The Art of Becoming Rich
By Li Ka-shing
The Straits Times on the Recruitment page on August 2, 2014
Suppose your monthly income is only 2,000 RMB, you can live well. I can help you put money into five sets of funds. The first $600, second $400, third $300, fourth $200, fifth $500.
The first set of funds is used for living expenses. A daily breakfast of vermicelli, an egg and a cup of milk. For lunch just have a simple set lunch, a snack and a fruit. For dinner go to your kitchen and cook your own meals that consist of two vegetables dishes and a glass of milk before bedtime. For one month the food cost is probably $500-$600.
Second set of funds: To make friends, expand your interpersonal circle. Your phone bills can be budgeted at 100 RMB. You can buy your friends two lunches a month, each at $150. Always remember to buy lunch for people who are more knowledgeable than you, richer than you or people who have helped you in your career. Make sure you do that every month. After one year, your circle of friends should have generated tremendous value for you.
Third set of funds: To learn. Monthly, spend about 50-100 RMB to buy books. When you buy the books, read them carefully and learn the lessons and strategies that are being taught in the book. Also save up $200 per month to attend a training course.
Fourth set of funds: Reward yourself by travelling at least once a year. Stay in youth hostels to save cost. In a few years you would have travelled to many countries and have different experiences. Use that experience to recharge yourself so that you'll continually have passion in your work.
Fifth set of funds: Invest. Save the $500 in your bank and grow it as your initial startup capital. The capital can then be used to do a small business. Go to wholesalers and look for products to sell. Even if you lose money, you will not lose too much money. However, when you start earning money, it will boost your confidence and courage, and allow you to have a whole new learning experience on running a small business. Earn more and you can then begin to buy long-term investment plans and get long-term security on your financial wealth.
If your monthly income is at 3,000 RMB, you must still work very hard. It will be great to find part time sales jobs. Doing sales is challenging but it is the fastest way for you to acquire the art of selling and this is a very deep skill that you will be able to carry for the rest of your career. All successful entrepreneurs are good salespeople. They have the ability to sell their dream and visions. Once you're in sales, you will also learn what sells and what does not. Use the sensitivity of detecting market sentiments as a platform for running your business and in the identification of product winners in the future.
Offer yourself to do part time for any kind of opportunities. This will help to hone your will and improve your skills. You will start to develop eloquence and soon, you'll be closer to your financial goals. By the second year, your income should be increased to at least 5,000 RM.B. Minimum it should be 3,000 RMB.
Always make yourself useful. Increase your investment in networking. When you increase your social investment, expand your network of contacts, your income also grows proportionately. Increase your investment in learning, strengthen your self-confidence, increase investment in holidays, expand your horizons and increase investment in the future and that will ultimately increase your income.
Maintain this balance and gradually you will begin to have a lot of surplus. Friends will be aplenty and you will start to make more valuable connections at the same time. You will then have the conditions to participate in very high-end training and eventually you'll be exposed to bigger projects, bigger opportunities. Soon, you will be able to gradually realise your various dreams, the need to buy your own house, car, and to prepare an adequate education fund for your child's future.
Life can be designed. Careers can be planned. Happiness can be prepared. When you are poor, spend less time at home and more time outside. When you are rich, stay at home more and less outside. This is the art of living. When you are poor, spend money on others. When you're rich, spend money on yourself.
When you are poor, be good to others. When you are rich, you must learn to let others be good to you. You have to learn to be good to yourself better. When you are poor, you have to throw yourself out in the open and let people make good use of you.
When you are rich, you have to conserve yourself well and don't let people easily make use of you.
When you are poor, spend money so that people can see it. When you are rich, do not show off. When you are poor, you must be generous. When you are rich, you must not be seen as a spendthrift.
You do not need to be afraid of being poor. You need to know how to invest in yourself and increase your wisdom and stature. You need to know what is important in life and what is worth investing in. Try to avoid spending money on clothing but buy a selective number of items that have class.
When buying people dinner, make sure you buy dinners for people who have bigger dreams than you and work harder than you. Once your livelihood is no longer an issue, use the remainder of your money to pursue your dreams. Spread your wings and dare to dream! Make sure you live an extraordinary life!
This article features excerpts from an article that was originally translated into English by Edmund Ng of CEO Connectz.