I got this as email fwd but the feelings expressed are exactly mine and expresses much better than I ever could, specially the last line.......derive happiness from your work not from the things...
'The Blunt Truth about Making Millions', Article by
Adam Khoo, Singapore 's youngest millionaire.
'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 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 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.
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 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 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 meaningless.......'
24 comments:
I completely disagree. Say, your children are laughing and playing and learning so fast. But when your children are hungry at night and want some dinner and you have only a glass of water to offer them as dinner, are you happy? Having money is a must whether you like it or not.
Thanks for sharing Renu, a very meaningful post.
I sure do agree with the feelings & thoughts expressed here.
so true.... people dont realize the value of money till they have to work hard for it themselves... and the desire for material things is the source of dissatisfaction rather than joy... good one, renu aunty!
Thank you,Renu.
It is brilliant and has a message for all.I will refer this post to my friends
lovely. forwarding it :)
easier said than done in todays day and age.. its fine to say that it is meaningless if u hate ur work but are working only because it gives you enough money to buy all that you want ..
but if i leave my job now then I will have no job and no money .. how will that be good
Bikram's
Food for thought. Wise!
And there is a breed who toil, work like maniacs to accumulate wealth and in the bargain forget to live.
Indeed an inspiring post. People find more pleasure in materialistic things. The world is changing and changing at a very fast pace. Now people are being used and money is being valued!
Namaste.....
Very informative, most of what i agree with. I am not independently wealthy, not by any stretch of the imagination , i do not live beyond my means and i know the value of a dollar. While money cannot buy you happiness it certainly take the edge of the worry of the day to day living of maintaining a decent roof over one's head, affordability of healthcare and education, with those major elements secured life is most promising.
Tried looking up your book in the libraries her in Toronto so I can read it, I was unable to locate. That is one of my cost effective saying venture, why purchase books when it can be burrowed free of charge at the library?
Interesting article by Adam Khoo. Yes the last line makes a lot of sense- thought-provoking.
Thanks for sharing, Renu!
nice article
Its great when some one makes lot of money from what he likes
loved it..its an excellent post..
so true to every word. Very inspiring and also an eye opener for those who live in a world of illusion,,,!!
Hmmm..I liked the post. It's true that millionaires are stingy in spending their money. I have seen them with my eyes. At the same time, I also wonder, then what's the point in accumulating so much when you don't even spend it or enjoy a cent of it? Never understand that philosophy. hmm..in reality, these kind of things are good to read but hard to practice. I would spend on luxuries still saving for the future but not to become a millionaire..because, I know I won't anyhow become one..
SG: he doesnt say that you shouldnt have money..NO..its rather the opposite, he says that earn money but dont spend unnecessarily..save it..
Lkrupa: Thanks Krupa!
Manju: yes, it makes lot of sense.
sm: Most of the people who are wealthy are only because they are doing what they like..otherwise one can make money but not too much..
Harman: His advice is very real..
Ash; Thank you Ash ! its very important to realise that materialistic thing give pleasure only momentarily..
Kparthsarthi; Thank you sir!
Amrita: Thanks:)
Bikram: Bikram he is not saying leave your job like that..instead first realise what you really want to do and try to dpo that..may be you will earn less initially or forever, but doing that will give you immense pleasure and it will be worth it.
and second point he makes is that derive pleasure from your work not spending..
RhapsodyB: Even i always join some library to read, instead of buying.
I liked his thought that we must save more, instead of spending more..
found in folsom:It all depends what you want in life..If you want to be a millionaire, then follow him, otherwise no need...
anybody earning reasonable can be a millionaire, if he is wise with spending and investing..accumulation has a great power..start saving and investing from the first day you earn and you see it growing...
Very true and his speech is inspiring. Money is a matter, but it can’t build good relationship... which is the vital of living and there is happiness, only if we get to share with others.
I entirely agree with the contents especially the last lines "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...."
Thanks Manju!
Renu my apologies! Please edit! :(
Jeevan: Money is very important,and so is the work you do.
Dilip:No problem Dilip..it happens sometimes...
I also agree with him whole heartedly.
Money is important for life and its needs, but it need not consume our lives and make us greedy. In this respect the article makes sense. Also contentment is the best wealth one can possess. Thanks for sharing, Renu.
Most of the self made men like Warren Buffet, Bill Gates and Mark Zukerberg think likewise:)
Zephyr:what i liked best is that get happiness by doing things not by getting things...
Rahul Bhatia: yes thats why they are so special..
i was in a job where i was making lot of money but then i realized that i never enjoyed it and still i was able to make that 'lot of' money .. how about if i do something which is of interest to me .. i'll not only be satisfied but will also be able to mint more money ..
things changed ..
now i do things of interest but money is not there but i know slowly it'll come ..dont run after the money, do your work, money will one DAY RUN AFTER YOU...
Rahul Aggarwal:I am sure Rahul that it will happen..money always comes...you have taken the right step..
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