Says it all really...

[Mr. Fabulous]

Here's something for you all to think about. In the latest (either) Rich 200 or Young Rich editions of BRW there was mention in one of the articles that only about 40% of the entrants had a University education, with 60% only having a high school education or less (as in not finishing high school). Note: those figures may not be 100% accurate - it's been a while since I read either edition, but I'm quite confident that they are fairly close.
Doesn't back up Stanley's claim in any way (I won't even bother with Kiyosaki's kindergarten analogies) however does give something for people to think about. Not attempting to toot my own horn, but I believe in was an A or B student at school.... only thing is I hated school with a passion and barely paid attention. Ended up passing my VCE by one point. I still remember when I was in Year 10 my science teacher pleading with me to pay more attention in class because he saw a lot of potential for me in that area.
Anyway, my point is in my opinion that high school and university education are very poor indicators of intelligence. Ever since I was at school and beyond I've seen formal education as simply a way for the 'establishment' to keep people thinking a certain way and as a discouragement to free thought. My 'real' education was crafted from my own desire to teach myself about things that truly mattered to me and is one of the most important reasons for why I am on the path to riches today.

 

[Sultan of Swing]

What i also find interesting is that, on Trump's show, Apprentice 3, the street smart group of 9, those that have no college education but have gone out into the real world early, have 3 times the net worth of the book smart group of 9.

Whether the producers manipulated it this why i don't know, but in my opinion its doubtful.

Hmmmm, its just occured to me that maybe the street smarts got a 4 - 6 year head start on the book smarts.

Any thoughts?

Cheers

 

[see_change]

What i also find interesting is that, on Trump's show, Apprentice 3, the street smart group of 9, those that have no college education but have gone out into the real world early, have 3 times the net worth of the book smart group of 9.

Whether the producers manipulated it this why i don't know, but in my opinion its doubtful.

Hmmmm, its just occured to me that maybe the street smarts got a 4 - 6 year head start on the book smarts.

Any thoughts?

Cheers

Most definitely. My wifes receptionist and her husband ( Plumber ) had house and IP almost fully paid off by the time they were in their mid / Late 20's. I was only just setting up my business at that stage.

See Change

 

[shazza]

This has turned into a really interesting discussion.

My 2c - having spent 5 years at university sometimes I think that doing well at uni or school comes down to how well you handle yourself in exams. I saw smart people fall apart under the pressure of exams and do badly (and exams normally make up quite a large part of yearly assessment) and not so smart people like me who could cram study the night before and do quite well. Its no accident that The Apprentice team are being called the 'book smarts' team.

There are all sorts of of intelligence because people learn in different ways - if you learn in a verbal/visual way (rather than say tactile) way you will normally do well in our school system.

I think RK is trying to point out that just because you didnt do well in school doesnt mean you wont do well in business/life.

cheers Sharyn

 

[Merovingian]

My 2c - having spent 5 years at university sometimes I think that doing well at uni or school comes down to how well you handle yourself in exams. I saw smart people fall apart under the pressure of exams and do badly (and exams normally make up quite a large part of yearly assessment) and not so smart people like me who could cram study the night before and do quite well.

For that reason, I became quite apathetic towards the whole university assessment thing. My friends were receiving distinction after distinction, while I was receiving credits and passes, even though I tried...

Eventually I just didn't care anymore about the grades I got, just as long as I passed, I put a decent effort in, (which I always did), and most of all graduated, which I did. I knew that whatever my grades were, it wasn't going to help me become financially independent, (which I think is [one of] the most important things in this money-driven world we live in).

There are all sorts of of intelligence because people learn in different ways - if you learn in a verbal/visual way (rather than say tactile) way you will normally do well in our school system.

I think RK is trying to point out that just because you didnt do well in school doesnt mean you wont do well in business/life.

I agree with that.

I took an IQ test, (an "Intelligence Quota" test), when I was in primary school, and I remember that it was mainly problem-solving and memory tests. Yes, these skills are vital, but I think there is a lot more to "intelligence" than being able to solve problems and remember things. For example, how receptive one is under emotional pressure; how well one can communicate ideas effectively; how quick it takes for one to grasp a new concept; and how well one can solve problems under difficult conditions; etc...

Anyhow, rambling mode: off.

 

[Sunfish]

"I took an IQ test, (an "Intelligence Quota" test), when I was in primary school, and I remember that it was mainly problem-solving and memory tests. Yes, these skills are vital, but I think there is a lot more to "intelligence" than being able to solve problems and remember things. For example, how receptive one is under emotional pressure; how well one can communicate ideas effectively; how quick it takes for one to grasp a new concept; and how well one can solve problems under difficult conditions; etc..."

I'm good at tests. IQ tests included. Does that mean I'm intelligent?

I do know there are many guys "dumber" than I with degrees but what I find sad is the few guys I've met who are much smarter than I who have no qualifications. Without an intelectually demanding profession they do not do as well, financially, as your middle 30%.

It is a personal thought of mine that most good salesmen come from that middle 30%.

T

 

[Olly]

Anyway, my point is in my opinion that high school and university education are very poor indicators of intelligence.

I wholeheartedly agree. Here is just one experience that enforces my opinion. A few jobs back I worked with a lady who was terribly proud of her son who topped everything at school, was Dux etc. Anyway, he came in to do some work experience (forklift industry) and what a bloody twit he was. No real thinking ability/common sense of his own. The guys out the back had the time of their lives sending him off to get red & white striped paint from the spray painter and half a dozen bright sparks from the welder, a left handed screwdriver from one of the mechanics and so on. The mother was a nice lady and a friend of mine and I ended up telling her to put a stop to it. She was so embarrassed.

In the company I'm with at the moment we have uni degreed managers who are considered 'green & naive', lacking in knowledge, heads in the clouds planning yet another new scheme we know won't work, basically - clueless!, while the managers that have worked their way up through the ranks with no degrees, get the job done, are strong leaders, have our respect, make sound decisions and money for the company and so on. I've seen it time and time again.

While I respect the time and effort that it takes to do a uni degree it really isn't a true indicator of real 'nouse'. My daughter has just finished a degree and is about to do another one which will qualify her as a teacher. At 24 she laments at being one of the oldest students in the class (except for mature age students), because she's been working full time while doing her degree and it's taken longer. I say, thank God, she's got street smarts, work experience and natural ability to back her up as well.

Cheers
Olly

 

[asdf]

I did 5 years at uni, then made more money from IP in last 15mths than I did from my high paying PAYE job in the last 5 years. Go figure! I did subjects in property and trust law, direct and indirect taxation and majored in accounting but I still learnt more reading these forums than I did back at uni. Agree that street smarts and academic smarts are two completely different things. I see a lot of my friends in the same position, all professionals earning huge salaries but still struggling to purchase assets. Thank god I started thinking outside the norm. I was only a credit and pass person but now I hit these "brains" for advise on specific areas of their specialties. I think uni provides a person with discipline and tools to teach themselves, not necessarily practical knowledge to be wealthy. So you guys without a degree, you've already got 3-5 years head start on the rest of us who do.

 

[quiggles]

IMNSHO, a lot of this misses the point.

It's not about education vs smarts.

You can be smart without and education and have an education without being smart. Or you can both or neither. But you won't succeed, no matter what the combination, unless you find something you're good at, parlay that into a long term strategy and make something of it.

Generally speaking, if you are both uneducated and not so bright (sensible, whatever) the odds are against you. Anthing else and you may strike gold, whether as a fruit merchant, a salesman or an exec on a high paying plan.

But seriously, find me the successful execs these days who don't have both smarts and education.

And one point about the young rich. Let's not forget the part inheritance plays - and I'm not talking genetics. You can be rich without intelligence, education or effort, as long as daddy did it for you.

[Name of company director who recently pleaded guilty to various corporate crimes], where are you now?

 

[caramellokoala]

My 2 cents worth....

I consider myself uneducated - ie no tertiary education - and I also consider myself not too bright, IQ wise, but I had a fire in my belly when it came to investing in real estate.

I get frustrated when it comes to borrowing money because when you work for a boss there is only so much you can earn.

I try to instill into my kids that a degree is no burden to carry, especially with the education they already have in investing. Hopefully it will give them a few more choices and a greater borrowing capacity. After all its not how much you earn but what you do with what you earn that makes the difference.

CK

 

[LucasK]

If I'm really dumb 90% of the year then use never-seen-before revolutionary methods to cheat during exams (such as installing a nanocomputer to send digitised images into a contact lens in my eyes), does that make me street-smart, or book-smart?

 

[geoffw]

It was a male- of a variety attractive to the female gender- or so I'm told.

The applicant certainly is attractive to the opposite gender- several of the female staff members were quite amazed that other female staff members did not find him "hot".

 

[Kenny]

The applicant certainly is attractive to the opposite gender- several of the female staff members were quite amazed that other female staff members did not find him "hot".

Feeling some competition for the undivided attention of the staff, Geoff?

*Kenny ducks for cover*

 

[geoffw]

Feeling some competition for the undivided attention of the staff, Geoff?

In the "hot" stakes (and I dont mean hot steaks) I'm pretty close to absolute zero.

 

[agent 86]

In the "hot" stakes (and I dont mean hot steaks) I'm pretty close to absolute zero.

Geoff,

Going by your past writings I would of thought sub zero.

A86

 

[Aceyducey]

I agree. Some of the most successful and wealthy people in the world have become so while being illiterate or dyslexic. As seems to be the common theme with those associated with success, it's all about surrounding yourself with the right people. Possibly backs up the theory that "it's not what you know, but who you know".

I agree!

One of the best ways to become successful is to dislexic besome anb forged whow too reed or right

Cheers,

Aceyducey

(Though not many currently illiterate dyslexics contribute actively to this forum thank Dog!)

 

[agent 86]

Acey,

Good to see you back.

WTF is Filibuster under your name mean.


A86

 

[Les]

G'day agent86,

Thanks for drawing attention to that (I hadn't noticed it before).

A filibuster is a Yank invention used in their higher levels of government. Without looking it up to find the TRUE definition, it basically means that any dude who stands up in their Congress (parliament, whatever) is allowed to CONTINUE talking until they are forced by themselves (by nature, orwhatever) to shut up. Some famous cases have gone on for MANY hours (days, even??)

This is free speech on steroids

Still working on how this applies to you, Acey

Regards,

 

[agent 86]

G'day agent86,

Thanks for drawing attention to that (I hadn't noticed it before).

A filibuster is a Yank invention used in their higher levels of government. Without looking it up to find the TRUE definition, it basically means that any dude who stands up in their Congress (parliament, whatever) is allowed to CONTINUE talking until they are forced by themselves (by nature, orwhatever) to shut up. Some famous cases have gone on for MANY hours (days, even??)

This is free speech on steroids

Still working on how this applies to you, Acey

Regards,

Les,

The only other meaning could find was ...

An adventurer who engages in a private military action in a foreign country.




What did you get up to Acey!

A86

 

[geoffw]

Good to see you back.

WTF is Filibuster under your name mean.

A typo in that first sentence would have been a bit off- an "r" after the "u" would have changed the meaning considerably

From www.dictionary.com

fil·i·bus·ter
1 a The use of obstructionist tactics, especially prolonged speechmaking, for the purpose of delaying legislative action.
b An instance of the use of this delaying tactic.
2 An adventurer who engages in a private military action in a foreign country.

If Acey is rfeferring to his post count, I'm sure I'm far better qualified