100 Things Millionaires Do by Nigel Cumberland

Author:Nigel Cumberland
Language: eng
Format: epub
Tags: -
Publisher: Quercus
Published: 2019-08-23T16:00:00+00:00

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BE EDUCATED NOT ENTERTAINED

‘Wealthy people have one TV and many books. Poor people have many TVs and no space for books.’

Do you spend your evenings watching TV or reading? How many non-fiction books, journals and magazines do you read in a month? It’s never been studied but I’d bet there’s a correlation between reading and becoming wealthy. Every billionaire I’ve ever known stresses the importance of learning and reading in their success.

• Li Ki-Shing has spoken about knowledge determining your fate. He should know; born into poverty, he has become one of the world’s richest individuals.

• Bill Gates said that ‘reading fuels a sense of curiosity about the world, which I think helped drive me forward in my career and in the work that I do now with my foundation’.

• Richard Branson advises: ‘Read what others have done, take what works for you and adapt it into your own life’.

But as well as informal lifelong learning, should you go back to formal education to help you become richer? Studies do show that university graduates earn more than school leavers. In the US, a 2014 Pew Research Center study concluded that the ‘median yearly income gap between high school and college graduates is around $17,500 [per annum]’. A UK Department for Education study concluded that ‘in 2016, working age (aged 16–64) graduates earned on average £9,500 more than non-graduates [per annum], while postgraduates earned on average £6,000 more than graduates [per annum]’.

This extra average salary might appeal to you, but it does vary widely by degree subject and the additional income doesn’t, on its own, guarantee that you’ll achieve financial freedom.

Perhaps the final word here is the fact that many of today’s super-rich left school at 16 or 18 while others quit university before graduating!

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