Nice article on pOwer of Money...By Adam Khoo ( Singapore 's
youngest millionaire at 26 yrs.)
Some of you may already know that I travel around the region
pretty frequently, having to visit and conduct seminars at my offices in
Malaysia , Indonesia , Thailand and Suzhou ( China ) . I am in the airport
almost every other week so I get to bump into many people who have attended my
seminars or have read my books.
Recently, someone came up to me on a plane to KL and looked
rather shocked. He asked, 'How come a millionaire like you is traveling
economy?' My reply was, 'That's why I am a millionaire. ' He still looked
pretty confused.
This again confirms that greatest lie ever told about wealth
(which I wrote about in my latest book 'Secrets of Self-Made Millionaires').
Many people have been brainwashed to think that millionaires have to wear
Gucci, Hugo Boss, Rolex, and sit on first class in air travel. This is why so
many people never become rich because the moment they earn more money, they
think that it is only natural that they spend more, putting them back to square
one.
The truth is that most self-made millionaires are frugal and
only spend on what is necessary and of value. That is why they are able to
accumulate and multiply their wealth so much faster.
Over the last 7 years, I have saved about 80% of my income
while today I save only about 60% (because I have my wife, mother in law, 2
maids, 2 kids, etc. to support). Still, it is way above most people who save
10% of their income (if they are lucky).
I refuse to buy a first class ticket or to buy a $300 shirt
because I think that it is a complete waste of money. However, I happily pay
$1,300 to send my 2-year old daughter to Julia Gabriel Speech and Drama without
thinking twice.
When I joined the YEO (Young Entrepreneur's Orgn) a few
years back (YEO is an exclusive club open to those who are under 40 and make
over $1m a year in their own business), I discovered that those who were
self-made thought like me. Many of them with net worth well over $5 m, travelled
economy class and some even drove Toyotas and Nissans, not Audis, Mercs, BMWs..
I noticed that it was only those who never had to work hard
to build their own wealth (there were also a few ministers' and tycoons' sons
in the club) who spent like there was no tomorrow. Somehow, when you did not
have to build everything from scratch, you do not really value money. This is
precisely the reason why a family's wealth (no matter how much) rarely lasts
past the third generation.
Thank God my rich dad foresaw this terrible possibility and
refused to give me a cent to start my business.
Then some people ask me, 'What is the point in making so
much money if you don't enjoy it?' The thing is that I don't really find
happiness in buying branded clothes, jewellery or sitting first class. Even if
buying something makes me happy it is only for a while, it does not last.
Material happiness never lasts, it just gives you a quick
fix. After a while you feel lousy again and have to buy the next thing which
you think will make you happy. I always think that if you need material things
to make you happy, then you live a pretty sad and unfulfilled life..
Instead, what makes me happy is when I see my children
laughing and playing and learning so fast. What makes me happy is when I see my
companies and trainers reaching more and more people every year in so many more
countries.
What makes me really happy is when I read all the emails
about how my books and seminars have touched and inspired someone's life.
What makes me really happy is reading all your wonderful
posts about how this blog is inspiring you. This happiness makes me feel really
good for a long time, much much more than what a Rolex would do for me.
I think the point I want to put across is that happiness must
come from doing your life's work (be it teaching, building homes, designing,
trading, winning tournaments etc.) and the money that comes is only a
by-product. If you hate what you are doing and rely on the money you earn to
make you happy by buying stuff, then I think that you are living a life of
meaninglessness
