The Way Millionaires Really Live
Topics: Adam Khoo, Financial Freedom, Financial Planning, Personal Finance, Wealth Building
Many people have the wrong idea about what being a millionaire is all about. Many also equate instant gratification with happiness. They believe that millionaires live lavish lifestyles and all that self-indulgence brings lasting happiness.
Well, from my research and my own observations of the many self-made multi-millionaires I know, I find that most self-made, sustainable millionaires DO NOT live this way. What does sustainable mean? It means a person whose millions of dollars will last a lifetime and not just a couple of years.
Officially, Bill Gates is ranked as the richest man in the world with a net worth of $46 billion. Unofficially, figures put IKEA founder Ingvar Kamprad as the world’s richest with a net worth of $53 billion. One of the reasons he managed to accumulate so much money is because of his frugal nature. Up to today, it is said that Kamprad flies economy, drives an old Volvo and even waits until the afternoon to buy his fruits and vegetables, when the prices drop significantly.
If he were alive today, Sam Walton (1918-1992), founder of Wal-Mart would be the richest man in the world with an estimated net worth of $90 billion. If you take a look at Forbes list of the ten richest people in the world, five of them are the Waltons who inherited their money from Sam. How did this once poor farm boy accumulate so much wealth? Again, he was well known for sharing rooms during business trips to save money, flying only economy and wearing clothes from his own discount store.
Another fascinating example is Warren Buffett, officially ranked the second richest man in the world today with a net worth of $42 billion. Even with all this money, it’s said that Warren will not buy a brand new car as he thinks it’s just not worth the money. Back in the ’60s, Warren remarked that if he spent $20,000 on a new car, it would be worth little or nothing in ten years, He also knew that he could achieve a 25% annual compounded return on his $20,000 if he were to invest it. Going by this return, investing $20,000 would bring him $158,518 in ten years, $1.26 million in twenty years and $9.96 million in thirty years! She figured that $9.96 million was just too much to waste on a car!
When many people learn of this frugal trait of millionaires they often think to themselves, ‘Why make all this money if you cannot enjoy it?’ Well, here’s the answer, most millionaires get their joy and fun not from spending money but from doing what they love to do! To them, money is just a means of measuring their success.
This is why, even with all the money in the world, they still work hard to build their businesses and empire. This is because they are driven by passion for what they do and a sense of mission. If spending money brings you enjoyment, you will never be rich. However if making money brings you enjoyment, then your wealth is guaranteed.
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE bonus report ‘Get Out Of The Rat Race Now’ at www.SecretsOfSelf-MadeMillionaires.com
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