45Power 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 somany 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 a few years back, (Young Entrepreneur' s Organization 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 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 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 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 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.
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From India, Madras
Who Is Adam Khoo?
If you haven’t heard of Adam Khoo, he’s one of the youngest self-made millionaires in Singapore at the age of 26. Even when he was doing his undergraduate studies at the NUS Business School, he ran his own motivational speaking business and was earning up to $2000 a day. Today at age 32, Adam owns and runs three businesses, with a combined annual turnover of $20 million. Quite impressive if you were to ask me. I also found it coincidental that he’s also an alumni of VJC and NUS Business School.
Now I first picked up the idea of NLP after reading Adam Khoo’s “Master Your Mind, Design Your Destiny” quite some time back. NLP refers to Neuro Linguistic Programming and it is “the technology of the mind that teaches you to use the language of the mind in order to program and reprogram your nervous system to consistently achieve a particular desirable result.”
Adam mentioned in his book that when we believe we can do something, we virtually tap into our brain’s resources. And we will summon all our internal resources to find a way to support that belief. But if we believe that something is impossible, we shut out the possibility altogether. Thus, it instilled in me the power of our beliefs and how our limiting beliefs can stifle our potential.
From India, Udaipur
If you haven’t heard of Adam Khoo, he’s one of the youngest self-made millionaires in Singapore at the age of 26. Even when he was doing his undergraduate studies at the NUS Business School, he ran his own motivational speaking business and was earning up to $2000 a day. Today at age 32, Adam owns and runs three businesses, with a combined annual turnover of $20 million. Quite impressive if you were to ask me. I also found it coincidental that he’s also an alumni of VJC and NUS Business School.
Now I first picked up the idea of NLP after reading Adam Khoo’s “Master Your Mind, Design Your Destiny” quite some time back. NLP refers to Neuro Linguistic Programming and it is “the technology of the mind that teaches you to use the language of the mind in order to program and reprogram your nervous system to consistently achieve a particular desirable result.”
Adam mentioned in his book that when we believe we can do something, we virtually tap into our brain’s resources. And we will summon all our internal resources to find a way to support that belief. But if we believe that something is impossible, we shut out the possibility altogether. Thus, it instilled in me the power of our beliefs and how our limiting beliefs can stifle our potential.
From India, Udaipur
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