What does it take to become a millionaire? Most people would assume that it takes good grades, good looks and a huge inheritance. Wrong.
One of my very favorite books is “The Millionaire Mind” by Thomas J Stanley, Ph. D. who also happens to be the author of one of my other favorite books “The Millionaire Next Door.”
I was chatting with Blake Allison today, founder of Financial Education Literacy Advisors (also a newly appointed member of my personal board of directors), and was asking his thoughts on me getting an MBA or CFP. He reminded me that many successful entrepreneurs didn’t even finish school, and that whatever I decided to remember not to let my pursuit of education stop my business passions and aspirations.
His comment reminded me of a very powerful chapter in “The Millionaire Mind” that I read in college while I was stuck in the library for hours and still struggling to get C’s in most of my finance classes. It turns out that a majority of the millionaires studied were just like me: not straight “A” Harvard graduates. In fact, according to Dr. Stanley, about 90% of millionaires graduated college with my college GPA- get ready- a 2.9 (p 99). Who knew you could be successful and not get perfect grades, right?!
Here are a few other interesting facts:
• Almost all of the millionaires studied, said that college helped them develop a strong work ethic (perhaps because they had to work harder for their grades), manage their time, and make accurate judgments about people.
• Most millionaires have an unusually strong ability to deflect the toughest critics and not let it get to them. This includes not believing that poor grades would foil their success (p 101).
• Parents of millionaires did not negatively push their kids to get the highest grades or preach that good grades are directly correlated to future success.
• Millionaires love their careers! (p112)
So, to any of you that are reading this after completing a really tough round of college final exams, please remember that your grades do not determine your future success. Think beyond your grades and take advantage of everything else college has to offer. Find your passion, meet your best friends, learn the value of being honest, and figure out how to balance the three S’s of college: sleep, studying, and socializing.
Keep it simple and good things will come. And if you have any extra time, I highly recommend you take a look at “The Millionaire Mind” to discover how NOT Paris Hilton-like most millionaires really are.