"The Power of Money"
This is not only extremely interesting, but so down to earth & a must read for many of us...
"The Power of Money" - by Adam Khoo - Singapore's youngest millionaire at 26 years.
"Some of you may already know that I travel around the region pretty frequently, having to visit & conduct seminars at my offices in Malaysia, Indonesia, Thailand & 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 & 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 & 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 & only spend on what is necessary & of value. That is why they are able to accumulate & 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 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 & 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 & 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 & some even drove Toyotas & 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' & 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 & 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 & 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 & unfulfilled life..Instead....
* What makes me happy is", when I see my children laughing & playing & learning so fast.
* What makes me happy is, when I see my companies & trainers reaching more & 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 & seminars have touched & 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.)' & the money that comes is only a by-product."
Realistic, is it not?
Think about it...
Cheers...
:)
LikeShow More ReactionsComment
"The Power of Money" - by Adam Khoo - Singapore's youngest millionaire at 26 years.
"Some of you may already know that I travel around the region pretty frequently, having to visit & conduct seminars at my offices in Malaysia, Indonesia, Thailand & 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 & 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 & 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 & only spend on what is necessary & of value. That is why they are able to accumulate & 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 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 & 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 & 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 & some even drove Toyotas & 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' & 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 & 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 & 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 & unfulfilled life..Instead....
* What makes me happy is", when I see my children laughing & playing & learning so fast.
* What makes me happy is, when I see my companies & trainers reaching more & 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 & seminars have touched & 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.)' & the money that comes is only a by-product."
Realistic, is it not?
Think about it...
Cheers...
:)LikeShow More ReactionsComment
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