Too many people feel that they are hardly getting by every month and it’s virtually impossible for them to save any money. It’s an excuse I hear very often.
That’s why today, I’d like to share with you a very inspiring real life story which I read in The One Minute Millionaire
It’s the story of a successful Vietnamese businessman, Le Van Vu. He was forced by circumstances back home to escape to America flat broke in 1972. But through sheer determination, hard work, and frugality, he once again became a successful millionaire businessman.
Here’s the story:
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Le and his wife arrived in Houston in 1972, they were flat broke and spoke no English. Le and his wife found themselves ensconced in the back room of his cousin’s bakery in the Greenspoint Mall.
Le’s cousin offered both Le and his wife jobs in the bakery. After taxes, Le would take home $175 per week, his wife $125. Their total annual income, in other words, was $15,600.
Further, his cousin offered to sell them the bakery whenever they could come up with a $30,000 down payment. The cousin would finance the remainder with a note for $90,000.
Here’s what Le and his wife did: Even with a weekly income of $300, they decided to continue living in the back room. For two years they kept clean by taking sponge baths in the mall’s restrooms.
For two years their diet consisted almost entirely of bakery goods. Each year, for two years, they lived on a total – that’s right a total – of $600, saving $30,000 for the down payment.
Le explained his reasoning: “If we got ourselves an apartment, which we could afford on $300 per week, we’d have to pay for the rent.
Then, of course, we’d have to buy furniture.
Then we’d have to have transportation to and from work, so that meant we’d have to buy a car. Then we’d have to buy gasoline for the car, as well as insurance.
Then we’d probably want to go places in the car, so that meant we’d need to buy clothes and toiletries.
So I knew that if we got that apartment, we’d never get our $30,000 together.”
But that’s not all. After Le and his wife saved the $30,000 and bought the bakery, Le once again sat down with his wife for a serious chat.
They still owe $90,000 to his cousin, he said, and as difficult as the past two years had been, they had to remain living in that back room for one more year.
In one year, Le Van Vu and his wife, saving virtually every nickel of profit from the business, paid off the $90,000 note and, in just three years, owned an extremely profitable business free and clear.
Then, and only then, the Van Vus went out and got their first apartment. To this day, they continue to save on a regular basis, live on an extremely small percentage of their income, and, of course, always pay cash for any of their purchases.
Do you think that Le Van Vu is a millionaire today? I am happy to tell you, many times over.
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Now do you still think you’re too poor to save some money?
If Le and his wife can survive on $600 a year (it’s a paltry sum even in the 70s), what’s your excuse?
Maybe you think that you can’t come up with big enough sums of money to do it effectively. The fact is small amounts can be just as effective. Saving small amounts is better than not saving at all.
The most important lesson we can draw from the story is to DELAY GRATIFICATIONS.
Remember Le and his wife chose to continue living in the bakery’s back room for another year than to get their own apartment even though they could afford to?
What keeps you from saving is your desire of wanting instant gratifications. And I used to be just like you. I spent my money on partying, on good food, on new clothes, on holidays, on stuff that I don’t really need. That’s why I’m still not a millionaire today.
But I’ve learnt my lesson. I’ve understood the virtue of delayed gratification. I’m very careful with how I spend my money nowadays. I choose to spend most of my money on good seminars, books, and audio programmes because I know they will help me grow to become a better and wiser person. I choose to invest in myself before anything else.
Will you do the same? Will you stop to think the next time you want to buy a new bag? Will you stop to think the next time you want to go on vacation? Will you stop to think the next time you want to dine at an expensive restaurant?
I hope you will. I pray that you will. Because I want you to start saving and I want you to start investing so that you can secure your own financial future.
Start saving today. Start saving small. The most important thing is to get started. Get the momentum going. And once you get going, you’ll start to feel better – a better person, a better spouse, a better parent – knowing you have something put away for your future.
Cheers~
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