The Education of Millionaires

Lesson 1. Formal education- A myth. 

We have been fed a lie since our childhood. The age-old myth, education is the key to success, is on the verge of being refuted. Michael supports this unconventional testimonial by stating the example of his close friend Bryan, who was a college dropout. Despite his poor academic background, he was interviewing Harvard MBAs during the recession. Bryan was educated but in an unusual way. His zeal to learn, coupled with the practical experience that he gained in his life, helped him become street smart. In a dire situation, when graduates from top universities were desperately trying to find jobs, people like Bryan were the ones placing ads for job openings. 

Highly intelligent people, with exceptional but identical IQ levels, can have contradictory life stories. The prime differentiating factor which has been observed evidently is practical intelligence. Both might possess superior logical and analytical skills, but what matters more is innovative and practical thinking. College might teach us numerous concepts. But it is not mandatory that only education can impart this knowledge. Being caught in some challenging situations might instil similar approaches and thoughts amongst individuals.

The definition of success is very subjective. Michael interviewed multiple millionaires and derived the conclusion that the real-world skills, more commonly known as practical skills or street smartness, are needed to be successful in life. The traditional perspective of joining as a subordinate or trainee, and then raising through the hierarchies is being contradicted by many industry experts. This is because of two interrelated reasons. Firstly, job security has diminished over the years. Furthermore, technological advancements have eased the process of outsourcing and automation. Thus, the availability of jobs has been hampered. It is difficult to predict whether the trainee will sustain for a considerable amount of time within the same organization to follow the traditional method. 

In order to achieve their American dream, many individuals are turning towards the concept of self-employment. In this world of freelance, the importance of formal education is diminishing. Michael lists seven self-study success skills, which are different from college courses. These skills are meticulously explained in this book. They might help individuals achieve success without enduring the conventional method of education.

Lesson 2. Balancing passion and purpose.

When we talk about dreams, most of us end up picturing things related to happiness, fun, excitement, adventure and love. Very few people consider taking huge risks with an aim of impacting the world. The size of the impact is directly proportional to the amount of risk which one has to take