Got this in an email...
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.
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.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.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.Material happiness never lasts, it just give 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..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.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.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 nett worth well over $5m,travelled economy class and some even drove Toyota's and Nissans, not Audis, Mercs, BMWs.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.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).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 brain-washed 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 that they earn more money, they think that it is only natural that they spend more, putting them back to square one.
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.
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.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.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.Material happiness never lasts, it just give 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..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.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.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 nett worth well over $5m,travelled economy class and some even drove Toyota's and Nissans, not Audis, Mercs, BMWs.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.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).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 brain-washed 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 that they earn more money, they think that it is only natural that they spend more, putting them back to square one.
Words of wisdom...
Abah: Quite right abang. Adik , Ajim beware...and mama ,control spending.Mama: Ok ok how ek? Does that mean cannot buy new car?
Abang: Can but not for show .. must fit the purpose meaning must be better than driving merc in a long run in terms of minyak save .. hehehhe ..lagipun ma kan dh amik route with less toll ;-)
Abah: simple solution, delete the unnecessary. plan whatever journey to avoid tolls, long routes and extortionate parking. Think again, do u need to go? as for mama, all trips on her mind are extremely important and urgent. even just to tapau nescafe..
abang, the merc doesnt consume petrol as much as speculated. average as honda accord 2000. in the long run, maintenance is minimum
compared to typical 'continental' car, to quote che chik.
ajim, wash ur viva or it will change colour soon.
Well kids learn from the best, I guess. Have to go buy my nescafe from the mamak now.... really craving.
abang, the merc doesnt consume petrol as much as speculated. average as honda accord 2000. in the long run, maintenance is minimum
compared to typical 'continental' car, to quote che chik.
ajim, wash ur viva or it will change colour soon.
Well kids learn from the best, I guess. Have to go buy my nescafe from the mamak now.... really craving.
bilo dapat e-mail from abah? hahahaha
ReplyDeletenot in my inbox eh?