Your True Wealth & Security Lies in Your Mindset And Nobody Can Take This Away From You! | Investing | Success tips and life stories from Adam Khoo, Asia's top success coach.

Your True Wealth & Security Lies in Your Mindset And Nobody Can Take This Away From You!

A few days ago, a middle-aged gentleman attended my Patterns of Excellence Introductory Seminar and signed up. He told me that he wanted to re-think and re-plan his life’s strategy as he felt like he wasn’t going anywhere in his career. What frustrated him was that he used to be very successful in school workshop. He was the perfect student who studied hard, got top grades and went to Raffles Institution, Raffles Junior Colleges and to NUS, where he got a first class honors degree.

He did everything by the book and coudn’t understand why he had less success and money than some of his friends who were from lousier schools and had poorer grades. ‘Where did I go wrong?’, he asked me.

He always wanted to attend my kids’ program and learn NLP but procrastinated for a long time. What really made him take action was that he had enough about working so hard, but always getting passed up for a promotion. What’s worse was that his company (an MNC) was undergoing a restructuring and there was a high posisbility that he may get retrenched. At the age of 43, he had the fear of what he was going to do if it should happen to him. He came to me looking for answers.

I explained that the world had changed so much since our parents time and the advice they gave us in the past will not only NOT help us succeed, but it may kill us. In the past, change happened slowly and people would work for the same company their entire lives. In the old days, parents gave good advice like, ‘ study hard. Get good grades. find a good job with a good company. do as you are told. don’t rock the boat. the longer you stay and the more loyal you are, your value and pay will automatically increase until you finally get to retire at 50 with a nice secure pension.’

However, the world we live in today is vastly different. Technology and knowledge is changing so fast that 80% of what you learn in school is OBSOLETE by the time you graduate. The nature of jobs are changing so fast that 50% of the jobs that exist today will not exist or exist in a different form 10 years from now. So what does this mean? THis means that when you work for a company today, there is no job or income security anymore. The longer you stay in a company, your value will begin to decline (if you don’t upgrade yourself continously and do things differentl). By the time you hit 45-50 years old, there is a 70% chance of being retrenched! Why? becasue your boss will know taht he can hire someone half your age, half your pay, double your energy, doing the same job! And even if you can find another job, it will probably be at a much much lower pay!

Many people who are holding their prestigious degrees and in prestigous positions (Senior managers, Vice-presidents, directors) think they have security. But it is really an ILLUSION of security. Because you do not own your job or your income. Both these can be taken away from us at any time.

So what will give us true income, true freedom and true security? The answer is in continually investing in yourself and upgrading yourself. Your true wealth and security lies in your mindset and your personal mastery skills in being able to continually motivate yourself and overcome adversity. No one can take this away from you! With the right mindset and personals success strategies, you will be able to ride the sea of changes and take charge of the environment, instead of allowing the environment take charge of you! You have to begin to master your mind and design your own destiny (or someone will design it for you)

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12 Comments so far

  1. Carol on May 17th, 2007

    Yes Adam. I do agree with you.

    As Robert T. Kiyosaki said in his book “Cashflow Quadrant” :-

    ” Giants often trip and fall.
    But worms don’t, because
    All they do is dig and crawl”

    The main reason so many people struggle financially is not because they lack a good education, or are not hard working. It’s because they are afraid of losing. Losing their “steel rice bowl”, their secure job or losing their $.

    If the fear of losing stops them, they’ve already lost.

    Carol
    http://www.carol-chan.com

  2. ivan on May 18th, 2007

    Hi Adam,

    Yep.. i totally agree with you. your words carries that wisdom that allowed you to go so far in this current society. Amazing..

    Guess i have to start adapting the mindset of the rich and turn myself into someone who is able to survive in this ever fast changing world.

    Regards,
    Ivan Ong
    http://ivan-ong.com

  3. Kenny Tran on May 18th, 2007

    “Technology and knowledge is changing so fast that 80% of what you learn in school is OBSOLETE by the time you graduate. The nature of jobs are changing so fast that 50% of the jobs that exist today will not exist or exist in a different form 10 years from now.”

    I believe it’s true. I graduated 2 years ago, have a good salary thanks to my degree, and now see myself… changing my career for better prospect. The world is really changing so fast. We can’t just hide behind our degree to deny that truth.

  4. Isaac Chua on May 27th, 2007

    Honestly, I’m still deliberating on whether I should pursue a degree after my NS (I’m in NS now). There are reasons I have for not, like what Adam mentioned. What I believe is that formal education (i.e. degrees, etc.):
    – Qualifies one for a job
    – Certifies that the graduate is able to pass through the various obstacles presented in the course of study—i.e. does not mean the graduate is able to do the same in life, job, etc.
    – Imparts mainly hard knowledge and skills and little relevant soft skills like personal mastery, effective communication, etc.
    – Doesn’t teach much on leadership, marriage, family, relationships, finances, etc., if at all, which are so much more important
    – Usually more theoretical than practical (more less so in applied degrees though)
    – Tends to put limits on the student subconsciously (usually through the false sense of security that Adam mentioned, and too much [theoretical] knowledge can be more of a hindrance than help)
    – Costs usually around 3 years (undergrad) and thousands of dollars, not very worth for some information that might become obsolete at graduation

    There are many non-degree holders who are extremely successful (Gates, Jobs, Winfrey, Sim) and many degree holders who are just an average Joe—this shows that the degree does not guarantee anything!

    And I’m not saying formal education is bad. It is good. But formal education is just a slice of the pie. Besides, the world often works more informally than not. Informal education comes through an attitude of learning (which comes through humility), through one’s and other’s life experiences, and through books. I think Adam covered pretty much on this.

    I could be very much convinced on those logical points alone. It’s just that there are other factors:
    – Gives credibility (regardless of whether it is true)—Stuart Tan once shared that his paper-chasing was simply a stepping stone to be a speaker—consequently opens doors and possibilities
    – The hard knowledge itself too opens doors and possibilities
    – Increases one’s network and thus one’s net worth (assumes that you know how to choose the right people to mix with)

    I find so much more worth and practical knowledge in the self-help literature around.

    What do you think? I feel both sides of the coin are valid and thus puts me on a dilemma.

    Then again, it is true that the choice should be based on my dreams, interests, goals and so on. At this moment my choice lies more towards the “do not pursue” side. But I can’t help but to hear that nagging that I should.

  5. ledailycollector on May 27th, 2007

    I have to say that I totally 100% agree with you.
    If we just sit down and procrastinate every day, nothing good will every going to happen except the bad things, or negetative ions.
    A positive and optimastic person will always be the successful person in every aspect in life..

    I have attended your Wealth Creation seminar once and that is all I need to push me to get up from my dreams and work towards achieving my dreams in life!

  6. C Y Tan on May 27th, 2007

    All,

    How true. That’s why I POE and WA!!!. Am working on multiple sources if income…it’s the only way. The earlier we do that, the better as time can then be on your side. Wait too long and you lose the time factor…then you end up having to take more risk…thta’s where options kick in..to build capital in the shortest time possible. If I had to do this all over, better to start early and take the route of lesser risk.

  7. Calvin on June 12th, 2007

    Wow Isaac, I must say you’ve presented both sides of the coin of pursuing a formal degree really well.

    I’m currently pursuing one myself in NUS, and perhaps just share some of my views.

    I feel that there is still much to be gained from pursuing that degree. It’s not the degree that matters, but the process. Through university life, I’ve managed to broaden my network and my thinking matured. It also gave me more time to discover my interests and pick up new skills. And there are knowledgea acquired that can be applied to my business now.

    But the problem is, most university students are totally preoccupied with getting good grades and securing job internships that they neglect the other important skills that are more important their success.

    Hence, personalIy I would still recommend pursuing a degree. However, one must still constantly upgrade themselves in other areas.

    Lastly, dreams and goals can still be pursued even when studying. Just have to manage your time well.

    All the best!

  8. Sean Toh on June 16th, 2007

    You can lose all the money and you still can come back to be rich again because your control of your mindset is the main factor that decide if you will make it again. However, wealth is just beyond how much money you have. It’s about that knowledge and humanity to empower others to be wealthy too that really determine the true meaning of wealth. The power to give is true wealth and to be able to give, you have to change your mindset from recieving and taking to giving it away.

    Yours Sincerely
    Sean Toh
    Author of ” 4 Steps To Financial Freedom”
    http://creditplushealth.org/
    http://www.4stepsfinancialfreedom.com/testimonials.htm

  9. karen on June 19th, 2007

    I absolutely agree with Sean

    The mind one possess is the most important in achieving the success or
    maybe I should say achieve wealth beyond one’s imagination

    I did not believe it either until I saw my hubby’s life turnaround when he starts to invest in his mind and believe he is the one who controls his life
    Share our little story at our blog
    http://secretofunlimitedprosperity.com/43/practicing-success-invisible-keys-to-law-of-attraction-my-turning-point/
    You too can achieve absolute greatness in your Life!

    Cheers
    Karen

  10. Danny on July 1st, 2007

    Hi Adam, I am reading the book written by you, Secrets of Self-Made Millionaire. Its one of the BEST I have read so far. Thanks for your guidance.

  11. Ethan on July 12th, 2007

    I guess many of us in Singapore hold a paper qualification of some kind, sufficient to get us into a job. But in our very competetive society, like Adam said, times have changed and we can never be secure, even in a big MNC, as we aged, our value decline and we more subjective of being retrench. We’ve heard alot about focusing on generating multiple sources of income, to build up our mastery skills. But the big question for me is, what skills to to big up?? what to invest in ourselves?? for me, mant times I find myself wanting to do soemthing about my life, about increasing wealth, but often than not, I find myself “stucked at the cross roads of life” not knowing where to venture and what to do to invest in myself..hmmm…comments anyone???

  12. Vanson Tan on July 27th, 2007

    Totally agreed with you, Adam!

    I was holding a 6k job previously. It was my first job after graduated from a well known school. To me it was great, having great easy money.
    But after reading your Self Made Millionaires, I realised that no matter how long I stayed in my company, my pay will never pass 6 digits.

    I quited after 2 years and found and company which is half the pay. But I got a lot freedom to start my own business. Right now I keep focusing on building businesses and upgrading myself, next plan is to quit my full time job and totally focus into businesses and investing.

    Hope you can come out with more good books to guide us along.

    Thanks
    Vanson
    http://www.funmobilephones.com.sg

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