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The Education of Millionaires: It's Not What You Think and It's Not Too Late

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Self-education is the key to upgrading your mind and your life.Michael's book teaches you how to unlock the education available outside of classes,all around you.


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Self-education is the key to upgrading your mind and your life.Michael's book teaches you how to unlock the education available outside of classes,all around you.

30 review for The Education of Millionaires: It's Not What You Think and It's Not Too Late

  1. 5 out of 5

    Aman

    This book essentially boils down to a number of simple ideas: 1. Being good at something does not mean you'll become wealthy, and going to college or university isn't a free ride to the good life. 2. Leaning how to be successful (ie, earn money from) an activity is as valuable as becoming adept at that activity. 3. Success is based on your ability to market and sell yourself, which most people see as morally fraudulent. 4. Soft skills (networking, mentorship, learning how to create meaningful This book essentially boils down to a number of simple ideas: 1. Being good at something does not mean you'll become wealthy, and going to college or university isn't a free ride to the good life. 2. Leaning how to be successful (ie, earn money from) an activity is as valuable as becoming adept at that activity. 3. Success is based on your ability to market and sell yourself, which most people see as morally fraudulent. 4. Soft skills (networking, mentorship, learning how to create meaningful relationships) are just as important as book knowledge. 5. The millionaires and billionaires interviewed all leveraged their soft skills along with knowledge of an industry to create an empire. It's a marketing book for people who don't know or like marketing, taking ideas from many sources (Seth Godin, Victor Cheng, Keith Ferazzi etc) and recommending a number of books along the way. Ellsberg's writing still is immature, confrontational and bizarre at times, and I almost gave up through the constant hype in the first 1/4 of the book. The case studies he uses show some pretty obvious survivorship bias, but the points made on soft skills, relationships and psychology seem spot on.

  2. 4 out of 5

    Heather

    This book overall is a waste of time. The title is catching which makes it very misleading. I thought I was going to be reading a business book about detailed case studies of successful businessmen and women. Instead I got a book that is nothing but a veiled pitch for the internet marketing industry and many of its fraudulent "leaders" like the dreadful shyster Frank Kern. What this means for you dear reader is that is book is a waste of your time. The few stories of millionaires that are in here This book overall is a waste of time. The title is catching which makes it very misleading. I thought I was going to be reading a business book about detailed case studies of successful businessmen and women. Instead I got a book that is nothing but a veiled pitch for the internet marketing industry and many of its fraudulent "leaders" like the dreadful shyster Frank Kern. What this means for you dear reader is that is book is a waste of your time. The few stories of millionaires that are in here are simple stories that you could catch anywhere online or in a magazine. There is no depth to the book, and no clear thesis on anything. Worse, Michael Ellsberg is not a good writer and is at times annoyingly arrogant. Example: At one point in the book Michael was talking on concepts of prosperity. In regards to people he knows who work in non profits he actually comes out and says "I never understood my fellow Brown graduates who said that they wanted to 'make a different in the world' and then got a job licking envelopes and eating ramen noodles every night". He then goes on to say that working a low wage job such as that really doesn't make much of a difference in the world and from here he basically goes on to argue that the only way to make a difference in the world is by being wealthy. Really Michael?! Maybe some people don't give a shit about driving around in fancy cars and truly care about reaching out to their fellow man from a humble, simple place of giving. Just because some people aren't interested in living a prosperity lifestyle (as you define it) doesn't make them stupid or unaware of what prosperity is about. And furthermore how in the world do you think you have all the answers in that these types of positions really aren't making a difference? This book is about Ellsberg's own shallow "prosperity" mentality that is unfortunately not just seen in the publication of this book but in many other books like it. These books sell on greed and tease the reader with stories of wealth but do not provide any clear solutions or instructions on anything. Don't bother with this fake hype.

  3. 5 out of 5

    Ryan Holiday

    As a person who considers the day I dropped out of college the first real day of my education, this book told me a lot I already knew. But, I'm not a millionaire so I did learn plenty. Basically, Ellsberg flew around the world meeting billionaires and millionaires--most of whom were rejected or ejected from traditional schooling--and shares their lessons. And not just the lessons but how instructions on how to replicate their success by finding mentors, tips for investing in yourself and As a person who considers the day I dropped out of college the first real day of my education, this book told me a lot I already knew. But, I'm not a millionaire so I did learn plenty. Basically, Ellsberg flew around the world meeting billionaires and millionaires--most of whom were rejected or ejected from traditional schooling--and shares their lessons. And not just the lessons but how instructions on how to replicate their success by finding mentors, tips for investing in yourself and marketing the brand of You. The book features a wide variety of personalities, which is good. Discussions of this topic tend to disproportionally focus on tech startup CEOs which isn't really fair because coding is a bit different than other fields. But Ellsberg includes musicians, fashion designers, bloggers, entrepreneurs and other such successful people. This is a great book, and worth reading.

  4. 5 out of 5

    Nick Brown

    Author Michael Ellsberg masterfully puts together a hard-hitting book that tackles the question, "What education or knowledge is necessary to lead a successful life?". It may surprise you like it did me that that answer has little to do with what you learn in school. Michael lays out his 7 success skills - essential skills needed to succeed in life no matter what your occupation or interests. Those seven success skills are: - Success skill #1: How to make your work meaningful and your meaning Author Michael Ellsberg masterfully puts together a hard-hitting book that tackles the question, "What education or knowledge is necessary to lead a successful life?". It may surprise you like it did me that that answer has little to do with what you learn in school. Michael lays out his 7 success skills - essential skills needed to succeed in life no matter what your occupation or interests. Those seven success skills are: - Success skill #1: How to make your work meaningful and your meaning work - Success skill #2: How to find great mentors and teachers, connect with powerful and influential people, and build a world-class network - success skill #3: What every successful person needs to know about marketing, and how to teach yourself - success skill #4: What Every Successful Person Needs to Know About Sales, And How to Teach Yourself - success skill #5: How to invest for success (the art of bootstrapping) - Success Skill #6: Build the Brand of You - Success Skill #7: The Entrepreneurial Mind-set VS. the employee Mind-Set Michael created this list after interviewing several successful high school graduates/college dropouts who have decided that they didn't need to abide by the unwritten rules of society before making an impact (or gobs of money). As anyone can recognize, these skills are a part of the curriculum at your local university or private institutions. Each of the success skills (except for #1 which pretty much was the basis of Wishcraft by Barbara Sher and probably deserved much more attention than Michael could provide in this book) outlined in this book had a profound impact on me. I found myself wanting to rush out and do whatever Michael suggested. Probably the most profound impact happened after reading the chapter devoted to success skill #7, the entrepreneurial mind-set vs. the employee mind-set. Taking a honest look at myself I can see some very employee-like thinking that I need to root out and replace with an entrepreneurial mind-set principles. What makes this book so provocative is the stance Michael takes against higher education. He spends a majority of his time railing against the ethos that school is the sole source of intellectual curiousity and understanding and learning. He argues (somewhat) convincingly that education does not start and end with colleges and universities but the individual and the experiences that he or she seeks out in their life. I am definitely drinking the koolaid he is dishing out. In a nutshell, if you are a recent college grad, have spent significant time in the hallowed halls of a university or college or want to get your hustle on but don't know where to start, start here with this book. Michael does a great service challenging the predominant thinking that college is the key to success and turns that idea on its head. Employing his success skills will soon add to your wealth and success. Get in gear, get out of the classroom, and learn how success really happens! Favorite Quotes: There were a lot of great quote material so this list is long! "Great jobs, world class jobs, jobs people kill for...those jobs don't get filled by people e-mailing in resumes. Ever." (comes from a Seth Godin blog post reproduced in Education of the Millionaire) Joe told me: "There are two decisions ou need t ocome to in order to be free and to be more effective. First is that you are not entitled to anything in the world, until you create value for another human being first. Second, you are 100 percent responsible for producing results. No one else. If you adopt those two views, you will go far." (Joe Polish quoting friend Dan Sullivan) "Understand that no matter what you're doing, even if you want to be a ballplayer, a rapper, a movie star - nothing happens until something gets sold. Ever. The reason actors make so much money is because their face sells the fucking movie tickets. It's not about their ability to act. The reason the musician gets rich is because he sells a lot of seats and records. Or his song gets used in a movie - it's a license, a sale. The key to making money, and therefore a living of less stress, is to cause someone to joyfully give you money in exchange for something that they perceive to be of greater value than the money they gave you. Th key there is 'joyfully.' Most sales and marketing you study, you learn how to trick people into parting with their money, or badger them into doing ti, or make them so miserable that they think you're their only salvation. None of those situations invole the word 'joyfully.'" (quote from Frank Kern) We don't get to choose what happens to us. But we get to choose what it means. And in that choice is a tremendous power. This chapter, the final, longest, and most important chapter in he book, is about that choice: the choice to become the active ingredient in your own life. It turns out that nearly everyone I spoke to for this book has this in common: a serious passion for lifelong learning. Put another way, they do not front-load their education early on with pedagogy rammed down their throats, removing themselves from the workforce and taking on lots of debt to do so. Rather, they follow lifelong learning through continual, steady, gradual investment in themselves over time as adults. "The advice I ould give to young people? Quit your job. Don't work for anybody. You really can't make any money working for someone else. Maybe it's a hamburger stand. Maybe it's a coffee shop. You can do that. It's very risky to quit your job and start your own. You ahve to be committed to it and you have to be willing to work the hours, because you can't have a lot of labor. You can start almost any kind of business yourself. It doesn't take a lot of capital. It's very doable. You have to work your ass off. Be willing to work yourself." (quote from Philip Ruffin) Pros: - inspiring - intellectual framework for learning additional skills for achieving success - provides plenty of references and resources for further learning and understanding - quality writer that hooks you in and guides you through the book Cons: - May be hard to swallow for some folks (not necessarily a bad thing dependent on the author's intention for the book) - Does do Success skill #1 enough justice. Frankly, its hard to do that skill just in a single chapter. I read Wishcraft an entire book devoted to this single success skill.

  5. 4 out of 5

    Andrew French

    If you are happy with your meaningless job, college education, and mediocre life... Don't read this book. It challenges everything society thinks is normal. On the other hand, if you don't want to be chained to the miserable prison of middle class mediocrity, or if you're strongly interested in how people have created wealth, or if you simply have a desire to be more than what society tells you to be, then I highly recommend this book.

  6. 5 out of 5

    Jamie Doerschuck

    I had to laugh at the couple of reviews that commended the author's "mature" prose style. Michael Ellsberg's writing style is anything but mature, he frequently stoops to insulting the opposing argument (or any view point he doesn't personally agree with). Ellsberg also makes lots of broad statements, in this case I'm particularly referring to statements that are attempting to be passed off as statistics about higher education, without offering ANY kind of evidence or source. I don't disagree I had to laugh at the couple of reviews that commended the author's "mature" prose style. Michael Ellsberg's writing style is anything but mature, he frequently stoops to insulting the opposing argument (or any view point he doesn't personally agree with). Ellsberg also makes lots of broad statements, in this case I'm particularly referring to statements that are attempting to be passed off as statistics about higher education, without offering ANY kind of evidence or source. I don't disagree with the core (supposedly, Education kind of fails to come to any kind of whole thesis) statement that higher or public education is unnecessary. I'm a classical musician who left high school at 15. I just don't believe that the anti-standardized education movement any favors by writing this book, this topic should really be left to the experts like Alfie Kohn. Or anyone who wants to source actual studies, for that matter. I don't understand what the point of this book is. The stated purpose is to explain why one doesn't need college, but it's actually a business skills (or an overview of skills, since Ellsberg doesn't actually teach you anything and instead opts to direct you to other people) book that also attacks general public education. Education does none of these things well. I believe that the only purpose this book serves is as a general overview to business skills. Want to learn more about marketing? Great, go subscribe to Person A's blog. Sales? Great, read SPIN Selling. Reading this book is kind of a waste of time, I wouldn't pay any money for it (glad I got it from the library). Save yourself the time and money and go find a top 10 or 20 blog/resource list on marketing, sales, and copywriting.

  7. 5 out of 5

    Jenny

    Ellsberg's book is a referendum against the notion that higher education is mandatory for self-made success (in fields other than law and medicine that require highly trained professionals). The book comes at a critical time as more and more graduates find themselves buried in debt but without a job to show for it. Through dozens of in-depth interviews with movers and shakers, Ellsberg uncovers what he sees as the seven key self-education categories for career success -- that they DON'T teach you Ellsberg's book is a referendum against the notion that higher education is mandatory for self-made success (in fields other than law and medicine that require highly trained professionals). The book comes at a critical time as more and more graduates find themselves buried in debt but without a job to show for it. Through dozens of in-depth interviews with movers and shakers, Ellsberg uncovers what he sees as the seven key self-education categories for career success -- that they DON'T teach you in college. The millionaires he interviews are self-taught and self-made -- and their stories are inspiring for anyone who is looking to rely less on others (school, teachers, managers, companies) for career success and more on themselves and their highest creative faculties. The seven key success skills Ellsberg highlights are: 1. How to make your work meaningful and your meaning work 2. How to find great mentors and teachers, connect with powerful and influential people, and build a world-class network 3. What every successful person needs to know about marketing, and how to teach yourself 4. What every successful person needs to know about sales, and how to teach yourself 5. How to invest for success (the art of bootstrapping) 6. Build the brand of you (or, to hell with resumes!) 7. The entrepreneurial mindset versus the employee mindset -- become the author of your own life This book is a page-turner and a must-read -- I read it on one cross-country plane flight, then immediately gave it to my brother (a more recent graduate) and said "do not pass go until you finish this book."

  8. 4 out of 5

    Tom Kamei

    I thought the general idea of this book was great, college no longer provides students with a practical holistic education that prepares you for the modern job market (which no longer resembles the post-war US society where employees are lifers at corps like GE). Maybe I unfairly took issue with the delivery, because the advice was practical, but overall it felt angry. Like the author had been wronged and he was trying to admonish college (and all those who got degrees or participated in the I thought the general idea of this book was great, college no longer provides students with a practical holistic education that prepares you for the modern job market (which no longer resembles the post-war US society where employees are lifers at corps like GE). Maybe I unfairly took issue with the delivery, because the advice was practical, but overall it felt angry. Like the author had been wronged and he was trying to admonish college (and all those who got degrees or participated in the broken system) for the injustice. Over all I prefer, Start up of You by Reid Hoffman, who stressed finding ways to add value to an evolving market - and generally came from a place of graciousness. or Five patters of extra ordinary careers, which took a more empirical approach to understanding what a fulfilling career looked like.

  9. 4 out of 5

    Angie Banicki

    A very fast read and so positive and inspiring - reading this book, i was reminded to keep finding people who I can learn from and to continue helping those who inspire me

  10. 5 out of 5

    Chung Chin

    This is personally, the "2012: My Book of the Year". It will be THE book I am going to recommend to everyone I meet, until another better one comes about - and I don't think that will be anytime soon. This is a book that teaches you how to teach yourself on a number of things. What are those? Read it to find out! If you intend to read this book to: 1. Find out quick techniques to be a millionaire or 2. Secrets of how to be a millionaire or 3. Just about anything that has to do with short-cuts to get This is personally, the "2012: My Book of the Year". It will be THE book I am going to recommend to everyone I meet, until another better one comes about - and I don't think that will be anytime soon. This is a book that teaches you how to teach yourself on a number of things. What are those? Read it to find out! If you intend to read this book to: 1. Find out quick techniques to be a millionaire or 2. Secrets of how to be a millionaire or 3. Just about anything that has to do with short-cuts to get rich you will be sorely disappointed with this book. This is not a get rich quick technique book. This is a book that will change your mindset about education and how you can educate yourself, even if you're a BA holder, in the skill of success. One of the most powerful line I took away from this book is this: Education is most certainly not the same thing as academic excellence. In this book, Michael Ellsberg lists down 7 skills of success, and in my personal opinion, these are 7 practical skills that you can actually apply and improve on. This is certainly not a feel-good, rah-rah, fuzzy, make you warm in the inside kind of self-help book. This book kick you in the ass so you can kick ass! I would however, agree with some critics that say that the book focuses too much on marketing as "the" skill to success. Still, I think you can understand why, when you read through it and have a better understanding of the author's background. You should really stop reading this review, and start reading this book. Go!

  11. 4 out of 5

    Dan

    I read this book based on a guest blog post by the author, Michael Ellsberg, on Tim Ferriss’s blog. Needless to say, I enjoyed the blog post more than the book. While I agree with the author that we need to take a serious look at higher education, I am not sold that college is unnecessary if you want to be an entrepreneur and own your own business. The author makes the case that anything worth learning in life happens while you are out doing something. Learning by actually experiencing success I read this book based on a guest blog post by the author, Michael Ellsberg, on Tim Ferriss’s blog. Needless to say, I enjoyed the blog post more than the book. While I agree with the author that we need to take a serious look at higher education, I am not sold that college is unnecessary if you want to be an entrepreneur and own your own business. The author makes the case that anything worth learning in life happens while you are out doing something. Learning by actually experiencing success and failure in the real world is infinitely more valuable than the education you receive in college. I don’t think many people will dispute that last point, but it doesn’t mean that college is a waste of time. The real point is that college isn’t for everyone, and unfortunately we live in a culture where college is viewed as the next, and often times, only logical step after high school. With the costs of attending college soaring, it is time we took a good hard look at this social norm. I do agree with the author that the next bubble to burst, if you will, is higher education - particularly private institutions. Ellsberg presents numerous examples of extremely successful people who never went to college or dropped out of college. There are some very impressive examples in the book, especially those who overcame seemingly all odds (drugs, difficult family situations, etc) to achieve greatness, but the most common example is that of an ivy-league dropout, a person who spends one semester in college, meets people like him or her, starts a billion dollar company in a dorm room,, and changes the world. The author never addresses the reality that people who are smart enough to attend Harvard, probably don’t need Harvard to be successful. They already possess the skills and talents necessary to succeed. Harvard simply gives them a network (only the best network in the world) to grow. Ellsberg also sites some personal examples of how he found his career and true calling by learning things he never learned in college. But the author never really figures out how to deal with the inconvenient truth that he himself is a Brown University graduate, a fact that he undoubtedly used in his pitch to St. Martin’s Press, the publisher of his book. Overall there are some really great stories in this book, but I can’t recommend. The writing style is too self-centered and wordy. I think the concept for the book is excellent, but the author missed on the execution.

  12. 4 out of 5

    Eric

    He says in the book that his first manuscript got a rejection letter "his writing is not strong enough to make up for the fact that he is not a very like able person." Substitute "writing" for "research" and it holds true for this book as well. He tells the reader nothing that hasn't been better explained by better teachers elsewhere, all while crouching it as something nobody can teach you but rather you must learn for yourself. He then gives a handful of watery examples of each point, He says in the book that his first manuscript got a rejection letter "his writing is not strong enough to make up for the fact that he is not a very like able person." Substitute "writing" for "research" and it holds true for this book as well. He tells the reader nothing that hasn't been better explained by better teachers elsewhere, all while crouching it as something nobody can teach you but rather you must learn for yourself. He then gives a handful of watery examples of each point, name-dropping his personal connection whenever possible, and brow-beating anybody who isn't as willing as him to ass-kiss their way to fame and fortune. He is not a millionaire at time of writing, nor had he worked a 9-5, yet he is convinced one is unerringly good and the other unfailingly bad. He has an Ivy League education which he feels taught him none of his "millionaire skills," though I learned many of them in State school. This leads a thinking person to wonder if maybe his problem was always just that he's an self-absorbed prick. Don't ask that question, reader. Once you do, the answer is an obvious and resounding "yes." He is a self-absorbed, self-indulgent, self-congratulating bootlicker obsessed with his own cleverness. At once dismissive of the business world and wholly subservient to the circumstances that create it, his personality comes across as being little more than a well-read sycophant and his book is little more than a minimalist's guide to selling out. Better: the 4 Hour Work Week by Tim Ferriss (or Ferriss' blog 4hourworkweek.com), Money:Mastering the Game by Tony Robbins, any sales book by Zig Ziglar. Don't waste your time on this turd.

  13. 5 out of 5

    Eric

    I think the reason I loved this book so much is because it was exactly what I needed to read. Recently I've been doing a lot of thinking about my life and what I'm going to be doing with it. I decided not to go to college and I've been thinking of starting a business. But I never realized how much work I have to do before I can start thinking about being successful. This book is look at traditional education and the many flaws with the system, but there is much more to it than that. The I think the reason I loved this book so much is because it was exactly what I needed to read. Recently I've been doing a lot of thinking about my life and what I'm going to be doing with it. I decided not to go to college and I've been thinking of starting a business. But I never realized how much work I have to do before I can start thinking about being successful. This book is look at traditional education and the many flaws with the system, but there is much more to it than that. The education of millionaires he describes is not learned in a classroom, but self-learned through personal study and experience. The most important point here is that practical skills, or "street smarts" are much more important than the more abstract teaching found in most schools and colleges. The book is built around seven success skills, such as the skills of making meaningful work, networking, and sales and marketing. Each skill is shown it's use in the world through the stories of people (millionaires) who used them to great success. The book is not a guide to learn these skills, but it shows the great use of them and how you can learn them yourself. As far as information goes, this has been one of the best books I've ever read. I think anyone who ever plans on working should read this book. It's written for entrepreneurs, but it really is a book that should be read by everyone. I'm sure you'll love it, too.

  14. 4 out of 5

    Phil Sykora

    Not bad. I know that's not a rave endorsement by any means, but, if I'm being honest, that's how I feel about it. Reading through these reviews, I can see that other people seem fed up with all of the recommendations he makes to other works, especially when it comes to direct-response marketing,but I don't see anything wrong with that. And, seeing as he's not a millionaire himself, I think it's the appropriate course of action. "These things worked for these people, so study them." It's not the Not bad. I know that's not a rave endorsement by any means, but, if I'm being honest, that's how I feel about it. Reading through these reviews, I can see that other people seem fed up with all of the recommendations he makes to other works, especially when it comes to direct-response marketing,but I don't see anything wrong with that. And, seeing as he's not a millionaire himself, I think it's the appropriate course of action. "These things worked for these people, so study them." It's not the sexiest, most eye-opening revelation, but I think it's the most honest. What I don't like--what gets that one star taken away--is that he didn't compile all of those resources he mentions along the way into the end of the book. Favorite quote: "The driving theme of the stories in this book is that, even though you may learn many wonderful things in college, your success and happiness in life will have little to do with what you study there or the letters after your name once you graduate. It has to do with your drive, your initiative, your persistence, your ability to make a contribution to other people’s lives, your ability to come up with good ideas and pitch them to others effectively, your charisma, your ability to navigate gracefully through social and business networks (what some researchers call “practical intelligence”), and a total, unwavering belief in your own eventual triumph, throughout all the ups and downs, no matter what the naysayers tell you."

  15. 4 out of 5

    Josh

    Some of the advice is good but also fairly commonsense. A lot of it smells like typical self-help mumbo jumbo to me. The author also pushes a lot of other self-help books and self-help seminars (that sound pretty expensive) that are written and presented by people that he counts as friends. The author does seem genuine but I also think that he is a little too down on higher education. I completely agree that higher ed. isn't for everyone but I don't think that it has no value. He pretty much Some of the advice is good but also fairly commonsense. A lot of it smells like typical self-help mumbo jumbo to me. The author also pushes a lot of other self-help books and self-help seminars (that sound pretty expensive) that are written and presented by people that he counts as friends. The author does seem genuine but I also think that he is a little too down on higher education. I completely agree that higher ed. isn't for everyone but I don't think that it has no value. He pretty much only talks about and interviews people who are ultra wealthy who dropped out of highschool or college because they had a good idea or a dream. There are also plenty of very wealthy people with degrees of varying levels from colleges. He thinks that instead of spending a ton on college (which I do think is way too expensive) people should "invest in themselves" by going to workshops that teach them to be good salesmen and marketers. Those skills are important but they are not the only skills that can make you successful. Overall it was hard to get through because I felt like the book was meant to indoctrinate me in some ways.

  16. 5 out of 5

    Adil Najmuddin

    Two of my favorite parts from Ellsberg's book are, in quotes: -"There are two decisions you need to come to in order to be free, and to be more effective. First is that you are not entitled to anything in the world, until you create value for another human being first. Second, you are 100 percent responsible for producing results. No one else." pg 200 -Engage in "what outcomes [you] specifically want to create in your life, and then relentlessly engage in only the activities directly related to Two of my favorite parts from Ellsberg's book are, in quotes: -"There are two decisions you need to come to in order to be free, and to be more effective. First is that you are not entitled to anything in the world, until you create value for another human being first. Second, you are 100 percent responsible for producing results. No one else." pg 200 -Engage in "what outcomes [you] specifically want to create in your life, and then relentlessly engage in only the activities directly related to producing those outcomes." pg 203 It's a great book that will probably get you mad enough to take action. If it does, the book has done its job.

  17. 4 out of 5

    Alexander Berger

    The Education of Millionaires is what Rich Dad Poor Dad should be: A realistic AND inspiring guide promoting self education and the entrepreneurial mindset. Michael explains how to learn and practice 7 fundamental skills that he found to be essential to entrepreneurial and career success. An article that Michael wrote to promote his book (Here: http://bit.ly/PPkNBR ) inspired me to give self education a good chance by providing a realistic plan to achieve my goals, this book provides more depth The Education of Millionaires is what Rich Dad Poor Dad should be: A realistic AND inspiring guide promoting self education and the entrepreneurial mindset. Michael explains how to learn and practice 7 fundamental skills that he found to be essential to entrepreneurial and career success. An article that Michael wrote to promote his book (Here: http://bit.ly/PPkNBR ) inspired me to give self education a good chance by providing a realistic plan to achieve my goals, this book provides more depth to my plan and has inspired me further with its great stories and resources.

  18. 4 out of 5

    Russ

    Here's a book that should be mandatory for every high school student. College is a scam and will make you a debt slave. You can't get rid of college loans in bankruptcy, yet. Ellsberg teaches valuable skills and life truths that ordinarily take 20 years of more of soul destroying work to learn. He teaches how to start a business, keep it funded, and most importantly retain paying customers.

  19. 5 out of 5

    Shriya

    The info in this book is not earth-shattering but it is useful, well-organized, and has interesting bios of people + useful books/websites to use as self-education resources.

  20. 4 out of 5

    Jared

    Honestly, I think the title of this book is unfortunate because it will both turn away people who would like the book (as it did to me, the first time I saw the title) as well as lure in unsuspecting folks who are looking for something more traditional (e.g. some of the other reviews here). I thought this book was going to profile the "charmed" (read: privileged) educational lives of famous rich folks--and this impression is what initially caused me to spurn this book. Later on, I decided to take Honestly, I think the title of this book is unfortunate because it will both turn away people who would like the book (as it did to me, the first time I saw the title) as well as lure in unsuspecting folks who are looking for something more traditional (e.g. some of the other reviews here). I thought this book was going to profile the "charmed" (read: privileged) educational lives of famous rich folks--and this impression is what initially caused me to spurn this book. Later on, I decided to take a closer look at the book (it was available without a waiting list at my library, so why not?), and I'm so glad I did. This book is all about nontraditional education--especially education that people wouldn't normally label as "education" (e.g. learning on the job). Although the overall tone is highly critical and suspicious of higher education, if you take the arguments at face value, there are a lot of compelling points, e.g. that educational dollars should be scrutinized closely and not automatically allocated towards "college." Most of the book covers "success skills" the author distilled from numerous interviews with wealthy (mostly non-college graduate) people. The skills are: aligning meaning and work, finding mentors, learning marketing and sales, investing in yourself and your business, building up your "personal brand," and taking control of your career. As usual, while reading the book I made brief notes on interesting/compelling points. By the end, I was shocked to find that I had taken, by far, more notes on this book than any other book I've read. Maybe it's because a lot of the concepts were new to me, but either way it's clear this was a valuable read. My only complaints are that the book is too long (so many similar anecdotes that they started to blur together), much of the information is really just a set of pointers to other resources (still a good thing--just not convenient), and the previously mentioned strongly anti-formal education tone. Overall, I highly recommend this book--at the very least as a contrarian point of view to help broaden your own perspective on your education, career, and business.

  21. 5 out of 5

    Pat

    Great in concept, very poor in execution. I made it to page 112, when the inexplicable condescension became too much to bear. "If you're not already sold on the importance of learning marketing, seriously, put this book down and go join the International Socialist Organization - I hear they're recruiting." Sounds a lot more fun than reading another 120 pages of this bullshit. Consider the book put down. This is one of the many brash, unsubstantiated, unenjoyable and entirely unnecessary Great in concept, very poor in execution. I made it to page 112, when the inexplicable condescension became too much to bear. "If you're not already sold on the importance of learning marketing, seriously, put this book down and go join the International Socialist Organization - I hear they're recruiting." Sounds a lot more fun than reading another 120 pages of this bullshit. Consider the book put down. This is one of the many brash, unsubstantiated, unenjoyable and entirely unnecessary proclamations made by Ellsberg throughout the book. I thought I was picking up a book with bunches of point-source information from the mouths of college-dropouts turned self-made millionaires. Instead, what I got, was a book by some guy who name-drops on every page, fabricates his own list of "success skills" and occasionally offers a stray quote from one of his interviews with real movers and shakers. If you want to read big blocks of unadulterated advice from people who taught themselves the life skills to make a real difference in the world, look elsewhere. If you want to hear huge swaths of the personal story of Michael Ellsberg with the occasional garnish of actual famous people, this book is for you.

  22. 5 out of 5

    Jen Burstedt

    For most kids growing up in the US today in the middle class, going to college is the dream of their parents and the expected next step after high school. Myself included, I went to college without even thinking that there was an alternative. This book paints the picture of multiple millionaires and highly successful people who never went to college - and some who did - making the argument that higher education today does not provide the necessary skills needed in today's competitive world. Great For most kids growing up in the US today in the middle class, going to college is the dream of their parents and the expected next step after high school. Myself included, I went to college without even thinking that there was an alternative. This book paints the picture of multiple millionaires and highly successful people who never went to college - and some who did - making the argument that higher education today does not provide the necessary skills needed in today's competitive world. Great book for helping you to see things a little differently, understand how you might be able to gain a competitive edge and grow in your career. Even if you have already been to university, there are many great lessons in here for you as well. On the other hand, the author takes an extreme viewpoint which needs to be taken with a grain of salt, but a recommended read all the same. Additionally, I listened to this audiobook via Audible and took notes.

  23. 4 out of 5

    Annie Yang

    Catchy title, little substance and content in the 200 pages I can actually use. Between 80 to 90% of self-made millionaires have college degrees. Knowing this statistic, it's quite clear that not all college drop outs can be the next Michael Dell, Bill Gates, or Steve Jobs. Author bashes college education too much.

  24. 5 out of 5

    Amanda

    Excellent book! It's sharp and well written with tons of relevant real world examples from successful entrepreneurs. He makes some compelling arguments that hooked me... Definitely worth checking out.

  25. 4 out of 5

    Andreas Kwiatkowski

    A thoughtful and entertaining impulse to reconsider the status quo of higher education and its impact on the lives of young people, leaving college with socially accepted and even promoted debt, with high hopes for pay back by joining the seemingly neverending rat race in high-paid corporate jobs.

  26. 4 out of 5

    Nasos Psarrakos

    Nice book. A lot of references for blogs and other books regarding marketing

  27. 5 out of 5

    Dara Saoyuth

    This is such a great book I would recommend for all startups to read. The book provides interesting examples of those who drop out of school but then made successful business on their owns.

  28. 4 out of 5

    Alan Wang

    It's okay. Pretty much generic self-help information. No points really stick with you a couple weeks after finishing the book.

  29. 5 out of 5

    Michael Huang

    Someone once said the trick to becoming rich is not to read a book about becoming rich -- but to write one. This idea kind of applies here. The book is highly rated here on GR, and you might benefit from it if you have never read a book in its broad category. But otherwise, you are likely only contributing to the author's wealth. (Read a library copy if you *have* to.) Here is a quick summary: 1. First, a lot of anecdotal evidence, second hand opinion, and regurgitated quotes/paraphrases are used Someone once said the trick to becoming rich is not to read a book about becoming rich -- but to write one. This idea kind of applies here. The book is highly rated here on GR, and you might benefit from it if you have never read a book in its broad category. But otherwise, you are likely only contributing to the author's wealth. (Read a library copy if you *have* to.) Here is a quick summary: 1. First, a lot of anecdotal evidence, second hand opinion, and regurgitated quotes/paraphrases are used to convince you college education is broken and gives you nothing. You need street smart. 2. Then the book proceeds to "teach" you a set of 7 skills that are often terribly named such as "how to make your work meaningful and your meaning work". The rest of the skills are: finding mentors, marking, sales, investing, building your brand, and entrepreneurial mind-set vs employee mind-set (if you wonder if that is even grammatically a skill, know that I wondered too). Here is why it's probably a waste of your time to read this book: you are learning from an inspired student (of the art of street smart), not the professor or even an TA (if you do want to learn from the professors, maybe Tim Ferris?). Indeed, let's take the whole chapter on sales as an example. It literally said, I'm not going to teach you this, but point you to a bunch of websites and blogs so that you can read. Then the info of websites and their creators and glowing reviews of these sites followed. (In fact, most of the book is a collection of promotional blurbs about how awesome some guy is, and how much the author has learned from said guy -- without articulating exactly what was learned.) I do give the author credit for clearly having learned something about sales: he managed to spin this as better than directly teaching you sales, as he is teaching you how to teach yourself. One last thing about the futility of college education, if I may. The point he made is not entirely invalid, but dangerously misleading. If you want to do something softies -- such as writing books like this, be a relationship coach, a yoga teacher etc -- a university education is probably really not a good investment. But if you want to purse a more hard knowledge-based career -- in STEM fields for instance -- university education is nowhere near as poor as being portrayed. I did learn one small insight from this book (hence two stars not one). Many of the entrepreneurs are not taking giant risks as we sometimes might imagine. There are often clear backup plans and the successful entrepreneurs are just good at taking lots of smallish risks. (Even this much insight might be regurgitated, but I read it first articulated here. So credit where credit is due.)

  30. 5 out of 5

    Tyler

    Michael Ellsberg, in "The Education of Millionaires", argues the educational model in the United States is not only responsible for perpetuating an "employee" versus an "entrepreneur mindset", but is also broken, too expensive, and ill-suited for the chaotic, flat, disruptive, and digital world in which we live. Mr. Ellsberg began his freelance writing career doing direct-sales copywriting, where he surely learned how to wrestle his prose into a form that it is both efficient and moving. This Michael Ellsberg, in "The Education of Millionaires", argues the educational model in the United States is not only responsible for perpetuating an "employee" versus an "entrepreneur mindset", but is also broken, too expensive, and ill-suited for the chaotic, flat, disruptive, and digital world in which we live. Mr. Ellsberg began his freelance writing career doing direct-sales copywriting, where he surely learned how to wrestle his prose into a form that it is both efficient and moving. This book has a power to persuade. I found myself surprised at the degree to which his writing was a call to action for me. According to Ellsberg, this book was intended to be a launching-off point from which its reader will begin a journey of self-improvement and self-education. He provides throughout the book: links to websites, names of other books, seminar information, and other resources with which the curious can pursue further reading or learning. "For people in the industrialized world," writes Ellsberg, "middle-class and above, the primary focus of our waking lives between the ages of six and twenty-two is--to a first approximation--grades. To a second approximation, the agenda also includes narrowly defined extracurricular activities, such as sports and music and volunteering, which look good on college applications and entry-level resumes... Have you ever stopped to ponder how utterly bizarre this state of affairs is?" Later in the book, Mr. Ellsberg interviews PayPal founder, Peter Thiel, who contends, "Formal education has become very status oriented, and very far substantively from what people are interested in accomplishing in their lives and the world. And it's gotten worse as our society has become more tracked," says Thiel. Students are going to school for the "credential, only." Throughout the book, Ellsberg quotes interviews with other entrepreneurs (most of whom, unlike Peter Thiel and Seth Godin, never graduated from college). Mr. Ellsberg demonstrates the ways that most of these interviewees "bootstrapped" a business from nothing. The example of these entrepreneurs, says Mr. Ellsberg, is to do, to be, to work for no boss. And Mr. Ellsberg speaks from experience. While a graduate of Brown, and the Ivy League, he attribute none, if any, of his success to his formal education, but rather to his ability to market himself, learn a new skill, find mentors, etc. The structure of formal, higher education in the United States is currently such, argues Ellsberg, that smart people are otherwise brainwashed to look for external guidance and instruction on what to do with their lives. Is not the unifying lament of the "Millennial" generation on some level, "I don't know what I want to do with my life!"? Perhaps this is because that when they "graduate" from our formal education system, one that has supposedly shown them the way their whole life, they are lost in the desert without a guide? Grades and credentials, Ellsberg argues, lead us to pursue a "path" in life, where achievement of the next wrung up the ladder is the only end game, and obedience and completing the tasks handed to you the way to get there. Mr. Ellsberg through the many examples in this book demonstrates how there is another way. This way is to realize that the most valuable learning is practical and experiential. You learn by doing, and failing. You learn by adapting to situations in the world before you. Credentials will not prepare you for these situations, only experience will. If only experience will educate us, the logic continues, why do we not just throw ourselves into the world of experience sooner? Formal education's answer to this question has long been, "Because our youth at age 18 are not ready for the real world of experience." But are US colleges really the protected, sheltered incubators of higher learning they claim to be? A Saturday night on a University campus may argue otherwise. Perhaps the un-reality of a college campus perpetuates the very immaturity it claims to inhibit? While Mr. Ellsberg's point that formal education, the pedagogy of this educational system and the benefits it provides, is overpriced, may indeed be a fair and accurate statement, I am not ready to discount the institution in its entirety. Doing such is to throw the baby out with the bath water. Formal university systems, with all their problems, still offer demonstrable value (the ability to network and establish social connections for one). Mark Zuckerberg may have dropped out of Harvard, but isn't that where he met his co-founders and original investors without whom Facebook would have never happened? Isn't it contradictory to use quotes from Messer's Thiel and Godin, both graduates of Stanford (Law and Business School), to strengthen his argument? Ellsberg's admonitions of higher education seem better geared towards Liberal Arts programs that cost $50,000 per year than towards law and business degrees at top institutions. So perhaps there is a middle way. Perhaps the message of Mr. Ellsberg's book is not that formal education is evil and valueless per se. Perhaps the better takeaway from this book is that the lessons of the entrepreneurs in this book, no matter your situation in life, are worth learning and applying in your life. Education, as Marc Ecko says, is ultimately about "andragogy" rather than "pedagogy". In this sense, an education in the Humanities can still offer a return on investment if it turns a student into a voracious readers and seeker of knowledge, rather than of credentials and grades. As Mr. Ellsberg notes, "andragogy" literally means "man-leading", whereas pedagogy "child-leading". This delineation of these two words is an apt peroration of the entire book. The formal education system in the United States has evolved more and more into a pedagogical system, where Professor expert gurus, people whom often have little practical experience outside the University walls, lead their young students, showing them the way to read a text, understand history, etc. And to motivate these students, they use external abstractions like "A's" and "B's". Anyone with even a basic knowledge of Social Psychology knows that external motivators sap intrinsic motivation. Contrastingly, the entrepreneurs in this book learned another way. They were not children with adults to show them the way. They were alone in the world. They had to rely on experience and personal responsibility. They focused on learning things that were directly relevant to their personal business endeavors. Their learning was focused on fixing a problem, rather than absorbing and regurgitating a sea of content. Their motivators were internal (growing their business) rather than external (grades and degrees). Their efforts were less taught and more self-directed. I am not ready to look at the experience of these entrepreneurs, and say as a result that all formal education in this country is best thrown out with the trash (as Mr. Ellsberg seems ready to do). But their experience is enough for me to say that there is a lot to be learned from their approach to learning and life, especially for someone who might be a product of a formal education system. Their example of self-starting, courage, and perseverance is one that anyone would benefit from studying and implementing to some degree in their own life.

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