Money matters

An interesting article from Singapore's Youngest Millionaire....
A Blog Post by Singapore 's Youngest Millionaire

By Adam Khoo on Money, got through a fwd

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 Worth 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 by
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
some one'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 meaningless.