Secrets Of The Millionaire Dropouts
November 13th, 2011
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“You’ve been fed a lie. The lie is that if you study hard, get good grades, get into a good college, and get a degree, then your success in life is guaranteed.”
We’ve all heard this lie, and it’s certainly a convincing one. After all, it used to be true. But many people didn’t notice it gradually becoming less true as the world changed, with tuition skyrocketing and job prospects dimming.
In The Education of Millionaires, Michael Ellsberg explores alternative paths followed by millionaire and billionaire college dropouts. His point isn’t that education is unimportant, but that it doesn’t have to come from a lecture hall. He makes a strong case that what it really takes to get ahead today is self education over formal education, practical intelligence over academic intelligence.
Although I’ve read several books on this theme, I found this one to be perhaps the best of them. In fact, the only thing I didn’t love about this book was the title (just because it’s a little bland). Everything else was great.
Specifically, I liked:
- The plethora of interviews and case studies of the rich and famous, including Russell Simmons (fashion), Dustin Moskovitz and Sean Parker (Facebook), Matt Mullenwag (WordPress), David Gilmour (Pink Floyd), Phillip Ruffin (casinos), and John Paul DeJoria (hair care products)
- The interviews of the not-quite-yet rich and famous (such as he and his wife), whose situations may be easier for most of us to relate to
- The practical information about key success skills such as networking, marketing, sales, branding, and bootstrapping, and his style of “teaching you how to teach yourself how to fish”
- How he anticipates and overcomes objections that most authors ignore, like “well, that might work if you have endless amounts of money to burn, but what if…”
Are we in an education bubble that will burst in the coming years? It’s hard to be sure. In the meantime, consider this book mandatory reading for any student of success, dropout or not.
November 14th, 2011 at 1:02 pm
There are many lies in our shared consciousness. “Higher education leads better job and income” is one. If anything, those who are choosing to go to grad school at this point is likely dumber (in that they cannot think for themselves and tend to believe mass media) and more malleable, perfect candidate to hire and then push around like slaves (except, of course, when you are after a career that requires certification).
Far better to learn entrepreneurship.
“More money makes us happier” is another lie. It doesn’t. You don’t want to be penniless, but beyond a certain point, money doesn’t make you happier, and it can (very likely) bring in more troubles. Focusing on the lower end leads to this myth.
What other lies are you aware?
November 15th, 2011 at 12:05 am
@ Akemi, some other lies are the USDA food pyramid, that you have to get married to be complete, that Social Security will always be there for you, and the promise that “you can easily cancel anytime.”
November 15th, 2011 at 12:18 pm
Good ones. May I add some more like true love happens (only) between a man and a woman (why can’t we love more?) and true love leads to happily ever after.
I’m also questioning if democracy is the best form of politics. History has shown democracy fails. In ancient Greece, it deteriorated to mob rule. In modern times, it has become a popularity contest, manipulated by the media. French Revolution turned to horrible blood bath and only a brilliant man who enthroned himself could end it.
This is because we cannot agree with what we don’t understand. So our intelligence limits our decision making (= vote). Think what might happen if a company (even a medium size one) is run by democracy. I am sure it will go out of business soon.
But then, when we entrust the pros who know better (sometimes called rulers, sometimes politicians), it creates a perfect ground to breed corruption. We are in catch 22.
November 17th, 2011 at 10:05 pm
@ Akemi, I’m also not sure if democracy is the best form of government, and it’s a very interesting question. I might write about it sometime.
November 27th, 2011 at 4:37 pm
[...] Gaines at Real Life Spirituality left a comment on Secrets Of The Millionaire Dropouts, saying she questioned whether democracy was the best form of [...]
December 11th, 2011 at 1:51 am
@ Hunter,
don’t forget, buying a home makes you an adult. I get the marriage and kids thing very often. I’m cool with my life the way it is. I enjoy a great lifestyle, wonderful career and everything is the way it’s supposed to be.
@ Akemi
I read an article on Bloomberg about a gal that thought getting a grad degree was the answer……….$50k in de t latter, she’s now a administrative assistant t. Although she’s a $45k a year administrative assistant , she’s probably earning more than she would have been earning had she found a job in here major: Humanities and Social Thought
I don’t know what you would do with a major like that but it lead to a $45k gig.
December 16th, 2011 at 12:55 pm
Just because a grad student got the admin job doesn’t mean her grad degree earned it. She may have gotten the position even without the higher degree.
Many employers stay away from overqualified candidates, even when the candidates accept lower pay.