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

Michael Ellsberg (Author)

Book Description

Release date: September 29, 2011

The Myth: If you get into a good college, study hard, and graduate with excellent grades, you will be pretty much set for a successful career. 

The Reality: The biggest thing you won't learn in college is how to succeed professionally. 

Some of the smartest, most successful people in the country didn't finish college. None of them learned their most critical skills in an institution of higher education. And like them, most of what you'll need to learn to be successful you'll have to learn on your own, outside of school. 

Michael Ellsberg set out to fill in the gaps by interviewing a wide range of millionaires and billionaires who don't have college degrees, including fashion magnate Russell Simmons, Facebook cofounder Dustin Moskovitz and founding president Sean Parker, WordPress creator Matt Mullenweg, and Pink Floyd songwriter and lead guitarist David Gilmour. Among the fascinating things he learned:

• How fashion designer Marc Ecko started earning $1,000 a week in high school with his own clothing business and later grew it into an empire. 
• How billionaire Phillip Ruffin went from lowly department store clerk with no college degree to owner of Treasure Island on the Vegas Strip. 
• How John Paul DeJoria went from homelessness to billionaire as the founder of John Paul Mitchell Systems hair care products. 

This book is your guide to developing practical success skills in the real world. Even if you've already gone through college, the most important skills weren't on the curriculum--how to find great mentors, build a world-class network, learn real-world marketing and sales, make your work meaningful (and your meaning work), build the brand of you, master the art of bootstrapping, and more.  

Learning the skills in this book well is a necessary addition to any education, whether you're a high school dropout or a graduate of Harvard Law School. 

Editorial Reviews

Review

"Success in the twenty-first century depends on street smarts, not book smarts. It has to do with your motivation, network, passion, and ability to make other believe in you. You'll learn stuff in college, but you won't develop these skills-which are requisite for success in life. Whether you go to college or not, The Education of Millionaires will help you learn what it takes to succeed in today's entrepreneurial economy."

(-Dale J. Stephens, founder of Uncollege.org )

"Michael Ellsberg's book is provocative and wise. Tuition is skyrocketing, job prospects are grim, and the race for bogus credentials has turned into a runaway status competition for positional goods. The Education of Millionaires offers a renegade path for anyone who wants vital skills without the crushing burden of student debt."

(-Peter Thiel, co-founder of PayPal, creator of the Thiel Fellowship )

"Your success in a knowledge society depends on mastery of soft skills and practical intelligence-and yet they don't show up in college or high school curriculums. Ellsberg's rebellious book provides a street-smart education to fill the gap."

(-Keith Ferrazzi, author of #1 NY Times bestseller Who's Got Your Back )

"As Michael so aptly explains in this delightful read: your education starts in the crib and ends when you take your final breath. In a fully realized life, it is all about lifelong learning."

(-Lynda Resnick, vice chairman of Roll International, Teleflora, and PomWonderful )

"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."

(-Matt Mullenweg, creator of WordPress.org )

"This book is a masterpiece. Gripping and whip-smart, The Education of Millionaires will forever revolutionize your thoughts on the connection between education, career success and prosperity. Ellsberg is careful to avoid 'motivational fluff' and instead provides mind-blowingly sharp (and humorous) brass-tacks advice on how to profit handsomely by becoming a lifelong learner."

(-Jenny Blake, author of Life After College )

"If entrepreneurs were running schools, instead of bureaucrats, schools would be teaching a lot more of the skills and mindsets found in this book. Since they're not, this book is a necessary antidote to a traditional college education."

(-Scott Banister, founder of IronPort Systems, Banister Capital )

"This is the must read of the next era of education. This one book could be all the education you ever need to massively outperform even the Ivy League. The secrets contained are brilliant and simple to adopt."

(-Cameron Herold, author of Double Double, former COO of 1-800-GOT- JUNK? )

"Just like the entrepreneurs he highlights in his book, Ellsberg challenges the conventional wisdom of what it takes to make it in this world. If you have an idea and the drive, nothing can stop you. And Ellsberg proves it."

(-Simon Sinek, author of Start With Why )

"You don't need a degree to live life on your own terms: you need economically valuable skills. Ellsberg's book is the blueprint for entrepreneurial education."

(-Josh Kaufman, author of The Personal MBA )

"Provocative and timely, Ellsberg lays bare what he sees as a giant hole in much of traditional education-a focus on 'academic' knowledge and a de-emphasis on the knowledge and skills necessary to actually succeed in life. Drawing from a wealth of interviews with successful entrepreneurs, he hones in on seven key success skills that help put you back in the driver's seat."

(-Jonathan Fields, author of Uncertainty )

Review

"Success in the twenty-first century depends on street smarts, not book smarts. It has to do with your motivation, network, passion, and ability to make other believe in you. You'll learn stuff in college, but you won't develop these skills-which are requisite for success in life. Whether you go to college or not, The Education of Millionaires will help you learn what it takes to succeed in today's entrepreneurial economy."

(-Dale J. Stephens, founder of Uncollege.org )

"Michael Ellsberg's book is provocative and wise. Tuition is skyrocketing, job prospects are grim, and the race for bogus credentials has turned into a runaway status competition for positional goods. The Education of Millionaires offers a renegade path for anyone who wants vital skills without the crushing burden of student debt."

(-Peter Thiel, co-founder of PayPal, creator of the Thiel Fellowship )

"Your success in a knowledge society depends on mastery of soft skills and practical intelligence-and yet they don't show up in college or high school curriculums. Ellsberg's rebellious book provides a street-smart education to fill the gap."

(-Keith Ferrazzi, author of #1 NY Times bestseller Who's Got Your Back )

"As Michael so aptly explains in this delightful read: your education starts in the crib and ends when you take your final breath. In a fully realized life, it is all about lifelong learning."

(-Lynda Resnick, vice chairman of Roll International, Teleflora, and PomWonderful )

"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."

(-Matt Mullenweg, creator of WordPress.org )

"This book is a masterpiece. Gripping and whip-smart, The Education of Millionaires will forever revolutionize your thoughts on the connection between education, career success and prosperity. Ellsberg is careful to avoid 'motivational fluff' and instead provides mind-blowingly sharp (and humorous) brass-tacks advice on how to profit handsomely by becoming a lifelong learner."

(-Jenny Blake, author of Life After College )

"If entrepreneurs were running schools, instead of bureaucrats, schools would be teaching a lot more of the skills and mindsets found in this book. Since they're not, this book is a necessary antidote to a traditional college education."

(-Scott Banister, founder of IronPort Systems, Banister Capital )

"This is the must read of the next era of education. This one book could be all the education you ever need to massively outperform even the Ivy League. The secrets contained are brilliant and simple to adopt."

(-Cameron Herold, author of Double Double, former COO of 1-800-GOT- JUNK? )

"Just like the entrepreneurs he highlights in his book, Ellsberg challenges the conventional wisdom of what it takes to make it in this world. If you have an idea and the drive, nothing can stop you. And Ellsberg proves it."

(-Simon Sinek, author of Start With Why )

"You don't need a degree to live life on your own terms: you need economically valuable skills. Ellsberg's book is the blueprint for entrepreneurial education."

(-Josh Kaufman, author of The Personal MBA )

"Provocative and timely, Ellsberg lays bare what he sees as a giant hole in much of traditional education-a focus on 'academic' knowledge and a de-emphasis on the knowledge and skills necessary to actually succeed in life. Drawing from a wealth of interviews with successful entrepreneurs, he hones in on seven key success skills that help put you back in the driver's seat."

(-Jonathan Fields, author of Uncertainty )

"Ignore the stats, break the rules, devote yourself to something meaningful. You won't get that in an MBA program. But you'll get it from Ellsberg and his self-educated millionaires-and plenty of proof that true and sustained success can only be defined on your own terms."

(-Danielle LaPorte, author of The Fire Starter Sessions ) --This text refers to an out of print or unavailable edition of this title.

See all Editorial Reviews

Product Details

• Hardcover: 272 pages
• Publisher: Portfolio Hardcover (September 29, 2011)
• Language: English
• ISBN-10: 1591844207
• ISBN-13: 978-1591844204
• Product Dimensions: 6.3 x 0.9 x 9.4 inches
• Shipping Weight: 14.4 ounces (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (114 customer reviews)
• Amazon Best Sellers Rank: #172,211 in Books (See Top 100 in Books)

More About the Author

Michael Ellsberg was born in San Francisco in 1977 and lives in New York. Michael sends manifestos, recommendations, tips, and other exclusive content to his private email list, which you can join at www.ellsberg.com.

Most Helpful Customer Reviews

29 of 30 people found the following review helpful

5.0 out of 5 stars Why pay $100k for a "degree" when you can Self Educate? November 8, 2011

By Blake Leavitt

Format:Hardcover|Amazon Verified Purchase

I found this book to be highly entertaining and enlightening. A lot of the books I've been reading lately have been great but mainly re-affirming what I already know. Michael gave me quite a few great new ideas and numerous entertaining stories to back his arguments and make his points. I felt as though he readily admits that for some, higher education may be a totally feasible option, but the main question would be "to what cost?" His ending Epilogue about the coming "Education Bubble" sums it all up incredibly well. Most people (including most of my colleagues) graduate University with HUGE amounts of debt only to be able to find jobs serving you & me at Starbucks or similar high-school type jobs. There is no way that they'll be able to pay off there school loans at their income levels and even if they file for Bankruptcy they still owe on their student loans. Having been well over $50k in debt and working behind a shovel for minimum wage with a college degree, I know the overwhelming stress that creates. It's enough to make you want to off yourself! So the question is, why pay all that money & go through it all in the first place when there are other options like khanacademy.org (which has a HUGE selection of completely free educational videos, including everything from Trig, to Economics, to Art History!) or other resources he lists in his book.

I am a person who has purchased online training seminars/ courses for business & investing, reads a non-fiction business/ self-help book about every other month and has even shelled out over $7k/seminar for similar weekend seminars. I also hold a Bachelor of Science in Business Administration with an emphasis in entrepreneurism & finance. I can honestly say that all of my success has come from me busting my ass & figuring out what people want & delivering on that (just like what Michael suggests in his book). Never really liking school and going to college to fulfill my father's desire to have a male member of our family graduate from higher education I can honestly say that what I have learned in my self education FAR exceeds my formal business classes and at a fraction of the total cost. But I knew that it would. My father is a very successful small business owner who dropped out of college and is far more successful in business & life than most of my colleagues parents who hold degrees. He always told me that continuos self education and refinement in all areas of your life was the key to being successful and happy.

My only major critique of the book (and of most business non-fiction books) is that it can be a little long winded at times. I found myself a few times thinking, "Skip to the end Michael, you've already made your point." But I would also say that for a few lessons, I needed that length for it to really sink in.

My apologies for such a long winded and personal review, but I think what Michael touches in on is a very sensitive subject that many of us hold very personal. People are going to either love it or hate it. Remember that when reading reviews & if you're skeptical, pick it up at your local library, but just remember... that's exactly the type of self educate Michael urges his readers to do.

378 of 455 people found the following review helpful

2.0 out of 5 stars Felt I had to Wash My Hands when I was done October 7, 2011

By Reviewer

Format:Hardcover|Amazon Verified Purchase

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).

36 of 42 people found the following review helpful

5.0 out of 5 stars Game-changer -- do not pass go until you read this book! September 29, 2011

By Jenny Blake

Format:Hardcover

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."