Monthly Archives: October 2012

College Does Not Create Successful People…They Just Accept Them!

 

College Does Not Create Successful People…They Just Accept Them!.

Many people ask the $500 Millionaire if College or Business school is a good option.  The $500 Millionaire has a very interesting outlook on furthering education.  According to the $500 Millionaire, Colleges and Business Schoolsdo NOT create Successful people; they just accept them…then take credit for them.


College Does Not Create Successful People…They Just Accept Them!

Many people ask the $500 Millionaire if College or Business school is a good option.  The $500 Millionaire has a very interesting outlook on furthering education.  According to the $500 Millionaire, Colleges and Business Schools do NOT create Successful people; they just accept them…then take credit for them.

In today’s society people are doing whatever they can to keep up with the economy.  Sometime the $500 Millionaire will even suggest some people to go to the military if that person lacks discipline (https://500dollarmillionaire.wordpress.com/2012/10/15/how-the-snooze-button-will-stop-your-success-2/). Going to College, 10-20 years ago gave you a pretty good shot of landing a decent job.   It was, still is, one of the most embarrassing downgrades of the “American Dream”  Work hard in Grade School, Get into a good college, get a job, and your life is complete.  WHAT!?!?!

The $500 Millionaire thinks that college is a great growing period for young adults.  It gives them a chance to go from living off of mom and dad, to being able to make their own decision, while still living off of mom and dad.  It is like a crash course to life while still having that safety net to fall back on.  If you are asking if college is a good thing for people to go through, undergrad, yes.  Is it a good investment, not at all.  The $500 Millionaire does not feel college should be used as an investment as much as a platform to get you ready for the real world.  If you think College is tough, wait until you lose that safety net.

Now post-grad is a whole other story.  The only reason $500 Millionaire would suggest you go into any type of post grad is if it is absolutely required in order to enter your field of choice (i.e. Doctor or Lawyer)  The biggest mistake the $500 Millionaire sees people doing is going back to business school.  It is not shocking to see that people feel this is the answer.  It is not taught to us by the education system that it is a good option.   Most people will go back with the thought that they will get a better job because their name and resume goes on the top of the pile.  So let me get this straight, you are willing to spend over $100K to get your name on the top of the pile?  Please do not get me wrong, there is some valuable aspects of an MBA but the problem is the times are changing and the MBA is becoming more and more a waste of money and most importantly, time.

Business schools came to existence back in the Industrial Revolution when management of people was needed.  If there was a way to get someone to manufacture an item a bit faster, that was extremely valuable.  Colleges started to create this program to started teaching people how to become better managers through their business schools.  Unfortunately this is not the early 1900’s.  Almost 100 years later, Business schools are somewhat unnecessary in order to own and run a business.  To run someone else’s business, business school could help you get the job but will not fully prepare you until you dive in feet first.

According to the $500 Millionaire, business schools are hindering most of the people who graduate.  They are focusing more on reading financials and creating business plans then actual operations (which is the key to a successful business)  For any Entrepreneur or “Wantreprenure” ( https://500dollarmillionaire.wordpress.com/2012/06/04/entrepreneur-vs-want-trepreneaur/) who feels business school is a good option, think again about getting into the world of entrepreneur   Besides the 2 year of actual experience you could gain, let’s just look at it from an investment stand point. Let’s just take the average cost of business school which is about $60K (Some reaching $120K).  If you were buying a business and wanted 10 times your ROI (Return on Investment), which is standard for most Venture Capital firms, You would have to earn $600k.  Even if you came out and started working in a position that gives you 100K a year (Not likely in this economy) it would take you two years to finish the schooling, and assuming you would not gain any more debt while in undergrad or during business school, it would take you up to 8 years to get your desired return on investment.

If you have gone through business school and are offended that the $500 Millionaire feels this way then we apologies but in this society that we live in, the $500 Millionaire suggest to take a different approach.  First thing is find out what you want to do.  Spend as much time as need to figure this out.  Then find the top 3 people in that field and make them your mentors.  Follow everything they do and do whatever it takes to get them as a mentor.  On top of that, there are, at MOST, 30 books you could read in order to get a full understanding of business, and then take action.  Get out there and start doing it.

Starting a business is not as hard as people make it out to be.  The education system and the media paints this picture like you need to find seed money or have a ton of capitol to start a business.  That is just crazy.  With technology today you could start a business in your home.  If not your home, you can do it anywhere with internet.

If you are seriously thinking about going for an MBA, please look at it as a business investment.  You have a better shot of working in a company for 2 years, reading the 30 Books, finding three mentors, and your life long earning could potentially double if not more.

Remember, business school is something that can help you read spreadsheets and create business plans but it cannot teach you the one thing you need to be successful, experience.  To sit and listen to a professor who is not physically doing it right now, does not make as much sense compared to learning from someone who is in the trenches doing it every day.  If you want to start a business, do not think you NEED an MBA. It can help but there is nothing you couldn’t learn on your own with just a few books.  I am no longer amazed when I hear people who are extremely successful in running their own business who say they learned more in the first two years of running a business then they ever could in any school.  I am also no longer amazed when I hear MBA Graduates say that the experience was good but again, they learned more in the two years of starting their business and running it than they did in class.

Keep this in mind that the school you went to did not make sure successful and will not make you successful, all they did was accept you and you better believe they will take credit for you if you succeed.

Pass this along to anyone you feel it may help in making this furthering education decision or about in start their own business.  Remember, If you are good enough to get in, then you are good enough to succeed on your own.


How The Snooze Button Will Stop Your Success

Will power is the one thing you need in order to achieve any major success and it is a very simple concept to manage.  Without will power you are going to have to rely strictly on luck and luck does not have the odds I want when it comes to a major goal in my life.  The $500 Millionaire has a few tricks he has taught me over the years as to how to control my will power and NEVER use the excuse…I have weak will power.

via How The Snooze Button Will Stop Your Success.


How The Snooze Button Will Stop Your Success

Will power is the one thing you need in order to achieve any major success and it is a very simple concept to manage.  Without will power you are going to have to rely strictly on luck and luck does not have the odds I want when it comes to a major goal in my life.  The $500 Millionaire has a few tricks he has taught me over the years as to how to control my will power and NEVER use the excuse…I have weak will power.

So I guess the first question is what is Will Power?  Will power, although similar, is not the same as discipline.  In the opinion of the $500 Millionaire, both are very necessary to live a happy successful life.  Although they are two different things, one is needed to have the other.  In order to have discipline, you need will power.  To the $500 Millionaire, will power is the ability to stick with a preconceived decision.  With no will power you can not have discipline.  Discipline is the actions of following through with a preconceived decision.

The $500 Millionaire wants to point out that there is a key word in both of those definitions; PRECONCEIVED.  This word is so important in all aspects of life.  Without a plan you cannot be certain of any outcome.  The reason why will power is not an issue to the $500 Millionaire is because he makes up his mind before having to make a decision and sticks with that preconceived decision.  No person or situation is going to force him to change his mind.  It is amazing how many people have no will power when it comes to goals, money, relationships, health and really any other aspect of life that they claim is important to them.  It just takes a little bit of planning to keep these issues to a minimum.

According to the $500 Millionaire this lack of will power is not due to a lack of ability as much as a lack of planning.  People don’t take a second to make that preconceived decision before they enter a situation.  A great example is being faithful in a relationship.  For some reason this is such a major issue in our society.  It is like someone’s word means.  Even signed contracts don’t always hold up in today’s society.  Loyalty is a strong core value of the $500 Millionaire so as far as being in a relationship, cheating is just not an option.  It doesn’t matter what situation is, it is just not an option.  Since he has made up his mind, before there might be any temptations, when that temptation comes, it is easily overcome.

As far as kicking a bad habit (biting nails, Drinking, Smoking) or starting a new habit (eating healthy, working out. reading more), if you are going to do it, make that preconceived decision and just do it.  There are no questions, it is just happening or not happening.  You tell yourself you are doing it or you are not doing it and then you stay true to yourself.

Something the $500 Millionaire taught me as a simple way to test your will power is you alarm clock.  Do you hit the Snooze Button?  You guys all know what I am talking about.  You might set your alarm for when you should get up and when it goes off you smack the snooze button and think, “Oh just 5 more minutes.”  Well after five times and 25 minutes later, you now have 15 minutes to get ready and are rushing out the door.  Then you wonder on your way to wherever it is your going, “Why am I so tired…”  This is a bad sign and shows an extreme lack of will power.  I know, I know, some of you are going to say that you PURPOSELY do this because you like hitting the snooze button.  The $500 Millionaire actually laughed at that when he heard that excuse.  If you make a preconceived decision, stick with it!

In order to build a stronger will power, first start by making a preconceived decision that you will NEVER hit the snooze button.  You set your alarm and you wake up when decide the night before.  This is something you have to be stubborn about.  When you make this decision, you just do it.  There are no other options.  Keep that mindset in all aspects of your life.  If you want to work out 3 days a week, do it.  It doesn’t matter how hard it is in the beginning, you just have to stay true to what you promised to yourself before.  The amazing thing about the human body is that it adapts to habits.  We are creatures of habit and we also are the creatures of our habits, so why have bad habits.  Habits are not easy to break unless you made a decision to do it.  You need to have the will power to stay discipline.

The $500 Millionaire  wants to challenge you to make three decisions today on any goal you might have.  If it is to achieve something or to break a bad habit, just make the decision now and do not go back on it.  If it is to not drink, not do drugs, or be faithful to someone, make the decision now and do it.  If it is to work out every day, read every day, or be the first at work every day, make that decision now and do it.  Like most of the $500 Millionaire’s concepts, this is very SIMPLE.  It is basically make a decision and stick with.  How would you like it if someone said they were going to do something and then they didn’t do it.  Enough times of them doing that to you and you probably wouldn’t stay friends with them.  Stop Breaking promises you are making with yourself.

Even with it as simple as that, it doesn’t mean it is that easy.  If it was that easy everyone would be doing it and trust us when we say, very few people have the amount of will power to live a balanced, happy life.

Please pass this a long to anyone you know who this may help and also anyone you know who hits the snooze button in the morning.