Customer Reviews

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

5 star:		(59)
4 star:		(5)
3 star:		(3)
2 star:		(8)
1 star:		(6)

 

 

I rarely finish a business book thinking - "damn - I wish I got all this 10 years ago..." Through subtle distinctions, simple frameworks, and amazing first hand accounts from Sean Parker, Peter Thiel, and Eben Pagan, Michael offers a way to look at the world as a world of opportunity - all the time. It's not some platitude, he actually gives you the formula. As a disclaimer, I went to Harvard, I have an MBA, I am looking for a job in Corporate America and thinking about dabbling on the entrepreneur's path. I'm one of the lemmings Michael addresses throughout the book and the message got through.

Michael's formula is simple -
1. Get your head out of your ass
2. Find people that inspire you and help them
3. Learn what people want
4. Show them that you can deliver
5. Invest in yourself and build little by little, keep teaching yourself
6. Own the impact you are making in the world, under your own name
7. And really, get your head out of your ass, stop being a victim and own your life. Dead-end jobs aren't forever. If you want different, make it so, because the education structure as we know it may be the next bubble.

While reading this book, I've been preparing for interviews and it's made a world of difference in my impact. Before, I didn't really listen for what the company/ hiring manager needed me to do. I cared more about whether they liked me or not and how much $ I would make. And what followed? Lots of dings. Now, I listen for "what's needed" and sell my experiences doing what's needed! I don't have a job yet, but I'm now in serious conversations with a multi-national company about a position where the job description asks for 5 more years of experience than I have. Regardless of what happens, I know I am just getting started...and this book will definitely be by my side.

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.

First: i would rate 2 1/2 stars if possible but not three!
The premise of this book was really promising. I thought it was going to be, based on the preface, about people who have educated themselves and become experts or broke new ground in technology, finance, and other fields.

What I got: multilevel marketing scams and sleaze. It starts about the third chapter, where he mentions his 'friend' Eben Pagan.. I looked up the guys name and his site.. something in my gut just told me something was very very wrong.. well I looked up his name and it turns out he was one of those 'dating' 'seduction' hustlers. It just got sleazier from there, Ellsberg goes on to say how you should 'lift people ' like Pagan up - and then people will lift you up... does this sound like a non-financial ponzi scheme or what? Ellesberg never mentions Pagan's past, he just says the "runs a 30 million internet marketing company" - gee just like the founder of Zappo's eh? Ellesberg is not upfront about this, implying he knows its a liability and undermines his point. He often refers to copy writers who launched products that made ## million in sales but, suspiciously, never mentions what those products or companies were.( In fairness, he does point out who his personal friends are.)

Then I started to notice all the plugs for his buddies in the pages and I felt like I had paid for an advertisement. I 'thought' having a column on Forbes that this guy would be somewhat respectable, but I should have known better having first heard of him from a link to Tim Ferris (The four hour hustle)'s web site. The cross-marketing is annoying an undermines credibility.. Anyone who has read such books knows the pattern by now: "Four Steps to doing a successful career" Step one "increase networking" You really can't become a great networker without reading "this book by author blah blah blah (plug for book here, and the author of the book having reciprocal agreement to plug you)" But it's not just books, he constantly pushes expensive seminars as well (not his own). Sorry the idea that you have to spend 4000.00 on some 'empowerment' weekend is hogwash. i sincerely doubt these meetings are little more than some insiders making money and a lot suckers out 4000.00.

These guys sell dreams, not real advice. They sell the idea you can work four hours, or you can live like a rock star. A lot of times there advice is counter productive or at the very least unfounded.. they are good confidence men, but what they advise has no efficacy. To be fair to Ellsberg, he does clearly say that your chances of becoming a rock star or billionaire are largely out of your control and he does often site the more temperate Seth Godin.

I also found the writing sophomoric - call me a prude, but if someone has to constantly curse rather than think about what he is cursing about, he's no better than authors who write in cliches (for a wonderful analysis of this read George Orwell's "Politics and the English Language")

I believe that education, particularly higher education, has become a bit of a financial scam, and educational standards have shrunk. But statements like "What do you want your kid to learn, trigonometry, we have computers for that" quoted from one of his "experts" with tacit approval is beyond ignorant.

On the up side, there is some practical advice here and there, some good stories and even if you don't want to emulate ellesberg's tactics, analysis of his self marketing and promotion might be helpful.

Also he does offer practical warnings about the impracticality of today's higher education, the sense of entitlement it creates that cuts one off from opportunities (the idea of being 'above' certain types of work, or that abstract theories of 'film studies' will get you a job anywhere, let alone in film ). Some of his descriptions of the mentality of formal education are amusing and eye opening.

lastly, people who game amazon (like Ferris) are notorious for deleting negative reviews (notice all the short five star reviews, usually the 'user's only one? , so I will saving this off line and will check for occasional attempts by the author or his minions to delete it).

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."

Got connection with the author about higher education bubble.

But...

The trouble is...you do not get practical advice where and how to thrive as self.didact on the Web ? Where to find materials, tools etc.

The style is copywriting hullabilly. Pop-corn book.

It's snake oil salesman 2.0

Look for other books about street-smarts.

I went to an Ivy League school and don't think I've ever used a thing from my college education to help me in the real world. (Except maybe how to throw great parties, as I was social chair of my sorority. I have found this to be a pretty great skill, actually.)

In the real world of being an entrepreneur and running a business, it's sad that truly not a penny of my $140,000+ education has helped me learn how to serve in such a way that I can run a successful business.

I run a public speaking and stage/camera presence speaking program for women, and am in the midst of learning how to expand my business by using internet marketing to reach, inspire and train more women. There is valuable, actionable information in this book to do things that make a true difference in how you run your business.

In particular, I appreciated the stories the author shared about his wife and her struggles with her business, and how the practices that some of the successful people he interviews and speaks about in this book actually turned her whole business around in a big way. Great case study, and I've taken the actions the author mentions into account in how I'm doing things.

This book is a very fast read, and it's enjoyable and educational. I'm keeping it with the short stack of books on my desk that I reference for great business tips, advice and strategies.

Highly recommend!

The premise of the book is that the author knows lots of people who have forgone the traditional path to success, and you can too!
Unfortunately, we are introduced to these characters and only given the briefest of detail on what they did or did not do, successes and failures and anything resembling details of how they made it happen. I kept waiting for some deep case studies on anyone of the characters but then the book was done.
Obviously, many references to 4 Hour Work Week and similar books about the new entrepenuership, but this book misses the meat that is required now that the basic premise is so well-traveled. I feel like by buying this book, I have furthered the author's multi-layered marketing scheme, instead of gaining any info that I might be able to apply.

I got a lot out of this book, but I wanted to raise one issue that was a bit murky.

One of the main premises of this book is the argument for self-education versus pursuing a Master's degree, the latter costing a ton of money in student loans for skills that are not very compatible in today's labor market (minus being a Doctor, Lawyer, or Academic). He presents compelling arguments and examples for self-education and provides a plan on how to accomplish it.

The problem for me is that his plan could be a bit clearer. Throughout the book, he mentions a number of other books that he has read, as well as seminars and email newsletters to subscribe or attend. Some of the books he says "you absolutely must read", while others are mentioned with less emphasis; maybe they had a few pages that helped emphasize one of Ellsberg's arguments.

I would really appreciate a guide, with all required reading/email newsletters/online courses (like those from Eben Pagan), and perhaps optional books for each success skill. If the book had this at the end, I would have happily given 5 stars instead of 4.

As a whole, I would definitely recommend this book for pursuing a path outside the corporate drone path. The future of work is changing and this book nicely outlines steps to take it by the balls. Overall 7/10

Pros:

---Very timely book for pursuing an alternative entrepreneur education
---Numerous case studies of people who became millionaires without a college degree.
---A nice *simple* breakdown of effective networking

CONS:

---Case studies of Eben Pagan & Frank Kern; both have "sketchy" reputations within their industries. Mixed feelings here.
---Many marketing / techie case studies. (would have loved to see more physical product guys or non internet based service guys)
---Too many references to check out other books

Great, easy, inspiring read. Lots of useful take-aways. Finished it in about 5 hours.

In summary:
Conventional education does not teach us what we need in order to be financially successful in the world. Michael Ellsberg offers 7 success skills that he believes are essential to success based on his interviews with self-made millionaires. There's a chapter dedicated to each of the 7 skills as well as resources to pursue to learn more about each.

There's a part of me that wants to share the 7 skills here, but I know that if it was me reading this review and someone else had posted the 7 skills in bullet point format, I'd probably read them and think to myself "I know this already". That would have been a tragedy, as although none the 7 skills are long lost secrets, Michael and his self-made millionaire mentors gave me a an eye-opening perspective that has changed the way I do business.

I loved reading the stories of the extraordinary people interviewed in this book. Some are famous... some I'd never heard of... But they're all compelling... and what stood out for me the most was that they approach wealth creation from the perspective of "what can I give" rather than "what can I get". A refreshing change and a perspective I think is becoming more and more common.

A hugely valuable book filled with lots of entrepreneurial wisdom.