The Education of Millionaires: It's Not What You Think and It's Not Too Late [Hardcover]

I rarely finish a business book thinking - "damn - I wish I got all this 10 years ago..." Through subtle distinctions, simple frameworks, and amazing first hand accounts from Sean Parker, Peter Thiel, and Eben Pagan, Michael offers a way to look at the world as a world of opportunity - all the time. It's not some platitude, he actually gives you the formula. As a disclaimer, I went to Harvard, I have an MBA, I am looking for a job in Corporate America and thinking about dabbling on the entrepreneur's path. I'm one of the lemmings Michael addresses throughout the book and the message got through.

Michael's formula is simple -
1. Get your head out of your ass
2. Find people that inspire you and help them
3. Learn what people want
4. Show them that you can deliver
5. Invest in yourself and build little by little, keep teaching yourself
6. Own the impact you are making in the world, under your own name
7. And really, get your head out of your ass, stop being a victim and own your life. Dead-end jobs aren't forever. If you want different, make it so, because the education structure as we know it may be the next bubble.

While reading this book, I've been preparing for interviews and it's made a world of difference in my impact. Before, I didn't really listen for what the company/ hiring manager needed me to do. I cared more about whether they liked me or not and how much $ I would make. And what followed? Lots of dings. Now, I listen for "what's needed" and sell my experiences doing what's needed! I don't have a job yet, but I'm now in serious conversations with a multi-national company about a position where the job description asks for 5 more years of experience than I have. Regardless of what happens, I know I am just getting started...and this book will definitely be by my side.

As a person who considers the day I dropped out of college the first real day of my education, this book told me a lot I already knew. But, I'm not a millionaire so I did learn plenty. Basically, Ellsberg flew around the world meeting billionaires and millionaires--most of whom were rejected or ejected from traditional schooling--and shares their lessons. And not just the lessons but how instructions on how to replicate their success by finding mentors, tips for investing in yourself and marketing the brand of You.

The book features a wide variety of personalities, which is good. Discussions of this topic tend to disproportionally focus on tech startup CEOs which isn't really fair because coding is a bit different than other fields. But Ellsberg includes musicians, fashion designers, bloggers, entrepreneurs and other such successful people. This is a great book, and worth reading.

First: i would rate 2 1/2 stars if possible but not three!
The premise of this book was really promising. I thought it was going to be, based on the preface, about people who have educated themselves and become experts or broke new ground in technology, finance, and other fields.

What I got: multilevel marketing scams and sleaze. It starts about the third chapter, where he mentions his 'friend' Eben Pagan.. I looked up the guys name and his site.. something in my gut just told me something was very very wrong.. well I looked up his name and it turns out he was one of those 'dating' 'seduction' hustlers. It just got sleazier from there, Ellsberg goes on to say how you should 'lift people ' like Pagan up - and then people will lift you up... does this sound like a non-financial ponzi scheme or what? Ellesberg never mentions Pagan's past, he just says the "runs a 30 million internet marketing company" - gee just like the founder of Zappo's eh? Ellesberg is not upfront about this, implying he knows its a liability and undermines his point. He often refers to copy writers who launched products that made ## million in sales but, suspiciously, never mentions what those products or companies were.( In fairness, he does point out who his personal friends are.)

Then I started to notice all the plugs for his buddies in the pages and I felt like I had paid for an advertisement. I 'thought' having a column on Forbes that this guy would be somewhat respectable, but I should have known better having first heard of him from a link to Tim Ferris (The four hour hustle)'s web site. The cross-marketing is annoying an undermines credibility.. Anyone who has read such books knows the pattern by now: "Four Steps to doing a successful career" Step one "increase networking" You really can't become a great networker without reading "this book by author blah blah blah (plug for book here, and the author of the book having reciprocal agreement to plug you)" But it's not just books, he constantly pushes expensive seminars as well (not his own). Sorry the idea that you have to spend 4000.00 on some 'empowerment' weekend is hogwash. i sincerely doubt these meetings are little more than some insiders making money and a lot suckers out 4000.00.

These guys sell dreams, not real advice. They sell the idea you can work four hours, or you can live like a rock star. A lot of times there advice is counter productive or at the very least unfounded.. they are good confidence men, but what they advise has no efficacy. To be fair to Ellsberg, he does clearly say that your chances of becoming a rock star or billionaire are largely out of your control and he does often site the more temperate Seth Godin.

I also found the writing sophomoric - call me a prude, but if someone has to constantly curse rather than think about what he is cursing about, he's no better than authors who write in cliches (for a wonderful analysis of this read George Orwell's "Politics and the English Language")

I believe that education, particularly higher education, has become a bit of a financial scam, and educational standards have shrunk. But statements like "What do you want your kid to learn, trigonometry, we have computers for that" quoted from one of his "experts" with tacit approval is beyond ignorant.

On the up side, there is some practical advice here and there, some good stories and even if you don't want to emulate ellesberg's tactics, analysis of his self marketing and promotion might be helpful.

Also he does offer practical warnings about the impracticality of today's higher education, the sense of entitlement it creates that cuts one off from opportunities (the idea of being 'above' certain types of work, or that abstract theories of 'film studies' will get you a job anywhere, let alone in film ). Some of his descriptions of the mentality of formal education are amusing and eye opening.

lastly, people who game amazon (like Ferris) are notorious for deleting negative reviews (notice all the short five star reviews, usually the 'user's only one? , so I will saving this off line and will check for occasional attempts by the author or his minions to delete it).

› Go to Amazon.com to see all 91 reviews  4.3 out of 5 stars