Secrets Of The Millionaire Dropouts
Sunday, November 13th, 2011“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.






