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Ultra high net worth individuals have assets of $30 million or more.
Sample size: 3.
Here are my observations:
1) Every single UHNW individual I know is an excellent salesperson.
2) Two have college degrees. One doesn't. The lifetime highest earning is the one without.
3) All 3 have worked on businesses which they substantially own, for a long period of time. 25 years or more. All 3 run/ran financial services businesses (that's a coincidence I presume though).
Takeaway:
Degrees don't matter. Determination matters far more. It's good to have the knowledge of somebody who went to college, but the determination and "nothing to lose" attitude of someone who didn't.
Feel free to add your own observations of the ultra rich.
My observation is that rich doesn't buy class. I work with HNW and UHNW people. Some are extremely polite and friendly while others treat the "little people" like trash.
My observation is that rich doesn't buy class. I work with HNW and UHNW people. Some are extremely polite and friendly while others treat the "little people" like trash.
I have found that most of the people who earned the money themselves are actually very polite and friendly, while those that inherited the money or have a spouse who did 90% of the work are the much more rude and unfriendly types.
To go back to the OP, yes I have found that education is not a very good indicator of someones future success. the determination and willingness to work through all the good and bad in a life and career plus make sacrifices that sometimes have to be made, has been a much better indicator. Being self employed also helps tremendously.
Although I have met and talked to many high net worth individuals with a handful of them being people I consider friends, and they are not always the great salesman or personalities, some have very little personality that shows. However they happened to have the right invention or product, and found a salesman to help them take it to market and build their business.
Also I find it comical that many of the people who are truly wealthy cannot be picked out of a lineup, they look and act just like everybody else. They purposely avoid things like expensive flashy clothing and cars 90% of the time and unless you know who they are then they blend in with the crowds. There is a reason that a pickup is actually the most popular vehicle for millionaires in the country.
That being said with the way our education system has been dumbed down and the way our society pushes educational credentials it is getting much harder for someone to build a fortune without some kind of college degree today than it was even 30 years ago. So do not skip out on the education with the idea that you can overcome that, as you are just adding more issues to overcome throughout your career.
I have found that most of the people who earned the money themselves are actually very polite and friendly, while those that inherited the money or have a spouse who did 90% of the work are the much more rude and unfriendly types.
Ultra high net worth individuals have assets of $30 million or more.
Sample size: 3.
Here are my observations:
1) Every single UHNW individual I know is an excellent salesperson.
2) Two have college degrees. One doesn't. The lifetime highest earning is the one without.
3) All 3 have worked on businesses which they substantially own, for a long period of time. 25 years or more. All 3 run/ran financial services businesses (that's a coincidence I presume though).
Takeaway:
Degrees don't matter. Determination matters far more. It's good to have the knowledge of somebody who went to college, but the determination and "nothing to lose" attitude of someone who didn't.
Feel free to add your own observations of the ultra rich.
All 3 have run financial service businesses and have a minimum of 25 years experience, and you think that translates into "Degrees don't matter" in today's world?
This is the difference between the workforce 25 plus years ago and today. In the past, someone could take you under their wing and teach you all you needed to know about something and you could use that to springboard into a career.
Everything is specialized today - you need a degree to do more things than not.
Ultra high net worth individuals have assets of $30 million or more.
Sample size: 3.
Here are my observations:
1) Every single UHNW individual I know is an excellent salesperson.
2) Two have college degrees. One doesn't. The lifetime highest earning is the one without.
3) All 3 have worked on businesses which they substantially own, for a long period of time. 25 years or more. All 3 run/ran financial services businesses (that's a coincidence I presume though).
Takeaway:
Degrees don't matter. Determination matters far more. It's good to have the knowledge of somebody who went to college, but the determination and "nothing to lose" attitude of someone who didn't.
Feel free to add your own observations of the ultra rich.
My sample size is a little bit larger than yours at 8. Seven are male, one is female.
Having a degree does matter, but the subject matter doesn't really. Although the majority of those I know have business-related degrees, most are not currently employed in the field in which they majored. Banking is a common theme, but many are entertainment-related, while others successfully transitioned existing industries to tech-related firms.
Personal background varies. One started working part-time at the one local gas station his family owned.
Determination/drive is a HUGE factor.
The sales aspect of it is big, but not just as relates to selling something. The personality factor that makes people successful in sales is common in all those I know. They know how to relate to people and connect easily with new folks, and they capitalize on those relationships when doing business.
My sample size is a little bit larger than yours at 8. Seven are male, one is female.
Having a degree does matter, but the subject matter doesn't really. Although the majority of those I know have business-related degrees, most are not currently employed in the field in which they majored. Banking is a common theme, but many are entertainment-related, while others successfully transitioned existing industries to tech-related firms.
Personal background varies. One started working part-time at the one local gas station his family owned.
Determination/drive is a HUGE factor.
The sales aspect of it is big, but not just as relates to selling something. The personality factor that makes people successful in sales is common in all those I know. They know how to relate to people and connect easily with new folks, and they capitalize on those relationships when doing business.
I have a good friend who is worth in the 9 figures, he does not have a degree, but you should have seen him the day his grandson told him he was not going to college. I agree in today's world a degree means a ton.
I used to be in venture capital, and hung out with some very successful people, and while I have met many more than 8, I have probably 6 or so that I can go out to lunch with any time I ask. The ones I do know that do not have degrees, will not hesitate to tell you or anybody else who will listen that everybody should go to college today.
Although I will disagree with the sales factor, sales ability and a good personality help, but I know a couple that are very introverted and have no ability to gets sales, but they have the sense to realize that is a huge weakness for them and they hire people who do have that personality.
Quote:
Originally Posted by Wmsn4Life
They also are very shrewd about who to trust.
This may be the most important part, if I had been better at picking those around me I may have already been in this category, and one day still might, but the people I know with money can seemingly spot the con men in any crowd and it is usually within a few seconds.
I meant to add this to my previous post. I know a good number of millionaires. Even in the case of those who are my closest friends I couldn't tell you their net worth. I have no idea.
I meant to add this to my previous post. I know a good number of millionaires. Even in the case of those who are my closest friends I couldn't tell you their net worth. I have no idea.
How would you even know this?
Because of my jobs, such as being in venture capital, mortgage broker, and tax accountant I have long had access to many people's financial statements. If people trust you than they will tell you exactly what they have. Add to that I hung out with a group of the wealthy people that all worked together in similar lines and they took me under their wing since their kids and grand kids either had no interest or other issues. They never stopped telling me what they had and how they made it, and how I could make it. While I will post that I know some I will never disclose who those people really are, or any other identifying information.
I can understand if your work provides you with that information, but among friends, I find it to be a tacky disclosure.
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