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.
Whenever I hear Warren Buffett speaks or read his annual letters to the shareholders at Berkshire Hathaway, there are always words of wisdom to be found. After all, he is the Oracle of Omaha, one of the most successful businessmen of the 20th century, and consistently rated as one of the wealthiest people in the world.
Warren Buffett has continually shared bits and pieces of his investment philosophy through a lifetime of memorable quotes where he uses simple, jargon-free language when referring to business and investments. There's much to learn from the quotes and quips by the legendary billionaire investor, which have exerted great influence over my own investment strategies as well. In this blog post, I have compiled 20 of the best insightful quotes from Warren Buffett.
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…
During the seminars that I have conducted in the past, I would sometimes ask my participants: “What attitude have you brought here today?” Very often, I received puzzled looks from the audience. Not surprising though, because most people don’t really have a high level of attitude awareness. I'm inspired by Nick Vujicic when I read about his story many years ago. His positive attitude towards life touches me in a great way, and has transformed my perspective on attitude.
Success is something most people strive for. Most of us aspire to live a happy, wealthy and successful life, don’t we? Many people want to experience success in their life, but it’s easier said than done. With so many distractions surrounding all of us, it can be extremely challenging to remain focus on pursuing our dreams and desires. The truth is that very few in the world would actually achieve true success in their life. However, there are time-tested actions and attitudes that people follow to achieve success.
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!
Kelvin Wong is a millionaire investor, author, and landlord in 3 countries. 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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