We often hear about wealthy people overcoming great odds, breaking from conventional thinking and taking a path less taken (hell, I talk about it all the time!). But I was struck by a recent statistic in the most recent issue of Forbes magazine. Did you know that 84% of the Forbes 400 have a college degree or higher? Although billionaires like Steve Jobs (obviously no longer on the list) and Bill Gates are often noted for having dropped out of school early, the overwhelming majority of the filthy rich have a very high level of education. Just 15% dropped out of college or stopped after high school.
It shouldn’t come as some big surprise, but education is clearly an incredibly crucial aspect of one’s development and success. So, if you’re looking to get rich you should probably follow the sage advice “stay in school”. Unfortunately, that’s easier said than done for a lot of people and the fact that our leaders think the country is “running out of money” certainly doesn’t help matters….There’s a lot our government could do to help ensure that our youth obtain a higher quality and higher level of education….But the neoliberal myths dominate so the whole country suffers as a result….
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.