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A Blog Posted by Singapore's Youngest Millionaire

By Adam Khoo

Someof you may already know that I travel around the region pretty
frequently, having to visit and conduct seminars at my offices
inMalaysia, 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. Thisagain 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 wearGucci, 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 thelast 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
ofmoney. 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 (notAudis, 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'swealth (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 childrenl aughing 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
happinessmakes 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, thenI think that you are
living a life of meaningless.