How to win with money

But do they know how to win with money?

John C. Maxwell, my most admired leadership guru, once shares his views on the subject, leaving me much fruit for thought.

Someone once said that when it comes to money, you can’t win.

If you focus on making it, you’re materialistic.

If you try to but don’t make any, you’re a loser.

If you make a lot and keep it, you’re a miser.

If you make it and spend it, you’re a spendthrift.

If you don’t care about making any, you’re unambitious.

If you make a lot and still have it when you die, you’re a fool – for trying to take it with you.

The only way to really win with money is to hold it loosely – and be generous with it to accomplish things of value.

– John Maxwell, The 21 Indispensable Qualities of a Leader

Have you read last Friday’s article in Straits Times Most Singaporeans picking new ‘5 Cs’ over material gain: Survey?

A survey done by OCBC Bank shows that our fellow countrymen have finally moved away from the traditional 5Cs – cash, car, condominium, country club membership and credit card – that has emerged and celebrated decades ago.

Singaporeans have gone through the rapid economic growth in the 80s and 90s. And for the first time, they saw these material 5Cs for the well-to-do and the newly rich.

But for the last 15 years, we experienced Asian Financial Crisis, 9-11, SARS, economic recession, Global Financial Crisis …

We witnessed how the value of cash can be easily eroded by crisis and inflation. How an ordinary salaryman can easily apply for many credit cards and get screwed up by its high interest rate. How companies dump country club membership in a hurry when times are bad. How car COEs can be manipulated to fluctuate up and down. How a distant US sub-prime crisis can make Singapore condo prices drop 25 percent in just one year…

That is also how people begin to realize that:

1) Money has its fragile side too; and

2) Material gains are not everything.

The survey finds that the new 5Cs of Singaporeans are now known to be intangible gains: control, confidence, community, career and can-do attitude.

This shows that Singaporeans have evolved in maturity in terms of their apprehension of wealth: from materialistic to spiritual, and from primitive to sophistication.

For the last few years, many Singaporeans have benefited from the increase in value of their HDB or private flat. They sell their own residence, make some money and want to buy that prestigious place they couldn’t have afforded.

Some speculate and flip to earn some extra bucks. Others buy at future prices during launch, hoping that prices will go through the sky once the project is completed.

They think they can win with money. But somehow they forgot the lessons they learned about the old 5Cs.

One day when the market works against them, do they still have the control they treasure? Do they have the high confidence they once have?

In the past, we have been taken good care of by the society. How about giving back to the community?

That reminds me of what Harv Eker says in Secrets of the Millionaire Mind,

Money will make you more of what you already are … (because) how you do anything is how you do everything.

John Maxwell brings it home here,

Generosity rises out of contentment … If you’re not content with little, you won’t be content with a lot. And if you’re not generous with little, you won’t suddenly change if you become wealthy.