Mom and Dad Said
You’ve probably heard this phrase (or any combination of it) from your parents. “Go to school, get a good education and get a good job.” In some ways it has become like a mantra to most people. It happened to me and actually to most people I know. I’m sure they mean well. They wanted us to have a better life. They wanted us to have more than they do. They wanted nothing but success. They figured higher education is the way to wealth creation, or is it?
How many people that you know went this route and today are doing well financially? How many still have a job? How many highly educated friends of yours are without a job? How many are worried about their job and their future?
The Department of Health Education and Welfare has mentioned that most people about 95% of them are dead, broke or still working at age 65? Not a good statistic at all.
Now why is that? This is America…
Let me borrow some ideas from a bestselling author Robert Kiyosaki and his book, Cashflow Quadrant;
Mr. Kiyosaki said, “There are only 4 ways to wealth creation or to make money”.
Picture a pie divided into 4 quadrants; on the left side is your E (employee) side and right below it is the S (self-employed). Now to your right are the B (business) and I (investment) side right below it.
The left side of the quadrant is called the active side where a person trades time to make money. One must physically perform to get paid. Ninety-five percent of the people are on this side and controls 5% of the wealth.
The right side is the leverage side where a person’s wealth creation grows exponentially with or without actively trading time and/or money. Five percent of the population is on this side and controls the other 95% of the wealth.
So, most of us are trained to think and operate on the left side of the cashflow quadrant. We are taught and trained (in school) to become good employees and not businessmen. We are trained to participate sharing in the 5% instead of the 95% portion of the ‘wealth’ pie.
Old School Vs New School
I was with a group of successful people one evening and asked them about these. Most of them agreed on one thing. The mantra about good education they say is really old school. It may have worked during the industrial age but we are now on the internet age.
When America lost its manufacturing base to China a few decades ago things has changed big time. A lot of the industrial age thinking and rules are not effective as they were. Wealth creation’s got a new vehicle they say- it’s called the internet.
Not too long ago most parents work in one company with a solid retirement package. Mom’s stayed home because one income is enough to support most families.
In today’s world even dual income earners are challenged financially. Both parents working with two jobs each are common. Why? Inflation and taxes outpaces income and the cost of living continues to climb.
While all these are happening unemployment continues to climb. Good jobs were sent overseas without any chance of them getting replaced at all. High paying jobs reserved to well or even highly educated employees are not safe anymore.
Wanted More Millionaires
Now, America still provides the greatest opportunity on earth. Adapting to change has been one of this country’s strength. The internet is one bright spot where Americans can stake a claim on to move towards success.
And believe me, there are people from all walks of life that has found a home and fortune using the power of the internet.
Actually there’s been more self made millionaire’s in this country within the last 15 years than in its entire history combined. Most of which were done online or with the internet as a vehicle.
Coincidence or not, it’s about the same time when the internet brains figured out a way to become profitable. This was when internet commerce began to take off and never looked back.
One great example of wealth creation online comes in the name of Michael Dell. Yes, you’ve guessed it right – Dell computers.
Long story short, his parent’s learned that their son Michael is not attending class like he’s supposed to. He was told that if he doesn’t change course and go back to school, he’s going to be out of his dorm and be on his own. Little did mom and dad know that at that time their son Michael is already making thousands of money tweaking, building and selling computers on the internet. Talk about wealth creation in steroids.
Wealth Creation’s New Name
How about the young guns at amazon, eBay, Google, Facebook and other social media giants that became extremely wealthy at a very early age. Some of them weren’t old enough to have a business checking account when they started.
Look at where they are now. They have given wealth creation a new meaning.
Most of us know a lot of them were school dropouts, as well. We’re not trying to downplay schooling and glorify dropping out of school here. That’s not my intention at all.
In fact, I do believe that going to school and getting your diploma or masters or even a PhD are great. Education to me is still the foundation to great success.
My suggestion is, apply time tested skills learned in school or higher education and mix it up with new sets of tool, the internet being one of them, to propel you to success.
Yes, I will still encourage you to, “go to school, get good education…” and now, operate on the B side of the cashflow quadrant and use a new vehicle on wealth creation – the internet![ad_2]