I came across this article in one of my e-mails. Honestly, I rarely read my e-mails, especially if it’s a forwarded message; but thanks to my sister, she told me to read it for her ‘cuz she seems to be so busy these days. Her officemate told her that it’s really an inspiring and worth reading article, so she told me to just relay to her what it says. Well, true enough, it is definitely a good read! I ended up pondering on what my life has been for the past 20 plus years. In fact, after reading this, you might find it weird that I posted such kind of article here. I know, this site is supposed to be about living the lush-cious life. The kind of life that I, personally, think is good or the kind of life a lot of people dream of; but yes not all people are like me. Not all people are fond of shopping, traveling, dining in good restaurants, or in short, not all people are fond of spending. For them, the good life is not something you can buy. In fact, life’s real fulfillment comes from what you do and that the money that comes with it is just a mere bonus. And this is the plain reason why most people who think this way are millionaires. If you wanna know their secrets and be inspired on how to look your life differently, read on the article below written by Adam Khoo, the youngest millionaire in Singapore. He is a self-made millionaire and at the age of 26, he already owns several businesses and earns around $30 million a year.
On Money by Adam Khoo
“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 travelling 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 that 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 Organization) 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 worths well over $5m, travelled economy class and some even drove Toyota’s 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 (oh no! I sound like Kiyosaki) 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 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.
Instead, what make 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 in 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”
P.S. I may be guilty of buying those designer bags or simply shopping ‘til I drop, but I’m happy to say that there was never a point in my life where I have spent all the money I have earned. Saving moolah for the future is always a must whenever pay check comes. I only spend what I can spend. If it turns out that I can spend for a gorgeous bag, why not? It may not be something I really need but it gives a smile to my face. I salute Adam Khoo for not having the need to buy designer brands. I love the kind of life I’m living, though. I want to celebrate life to the fullest. Enjoy the money I earn even if it means buying a designer bag abroad or just a simple pouch in the bazaar. Although, I never forget that the things I buy are just bonuses, just the way I treat the little money I earn. It is what I actually do everyday and who I’m with that makes my life worthwhile and full of meaning. So does this mean I’m close to becoming a millionaire? Hahaha! 🙂 Wishful thinking… 🙂