The Education of Millionaires Book Cover

The Education of Millionaires

Everything You Won’t Learn in College About How to Be Successful
Publishing Year: 2011
Reading time: Key takeways: Quotes:

What’s inside

In this book, Michael Ellsberg sheds light on how multi-millionaires achieved success without possessing a college degree. He elaborates on the gaps in the formal education system. Furthermore, the book shares insights on how highly successful people became successful. It derives various techniques which can be adopted by people who desire to be successful.

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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

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About the author

Michael Ellsberg Image

Michael Ellsberg, an author and thought leader, delves into personal development and success. He challenges traditional views on education and wealth, advocating for unconventional paths to success rooted in self-education, entrepreneurship, and holistic gr...

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Chapter List
  • Lesson 1. Formal education- A myth. 
  • Lesson 2. Balancing passion and purpose.
  • Lesson 3. Networking.
  • Lesson 4. Importance of marketing.
  • Lesson 5. Three skills which stimulate success.
  • Lesson 6. Bootstrapping.
  • Lesson 7. Branding and Connecting.
  • Lesson 8. It’s all in the mind.
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In the summary of The Education of Millionaires book, there are 8 key lessons. These lessons include:

  1. Lesson 1. Formal education- A myth. 
  2. Lesson 2. Balancing passion and purpose.
  3. Lesson 3. Networking.
  4. Lesson 4. Importance of marketing.
  5. Lesson 5. Three skills which stimulate success.
  6. Lesson 6. Bootstrapping.
  7. Lesson 7. Branding and Connecting.
  8. Lesson 8. It’s all in the mind.

The Education of Millionaires by Michael Ellsberg was published in 2011.

Once you've completed The Education of Millionaires book, We suggest reading out Gods of the Upper Air as a great follow-up read.

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In the printed version of The Education of Millionaires book have over 300 pages and usually takes 8-10 days to finish. However, with the Wizdom app, including its summary and audiobook, it can be completed in just 15 minutes.

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