Formal Education vs Self Education

According to Forbes magazine, the 400 wealthiest people in the world who did not graduate from college, have made a lot more money than the 400 wealthiest people in the world who did graduate from college.

Billionaires who dropped out of college have an average net worth of $9.4 billion, which is triple the net worth of billionaires who have college degrees and PhDs.

Billionaires such as Bill Gates, Mark Zuckerberg, Steve Jobs, Paul Allen, Michael Dell, Ralph Lauren, Larry Ellison, Ted Turner, David Geffen and Howard Hughes, never graduated from college.

The drop out list also doesn’t just apply to billionaires, but also multi-millionaires: Simon Cowell, Rachel Ray, Coco Chanel, Mary Kay, Sean ‘P. Diddy’ Combs, Wolfgang Puck.

If you look even deeper, billionaires like Richard Branson, John D. Rockefeller, Walt Disney, David Karp, Kirk Kerkorian, Li Ka-shing. All these people dropped out of high school. So did Ringo Star and Elton John.

Ray Kroc, who built McDonald’s, dropped out of high school at the age of 15.

Colonel Sanders, founder of KFC, dropped out in the sixth grade.

Thomas Edison, founder of General Electric and who was at one point the richest man in the world, went through only 3 months of schooling his entire life.

Even America’s first millionaire Benjamin Franklin stopped education at the age of 10.

The purpose of these examples is not to say that you should drop out of college.

Understand that dropping out of school will not lead to wealth. You cannot be stupid or ignorant and expect to get rich. It does take skills and ideas in order to make money.

The purpose of these examples is to show that college is not the only way to become a success. Don’t listen to people who tell you that you need a college degree in order to become successful. It just isn’t true.

The question then is, how is it did these people make their money without going through a conventional education?

If you don’t know the answer to this question then that’s okay because the great thing is that these people have all written books telling you exactly how it is they did it. It’s disappointing that not everyone will educate themselves by reading just one of these books.

If you want to build wealth, it’s going to take an education, but it’s going to take a financial education, which is sadly not a subject that is taught to students in college.

As Jim Rohn once said,

“Formal education will make you a living. Self education will make you a fortune.”



2 thoughts on “Formal Education vs Self Education

  1. In my own opinion, they succeeded in their own careers because they were able to focus all their energies, time, practice, and efforts to that one thing that they are so passionate about. That is why they were able to master their crafts! As compared to formal education, there’s a lot of other stuffs that you need to learn too…stuffs that you cannot really consider as very “useful” to you…just my 2-cents. 😊 Nice post Vincent!

    Liked by 1 person

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