by Anita Menon
As an addition to my previous post about wanting to know my calling in life, something that would make me truly happy, this post is about an article I came across on the internet. This article is about a young millionaire, how he managed to be in that bracket of wealthy individuals and what makes him genuinely happy. I believe in signs from God whenever I feel flummoxed about something in life. Most of the times I do get those signs and they help me move forward in life. This piece on the internet came the same day as I wrote the post “Que Sera Sera..” Its goes thus..
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 reading all your wonderful posts about how this blog is inspiring you. This happiness makes me feel really good for a long time, much more than what material things 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 one hate’s what he is doing and rely on the money he earns to make him happy by buying stuff etc, then he could be living a meaningless life.
I too had come to believe the same thing that only buying stuff made me happy. What I didn’t realize it that it was a vicious circle and I couldn’t control my urge to buy because of the temporary high it gave me. I need to find something worthwhile, something that gave me honest happiness and not just some moments of joy. It is going to be tough to break this circle and it could be reason that I might never become a millionaire. But Adam Khoo shall remain and inspiration and every time I head to the mall for an aimless round of shopping, I am going to ask myself, if I really needed what I was about to buy. Also I hope and pray that I soon get to know what my life’s work is going to be as that is my only chance to know true happiness.