A Blog Posted by Singapore 's Youngest Millionaire (Some myths) By Adam Khoo

Some of you may already know that I travel around the region prettyfrequently, having to visit and conduct seminars at my offices in Malaysia,Indonesia, Thailand and Suzhou (China). I am in the airport almost everyother week so I get to bump into many people who have attended my seminarsor 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 replywas, 'That's why I am a millionaire.' He still looked pretty confused. Thisagain confirms that greatest lie ever told about wealth (which I wroteabout in my latest book 'Secrets of Self Made Millionaires'). Many peoplehave been brainwashed to think that millionaires have to wear Gucci, HugoBoss, Rolex, and sit on first class in air travel. This is why so manypeople never become rich because the moment that earn more money, theythink that it is only natural that they spend more, putting them back tosquare one.

The truth is that most self-made millionaires are frugal and only spend onwhat is necessary and of value. That is why they are able to accumulate andmultiply their wealth so much faster. Over the last 7 years, I have savedabout 80% of my income while today I save only about 60% (because I have mywife, mother in law, 2 maids, 2 kids, etc. to support). Still, it is wayabove most people who save 10% of their income (if they are lucky). Irefuse to buy a first class ticket or to buy a $300 shirt because I thinkthat it is a complete waste of money. However, I happily pay $1,300 to sendmy 2-year old daughter to Julia Gabriel Speech and Drama without thinkingtwice.

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 $1ma year in their own business) I discovered that those who were self-madethought like me. Many of them with net worth's well over $5m, travelledeconomy 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 theirown 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 tobuild everything from scratch, you do not really value money. This isprecisely the reason why a family's wealth (no matter how much) rarelylasts past the third generation. Thank God my rich dad (oh no! I sound likeKiyosaki) foresaw this terrible possibility and refused to give me a centto start my business.

Then some people ask me, 'What is the point in making so much money if youdon't enjoy it?' The thing is that I don't really find happiness in buyingbranded clothes, jewellery or sitting first class. Even if buying somethingmakes 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 lousyagain and have to buy the next thing which you think will make you happy. Ialways think that if you need material things to make you happy, then youlive a pretty sad and unfulfilled life.

Instead, what make ME happy is when I see my children laughing and playingand learning so fast. What makes me happy is when I see my companies andtrainers reaching more and more people every year in so many morecountries. What makes me really happy is when I read all the emails abouthow my books and seminars have touched and inspired someone's life. Whatmakes me really happy is reading all your wonderful posts about how thisBLOG is inspiring you. This happiness makes me feel really good for a longtime, 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 fromdoing your life's work (be in teaching, building homes, designing, trading,winning tournaments etc.) and the money that comes is only a by-product. Ifyou 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 meaningless life.