The Secret of Self-Made Millionaires

This is an extremely interesting piece of information written some twenty years ago by Adam Khoo Yean Ann — One time, Singapore‘s Youngest Millionaire at 26.
He is now 46 and has an estimated net worth of $250 Million.
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 Kuala Lumpur, Malaysia, 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 the greatest lie ever told about wealth, which I wrote about in my book ‘Secrets of Self-Made Millionaires’”.
Many people have been brainwashed to think that millionaires have to wear Gucci, Hugo Boss, Rolex, and book first class when they travel by air.
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 can accumulate and multiply their wealth so much faster.
Over the past few 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 can happily pay $1,300 to send my (then) 2-year old daughter to Julia Gabriel Speech and Drama without thinking twice.
When I joined the YEO —Young Entrepreneurs’ Organization a few years back. —YEO is an exclusive club open to those who are under 40 and make over $1 Million a year in their own business. I discovered that those who were self-made thought like me.
Many of them with a net worth well over $5 Million, travels economy class and some even drove Toyotas and Nissans, not Audis, Mercedes Benz, and BMWs…
I noticed that it was only those who never had to work hard to build their wealth (there were also a few children of ministers’ and tycoons’ 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 most 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.
So, 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 designer clothes, jewellery or flying 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 will 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 I am 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 (purpose), be it teaching, building homes, designing, trading, winning tournaments, etc. and the money that comes from it is only a by-product.
Collected & Polished by William Ikiabo
PS.
I want to look like ‘I better pass my neighbour’ mentality will not take you anywhere.
Don’t buy a $300 bag to have nothing in it, instead buy a $20 bag and have $280 in it.
The goal should not be to look rich. The goal should be to be rich.
Broke people buy things, just to look richer than their broke friends.
Don’t go broke trying to look rich.
Be wiser
Be Inspired