A Blog Post by Singapore 's Youngest Millionaire Adam Khoo  

Posted by NoeL in , ,

Are You Living Like a Prostitute?

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 Su Zhou (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 etc. (I shop at G2000 by the way) 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 (not those lucky bast**ds who inherited money) 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’s well over $5m, travelled  economy class and some even drove Toyota 's and Nissans. 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, jewelry 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 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 post 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 no better than a prostitute.

NB:- This is an article I stumbled upon while browsing the internet. You can find the actual blog entry here. Are You Living Like a Prostitute?

This entry was posted on Sunday, October 12, 2008 at Sunday, October 12, 2008 and is filed under , , . You can follow any responses to this entry through the comments feed .

4 comments

nice post

October 13, 2008 at 5:36 AM

soo confusing

October 14, 2008 at 8:17 AM

@Jeness
U read it fully?

October 14, 2008 at 8:14 PM

Thanks for the lead! Quite an engaging read :)

I hope you don't mind, I linked to you here in my blog entry :)

http://wellamaria.blogspot.com/2008/11/celebrating-birthdays-on-board.html

Enjoy!

December 1, 2008 at 1:57 PM

Post a Comment

Bookmark

Legal Disclaimer

I study at European Business School, Oestrich-Winkel. The opinions expressed here are my own, and neither European Business School, Oestrich-Winkel nor any other party necessarily agrees with them.