of money to make money.”
“You need to be well educated to be rich VS University education does not bring wealth.”
“You can’t be rich if you have a lot of debt. VS You can’t be rich if you have bad debt.”
“I don’t deserve to be rich. VS Everyone deserves to be rich.”
“You have to be a cobbler to be rich. VS Rich people don’t hoard money like cobblers.”
“It’s uncivilized to talk about money. VS If you don’t talk about money, you become distant from it.”
“There are winners and losers in the war for wealth. VS You can win the war for wealth.”
“Money is power. VS Money is a responsibility.”
“Rich people are not humble VS Rich people are grateful.”
“Money goes around in circles vs. money goes around in circles.”

“Having the right concept of money”

Even if you don’t necessarily consider being wealthy as a goal, it’s important to have the right concept of “money”.

Even if you don’t have a lot of money, if you don’t have a good concept of money beforehand, you won’t know what to do with it once you have a lot of money in your hands. That’s why I think it’s a good idea to learn about money in advance.

If you want to enjoy the financial freedom that will one day come your way, it would be wise to start thinking about money the way the rich think now.

“The New Rules of Wealth”