I know a few parents who believe that if their children are to acquire wealth, they need to have a college degree.
Do you think that’s true?
Don’t kid yourself – there are so many examples of people who didn’t go to college that became wealthy (you’ll see examples if you keep reading)!
This is another middle-class belief that could prevent someone from achieving their financial goals.
Those in the middle class often believe that an investment in formal education will determine their wealth. But if that were true, then every summa cum laude graduate would be a millionaire. A friend of mine has a name for really smart people who are dumb when it came to finances: “intellectual derelicts.”
The wealthy know the truth. Financial success has little to do with your ability to memorize textbook information. Instead, they’ll privately tell you their wealth is the result of learning specific knowledge about investments and networking with the right people.
Those two aspects had more impact upon their bottom line than anything else.
You may already know this, but some of the world’s top billionaires have little formal education. Steve Jobs dropped out of college. Michael Dell, CEO of Dell Technologies, dropped out of the University of Texas when he was a freshman.
In the groundbreaking book, The Millionaire Mind by Thomas J. Stanley, Ph.D., Stanley points out many millionaires didn’t fall into the categories of doctors and lawyers. The millionaires he interviewed were average or below-average students.
However, they did one thing that made a huge difference to acquiring wealth: They saw an opportunity and grabbed it.
For instance, a man who built his way to the top of the home furnishings industry was suddenly fired after his employer sold the company. He knew he had to make a huge change, but he kept thinking about his dismal D average being a college dropout.
He overcame that mindset and started his own business. He became a multi-millionaire after leveraging his sales background and experience. He went from 0 to $30 million in sales in the carpet industry.
At Money & Clarity, we change mindsets. When you talk with us, we not only listen to your goals, but also to what could be holding you back – sometimes it is a mindset issue!
Why not give us a call at 513-563-PLAN (7526) or book online and schedule an appointment? You’ll discover why our clients view us as not just their financial advisor but also their “mindset guru.” We’ll make sure your brain is successfully playing the right game. And we’re here to help you win.
Nikki Earley, CFP® & Dan Cuprill, CFP®
P.S. You say “po-tay-to,” I say “po-tah-to.” Either way, let’s see what we can work out together. The next blog will be fun!
P.P.S. To learn the steps you can take to protect and even capitalize on recent investment volatility in light of COVID-19, check out my webinar.