The Education of Millionaires Summary

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The Education of Millionaires Summary
The Education of Millionaires by Michael Ellsberg. After I read the book, I have to say this book is more like a reference which introduces a list of books for readers who want to learn additional information about the topics. Please note, at the end of the summary, I will list all the reference books I made the notes for myself during the time I was reading the book.

Through the whole book, the author is trying to make the argument about “Whether education or knowledge is necessary to lead a successful life?”. I think it’s all depends the path you want to choose for your career. If you want to work for Corporate America and climb the ladder to become a big shot in the company, you need to have good education to start from. If you just want to become an entrepreneur and have your own business, then you don’t need high education as long as you have the knowledge and skills to become successful.

Essential skills needed to succeed in life

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



This book is against higher education which I feel unnecessary to spend energy to argue about this. Everyone is different and no one thinks school is the sole source of intellectual curiosity, understanding and learning. Education and knowledge should never start and end with colleges and universities. The purpose of life should be constantly learning throughout your entire life. He spent so much time to argue about this, I feel it’s very un-mature and silly.

Marketing Tip

From this book I learned a most important marketing and sales tip that is good marketing is not about pushing your stuff onto an unwilling audience. It’s about listening to your audience. How do you listen to your audience? Make a list of your prospects’ biggest fears, frustrations, desires, dreams, and nightmares around the issue your product or service helps them with.

References From the Book

The best part of the book is the references and interviews he took from several successful high school graduates/college dropouts. Please check the references list I created thru reading the book, I feel that’s the essential part of the book, once you have my list, you don’t need to read the book anymore:

‘The trusted advisor” by David Maister, Charles Green and Robert Galford

The following are the websites recommended in this book:

Www.therisetothetop.com “how to interview and build relationships with the most influential people in the world”
Eben “ guru mastermind” home study marketing course

All the other business and self-help books:

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Ellina

I work and live in New York, and primarily I am working for a financial firm, on my personal life, I am a food blogger! Enjoy cooking, dancing and having good meals.