Let me introduce two of my favourite books - The Millionaire Next Door and Stop Acting Rich, both written by Dr. Thomas J. Stanley. The main theme of the books is that you can’t judge a book by its cover when it comes to personal wealth. The author has spent many years researching the typical life of a millionaire, which goes against many misconceptions that people still have today. In Stop Acting Rich, Thomas defines a group of people he calls "aspirationals," as people who choose to act rich, but don’t have the financial resources to back it up. They are typically high income earners but aren’t wealthy, and are low net worth individuals with little savings. Aspirationals often spend exorbitantly beyond their means (think luxury homes, country clubs, BMWs, Rolex watches, and the like) just to appear rich, leaving them vulnerable to losing everything should their financial positions turned for the worse.
Ever wonder why most people are not wealthy? Without a doubt, people would love to have some extra money. Better still, they want to have enough money so that they never need to worry about finances again. However, given the opportunities that most of us have in the countries we live in, why is it that many people can’t achieve financial freedom and retire young?
People are getting more health-conscious nowadays. Their growing expenditures on gym memberships, fitness equipment, health supplements, organic foods, etc. are testament to this fact. Surely, it’s not difficult for you to find health-conscious colleagues and friends around you. While people are concerned about their physical health, they don’t really pay much attention to their financial health. Most people don’t have the habit of conducting regular financial health checks for themselves. They simply don't care, or don’t really know how to and where to start.
Who wants to be a millionaire? The answer has to be a resounding yes, except for the billionaires of course! Honestly, who in their right mind don’t want to be rich? But can ordinary people become millionaires? I believe with the correct mindset, attitude and commitment to reach their desired financial goals, the chances for ordinary people becoming millionaires are high. My wife and I would definitely attest to this fact. Here’s our story…
You wish to become a millionaire one day, don't you? But how? While winning the lottery is one way (my advice is don’t bet on it), I'm sure the chances of you becoming a millionaire in other sensible ways are higher. Some people work hard to climb up the corporate ladder to earn their million-dollar salaries, while others work hard to build their million-dollar businesses. There are also people who achieve massive financial success through investing in stocks, investing in properties, setting up online businesses, writing books, developing software, and inventing new products for commercialization. The list of possibilities is endless.
Monopoly, the world’s most popular board game, has for years entertained millions of people with the imaginary thrill of what it is like to be a real estate tycoon. I started playing Monopoly at a tender age of seven. At that time, playing the board game was just pure fun. Little did I realize that the game actually taught me valuable lessons which would become useful for my future property investment ventures!
Is it more important to be rich or to be happy? I did a search on Google today. The search term “be rich” has about 1.15 billion results while the term “be happy” has more than double at 2.43 billion! Massive amounts of articles are written to meet the high demand of people searching for ways to be happy.
The Google search result reveals that there are about 1.28 billion more articles written on being happy compared to that of being rich. Hence, we can presume that more people would argue that being happy is more important than being rich.
We are currently facing tough economic times. We get bombarded by overwhelming confirmation of rising debt and unemployment when flipping through the pages of newspapers, watching the news over television or listening to the news on radio every day. Governments all over the world are facing challenging times in their quest to address the country's economic problems. People are extending their retirements due to zero or insufficient savings. And more bad news seems to be added by the various media daily!
What can you do when confronted with such tough times? You can’t control what the world will become, but you certainly can control how you manage your finances. Hence, taking action to secure your financial future should become one of your top priorities in life. While money doesn’t grow on trees, it can certainly grow if you save and invest prudently. Saving and investing are keys to growing your wealth in order to ensure your future financial success.
Kelvin Wong is a millionaire investor and landlord. He currently owns a multi-million dollar property portfolio in Singapore, Australia and Malaysia. With his assets generating multiple streams of income to sustain his desired lifestyle, Kelvin became financially free at 39. He holds a Bachelor of Business (Dean's List) degree and a Diploma in Business Management. Kelvin writes about building wealth and achieving financial freedom in his free time.
Copyright © 2011 Kelvin Wong
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