The Education of Millionaires by Micheal Ellsberg- Book Summary

The book summary of Education of Millionaire
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Education of millionaires is the book that challenges the common notion that to be successful in life, a degree is needed. Author Micheal Elleberg himself went to high school to get the degree.

This book focuses on the underlying theme of degrees have no correlation between success. The book education of millionaires highlights the seven skills that are required in the real world to make a successful living.

Micheal has taken the example of the successful entrepreneurs that did not complete their formal education in life. While the book focuses on the importance of continuous learning relevant skills. The book places itself amidst drop out revolutions

Education of Millionaires – Success Skills 

  • Make work meaningful
  • How to Find the right mentors
  • Learn about Marketing
  • To be a successful person you need to know about sales
  • How to invest for success 
  • Build a brand of you 
  • Creating the Mindset

Make Work Meaningful

Most of us in the idealistic world want to make a difference in the world in a positive manner. Living the life of making an impact and a purpose. The world initially does not automatically open arms just because you have good intentions.

We all have the dreams to become Rockstar, Athlete, Actor, CEO, etc but few are ready to take the risky path that leads to these goals. The main thing being there is no assurance of success. 

David Gilmore was a high school dropout and started pursuing a career as a guitarist. David would get some gigs to play in bars and cafes. The pay from the gig was barely enough to sustain himself. The condition of his health condition dropped so much that he was suffering from malnutrition and later found himself in Hospital. 

After discharge, David went to his hometown and later created the world-famous band today known as “Pink Floyd”. Micheal says that it is not necessary for this amount of risk to pursue a career of passion. The risk can be reduced as well as the career of passion can be followed.

People tend to take the beaten path because we tend to feel comfortable with the known compared to the unknown. Sometimes we tend to be happy with the things that currently aren’t as interested following the making impact approach.  

The author brings in the concept of Art of earning a living – This is the middle way which is creating a career path that provides a high likelihood of financial security and also allows you to follow your dreams. 

The art of living and earning says that we need to capture what you do, identify if, codify it so that it can be taught to as many people as possible. 

Anthony Sandberg adopted this principle. He was a Sailor and started teaching sailing to people and then went on to create a teaching course package and eventually ended up starting a school which was aimed at particularly teaching people about sailing.

The four steps in aligning money and meaning to work 

Get on your financial feet 

The first thing we should do is to stand on our feet for finances. This will help you to pay your rents, food, and pay other bills. It is totally fine that at the initial period you are not able to dedicate time to passion. Get your finances sorted.

Create Room for Experimentation.

Once you have finances sorted you will have peace of mind. Next is to free up time and space for experiments in leadership, making a difference,  innovation, and finding the meaning in the work.

There are always a few hours to spare after an hour if you want to work on your passion. 

Start the experiment.

Start taking some risks by making a difference within the organization, workplace, or industry to start with. Keep seeking opportunities for leadership and innovation. Now scale this up to more extensively more meaning and passion outside the work for charity and causes. 

Most of the people get quite content to leave things here where career pays for the bills.

Striking out on your Own 

 Whatever is your passion you need to learn marketing, sales, and networking. These skills will help you to wrap your passions, talents so that you sell them and earn money. You need to take various components and packages together which is worth experiencing, sharing, and talking about.

Find Great Mentors and Build a World-Class network. 

Jim Ron says that find exceptional people to learn from and surround yourself with them. Great networking is all about give-give and give. You succeed in life you are bound to uplift the people around you. If you genuinely help people it comes back to you some way or another. 

The author of the book Micheal says that he always used to think about how he could give more to others or How can he contribute more?

If you want to find a powerful mentor the secret is to give, support, and figure out how you can help them. But remember to do it with zero expectation in return. Focus on how you can be of service. The more people you help more people will get connected to you and your network will grow.

Successful people are always thinking about growing the business or improving certain aspects of life. There are certain topics you can learn that will help most of the individuals and also help in having conversations with them. 

According to the book education of millionaires, it says that we should learn about sales & Marketing, Food and Nutrition, Relationship, Purpose and Spirituality, and lastly Passions and causes. These are topics to which each individual is attached to it in a certain way.  For many people in the journey of professional success, the mentioned topic gets missed out.  

You can always start a conversation by asking a certain question like 

  • What is the most exciting thing for you right now in your life or business? 
  • What’s challenging you in your life or business? 

Ensure that you have established a certain trust before asking the above questions. 

Micheal highlights that Successful people after the established certain material success the next question they try to find an answer for the existential question, meaning, and purpose.

The topics like Sales & Marketing, Food Nutrition, Relationships, Spirituality, Passion, and causes are such topics that have massive impacts and at times can help organizations in improving the bottom lines. This is where you can find mentors. The money is paid to advise which brings in the real result or has significant impacts. This is where you can work as a consultant.

Always write down to your mentor at least quarterly how his ideas helped you be it in business or personal life.

The amount of money we earn is the measure of the value that others place on our contribution. Hence to increase the earning you must learn to add more value through your contribution.  Learn and develop your skills and facilitate the creation of lots of social value. 

Learn about Marketing

Revenue is generated for business when the product is sold. Businesses produce a product at a certain price and then sell it at a higher price. The book cites Cameron Johnson’s approach: he has created multiple businesses and sold off making huge profits from them. 

He approach is trying to question the answer like 

  • What do people in this industry need? 
  • What’s bothering them and costing money 
  • What is keeping them from what they want? 

Cameron says that there are always people and niches unfulfilled. Just observe and create. Most of us hate marketing because Most Marketers have something in their hands and try to push the product by force. 

If a product solves a problem then, then the solutions will create the pull according to the effectiveness of solutions and that is effective marketing. Always look to create a portfolio of real-world results and If you have proof that you can create results. In the real world, results are what people actually care about rather than degrees or credentials.

To start learning about marketing – Copyblogger.com, MarioForleo.com, MattFurey.com, JonathanField.com, Sethgodin.typepad.com, Dankenndy.com, Marketingbullets.com are some websites you should start reading from and if possible sign-up for the newsletter. 

“Good Marketing is not about pushing your product/Service to an unwilling audience, but about listening to your audience really really well”. 

Lynda Resnick

To be a successful person you need to know about sales

No other skills other than sales correlate more directly to real-world success. The sale is an area that is purely driven by results and not degrees. Sales are not about fast-talking slicksters.

It is about prospects talking about their fears and frustration related to your products or services address the more likely they will do business with you. The last thing you want to do is a bunch of manipulative pressured sales.

People don’t want to listen to the sales pitch but someone to listen to their problems. Micheal has interviewed lots of millionaires for the book and most of them mention that sales are an important skill for building a business. Successful people are good at selling their ideas or selling their ideas.

If you want to help others, learning sales can be one of the most effective ways to help.

How to Invest in Success

Quote by John Paul from book Education of Millionaire
Quote by John Paul

The book education of millionaires Puts forth the concept of Bootstrapping. Bootstrapping means investing and reinvesting money into the business.  The concept involves keeping costs low while you generate revenue.

Bootstrapping for the approach for self-investment and development should be done incrementally. This is to be done by taking workshops, training programs, visiting meet up, and conferences. Finding a high-quality business and career coach helps a long way and results show within a year or two. 

When we grow up as adults our learning approach changes like 

  • Adults need to know the reason for learning.
  • The experience provides the base of learning.
  • Adults are more interested in learning a subject that has immediate results in work or personal life. 
  • Problem centered learning.

 Build The Brand of You

The essence of building your brand is having a positive impression on people before you meet them. Robert Scoble in his college time started writing a column called “spartan Nerd” for his college newsletter. Robert was offered a job on the basis of his column.  

Also in later stages, Robert found it very easy to find another job due to his column writing in college. This is what is called building a personal brand. Also in the process spend time making connections with people and you may never know which of the connections may unlock the doors for you. 

 Always keep thinking about what is the highest leverage thing that you accomplish in the current movement. Never wait for permission or instruction to make things better. Just keep doing things.

Developing the Right Mindset.

The book education of millionaires mentions that having the right mindset is very important for starting out the journey of entrepreneurship. The books show the difference in mindset

Entrepreneur Mind-SetEmployee Mind-Set
Focus on Contribution Focus on Entitlement 
Focus on OutcomeFocus on Output
Sort for what is needed Sort for what is requested
Work yourself out of the jobWork to protect your job
Go towards a big decision, even without authorityTurn away from even small decisions you have the authority to make. 
See Your circumstance as illusory and temporary See your circumstances as fixed and permanent 
Entrepreneur Mindset Vs Employee Mindset

In reality whatever vocation we are working for we end up working for a business one kind or another. The more we understand about the machinery of business the better off we are going to be. 

To create a successful business have an outlook of what your business wants to produce in the world and relentlessly focus on the same to achieve it. While on the employee mindset they continuously work hard without thinking about the outcome but focus on output. 

Always think long term in periods of months, years even if you work in a job. Do not think of your job as a lousy thing that supports your lifestyle. 

One skill that is true for entrepreneurs is learning how to build a team and work together with people. Most successful businesses are not just one person but at least a small team.

When you start your business journey, and if you are the first person thinking about a particular project, then chances are you may not be viewed as respectable, reasonable, sane by everybody else. You don’t need to follow the crowd just because everybody is doing it. 

Quote From Steve Blank from Book Education of Millionaires
Quote From Steve Blank

Cameron Herold mentions that the problem with the MBA is that it does not teach about starting a corporation but to go work for it. Which increases the employment rate.

Conclusion 

This book is crafted in such a way that it highlights the real-world skills which are needed for any individual to succeed. Micheal effectively puts in the rationality that degrees do not guarantee success in real life instead learns the real-life skills that are required for the business that is mentioned in the books. 

One-Line Takeaway 

  • Degrees do not have any correlation with success in the real-world, Hence it is better to be street smart.
  • Learning about sales and marketing will make you a tangible asset for any business you work in.
  •  You are paid for the value you create for business, invest more in self-learning and you will learn more.

Book Recommended

This is a must-read book especially for college graduates which will help you to follow your passions while covering your finances. Parents should also read this which will help in unlocking the new way of thinking.

Score – 8/10

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Roopesh

Roopesh Bhosle is an author at Hackedwits and writes on summary for books from Business and Finance. A Project Manager at day and content writer at night. Love to learn new things, to connect dots in life. Connect with me on LinkedIn for collaboration on project or Guest Post

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