POWER OF MONEY

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This is a story of Singapore's youngest millionaire ever, at
just 26 years of age.
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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.
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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.
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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 they earn
more money, they think that it is only natural that they
spend more, putting them back to square one.
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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.
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Over the last seven years, I have saved about 80% of my
income while today I save only about 60% (because I have
my wife, mother-in-law, two maids, two kids, etc. to
support). Still, it is way above most people who save 10%
of their income (if they are lucky).
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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 two-year-old
daughter to Julia Gabriel Speech and drama without
thinking twice.
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When I joined the YEO (Young Entrepreneur's Organisation)
a few years back, YEO is an exclusive club open to those
who are under 40 and make over $1mil 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
$5mil, travelled economy class and some even drove
Toyotas and Nissans, not Audis, Mercedes, BMWs.
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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.
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Thank God, my rich dad foresaw this terrible possibility and
refused to give me a cent to start my business.
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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.
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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.
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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.
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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.
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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.
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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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