Wisdom of Rich Dad

In The Education of Millionaires, author Michael Ellsberg details the successes of a number of “self-educated” billionaires, including hair-care magnate John Paul DeJoria, Facebook co-founders Dustin Moskovitz and Sean Parker, fashion designer Mark Ecko, Hip Hop and fashion mogul Russell Simmons, WordPress creator Matt Mullenweg.

Like Steve Jobs and Bill Gates before them, these highly successful entrepreneurs either dropped out of college or never enrolled in the first place, once again raising questions about the value of a higher education.

“If you want to be a doctor, lawyer, engineer [and] go into a traditional profession, [college] makes a lot of sense,” Ellsberg says. “But for people who have no idea…$50,000 a year is an expensive way to figure out what you want to do with your life.”

In the accompanying video below, the author and Forbes blogger discusses the common traits and the 7 Core Success Skills he gleaned from these titans of industry:

• Learn How to Sell
• Learn Marketing
• The “Right” Way to Network with Big Wigs
• Define Your Vision
• Invest in Yourself
• Build the Brand of “You”
• Take an Entrepreneurial Mindset

“These are the real world skills we don’t learn in college,” Ellsberg says, stressing, as the subtitle of his book indicates, “it’s not too late” to learn these lessons, even if you did go to college.

It is typical to grow up believing that if we studied hard, excelled in school and landed a good job, the fairytale of having a luxury car, a dream home and being able to live the good life would come true.

But the reality is, there are many people, including highly educated ones, who work hard for money and yet plunge deep into debt with every dollar earned.

Some take the short cut by placing bets on the lottery. While millionaires have been made overnight, they can become bankrupt just as quickly if they lose all of their winnings to extravagant lifestyles and frivolous spending.

Even today, the downward spiral of the real estate markets has completely shattered the dreams of ordinary people hoping to create wealth. It is worse for those who have been driven out of their dream homes and into the “poor house” as a result of property foreclosure.

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Faith Mangope

“Young people have a sense of entitlement” is a phrase that is often frivolously thrown about by professionals and academics alike. I, too, am part of the “scrutinise the youth crew” despite, ironically, being a young person myself.

A persistent dread by corporate South Africa is that of the “Y” or “millennial generation” having an irrational expectation to be made CEO within a month of signing their intern’s temporary contract. It is said that this generation has nullified the phrase “climbing up the corporal ladder” as they allegedly soar their way to the top.

The “millennials” have been labelled as narcissistic, seeking validation from various facets of civilisation, and for increased productivity from their respective employees. It is argued that their need for instant gratification may be likened to Iker Casilla’s drive to hold steady the soccer ball till the 90-minute mark of a final.

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