How to be rich? by Adam Khoo
We all know money is a powerful tool for economic growth but ordinary people always find it difficult to make money and get rich. So Adam Khoo — the Youngest millionaire at the lunch of his latest book ‘Secrets of Self-Made Millionaires‘ gave an interesting insight about how to be rich?
He said, “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 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 greatest lie ever told about wealth. 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.
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 Organisation) 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 well over $5 mln, traveled economy class and some even drove Toyotas and Nissans, not Audis, Mercs, BMWs.