Think about the typical fitness guru who fanatically pushes a new diet, supplement or fitness routine, claiming it was the driving force behind their picturesque physique. Their body serves as a living proof of concept, enticing motivated individuals to adopt the methodology in hopes of similar results.
The reality is, however, that the public can never really know if the rock-hard abs truly resulted from the product being promoted or if the spokesperson’s testimony was influenced by compensation.
If infomercial hosts are willing to bend the truth to sell more products, what are the chances the advice you received from your financial advisor was influenced by an opportunity for them to make a quick buck?
In 7 Laws of Wealth, Ben Benson points out that many financial writers prescribe a completely different route to wealth than what actually made them rich. In fact, the author contends that many personal finance writers became rich by telling others to employ strategies that they themselves never used. Benson wrote 7 Laws of Wealth to offer an alternative to this deceptive paradigm. The book serves as a road map to wealth-building and outlines the exact path he took to make his fortune.
About the Author
First and foremost, Ben Benson is an entrepreneur who has built a multimillion-dollar business in addition to actively managing real estate and venture capital investments, as well as a consulting practice. After building his business empire, Benson embarked on a two-year study that consisted of interviewing 200 of the world’s top percentile of wealth. He then combined his firsthand experiences and insight with the commonalities discovered during his research to write 7 Laws of Wealth.
A Brief Summary
7 Laws of Wealth could have more accurately been titled “7 Wealth Principles to Live By.” After all, the book doesn’t cover mathematical laws of investing. Instead, it takes examines the philosophies and behaviors that help investors achieve financial success.
As Benson explains, wealth building is largely a mastery of our own psychology — not information. Therefore, the purpose of this book is to master the type of person you should mold yourself into to increase your odds of being wealthy.
Benson explains that as a society we have the distinct gift of rejecting years of conditioning and choosing our own path. Unlike animals, our frontal lobe enhances our life with the gift of self-awareness. This endowment must give life to an objective analysis of what life choices led us to where we are at this exact moment. Much of Benson’s teachings involve looking inward to assess our problems. As Benson notes, in most cases, looking outward is the problem.
After gaining control over ourselves we can create our own roadmap to guide us through the rapidly changing world around us. This roadmap allows us to thrive during a flurry of varying circumstances by focusing our efforts on the things we can control. In doing so, we become reliable producers who add value to any atmosphere we are introduced to.
As Benson states, becoming successful is not good enough. To truly succeed we cannot stagnate. We must sharpen our saw regularly and share our insights with others traveling along earlier steps of our journey.
What are the 7 Laws of Wealth?
7 Laws of Wealth is appropriately organized with the chronological implementation of Benson’s seven laws.
Law 1: Gain Control
Act; do not be acted upon. Take responsibility and focus your energies on what you can control.
Law 2: Embrace the Future
Understand that the world is ever-changing, and plan for your continued adaptation.
Law 3: Own a Strategy
Wealthy individuals navigate through life with firm principles that act as their roadmap. What principles do you rely upon to guide you?
Law 4: Always Execute
Because we are what we repeatedly do, it is important to be someone who consistently executes important tasks.
Law 5: Create Value
Service to the many is the key to riches. Affect millions, make millions.
Law 6: Seek Growth
Cultivate and create more value while proactively navigating changes that occur in your life.
Law 7: Give Back
Don’t let successes allow you to forget you did not achieve success on your own.
I give 7 Laws of Wealth a solid 4 star rating. In this day and age, there are countless books discussing asset allocation strategies and interest rates. This book is different, which makes it a unique piece of personal finance literature that delves into the timeless humanistic principles that govern wealth building.
Alternative Book Recommendation: Once you’ve made it through the first ten pages of 7 Laws of Wealth you’ll easily realize that it’s not a conventional finance book. It is a motivating insight into often overlooked determinants of wealth that the wealthiest entrepreneurs around the globe have vouched for. However, it will not teach you about the stock market, investment theory, or taxation strategies. If you are looking for detailed and specific information on financial methodology, then I suggest you check out A Random Walk Down Wall Street.