Editor’s note: Money cannot buy happiness, but does wealth not make it easier to enjoy life? And how does one build wealth, is it thanks to getting a university degree? Kenneth Doghudje, a finance expert and the Naij.com contributor, calls into question the benefits of standardised education. What is important, he says, is paying attention to only those things that would be relevant to one.
One of the greatest tragedies of our time is the fact that current schooling is grossly inadequate to aid us in the acquisition of wealth. We spend on the average sixteen years going through primary, secondary and tertiary institutions; yet many people will never be able to amass enough wealth in their lifetime.
I am convinced that this development is part of some grand conspiracy to keep most people in poverty and servitude. Consider the fact that the knowledge of money, perhaps one of the most essential skills needed to succeed in life, is not taught in any schools. Excuse me, but of what use is the study of algebra, trigonometry, neutrons and spirogyra in the outside world today? Is this knowledge going to create wealth? Definitely not!
I cry conspiracy because the educational system in operation in the world today was modeled after the industrial economy of the 1800s and 1900s which has since become outdated. In the United States at that time, the richest men such as Rockefeller, Ford and Carnegie, connived to set up foundations whose vision was to maintain control of the population by controlling their education. This would ensure that large amounts of wealth would remain in their hands.
The educational systems are excellent at churning out employees, not entrepreneurs. They indoctrinate people to do as they are told, minimize making mistakes, and prescribe harsh punishments for any deviations in behaviour. Most importantly, one is not encouraged to challenge or question the status quo or to take risks. Thus, students want to be conformists and see employment as security to be preferred over the freedom to pursue one’s dreams.
Entrepreneurs play where substantial wealth can be created. They are many times non-conformists who question established ways of doing things and challenge the status quo. They think outside the box, are driven to innovate, and are always on the lookout for opportunities to take advantage of. In addition, they are risk-takers. Many have the potential for becoming entrepreneurs but the education system has conditioned them to be employees instead.
Today, there are billionaires who never completed their education. Hugely successful personalities like Bill Gates, Paul Allen, Mark Zuckerberg, Larry Ellison and Michael Dell did not complete schooling in the sense we are accustomed to, by finishing university. Notwithstanding this, they have been able to amass wealth and fortune.
This points to the fact that another type of learning is required; the type that is “non-school,” which equips entrepreneurs with the required skill sets to become wealthy. These lessons are not learned in a structured classroom or curriculum setting; rather, they are learned by investing in continuous personal development, the type that can be found in relevant books and other educational materials.
This type of learning utilizes the best methods for mastering anything which is learning by doing. It advocates taking the plunge, starting that business, taking risks, and steps towards the attainment of your goals. In the course of doing so, mistakes will be made. However, mistakes are tools for learning how to do it better next time. Learning outside the classroom is the avenue by which wealth is acquired.
Peter Bernstein and Annalyn Swan in their book, “All the money in the world: How the Forbes 400 make – and spend – their fortunes,” extensively researched the list of four hundred richest Americans over a twenty-five year period between 1982 and 2006. I was surprised to discover that in 2006, the average net worth of the richest people with a college degree was three billion dollars. Those without a college degree were worth on the average twice as much, nearly six billion dollars!
Clearly, having finished school is not a guarantee of success.
Now that two decades have been spent learning to end up as an employee and using the wrong approach, we must commit to lifelong learning, acquiring relevant knowledge to build wealth using the right approach. Going to school and getting a good job is not the formula for wealth, if it was, then many more people would have been wealthy.
It’s time to learn other things that will cause you to build wealth. You cannot become wealthy without the right knowledge. It’s time to dump what hasn’t produced and replace it with what will produce. It’s time to forget what you’ve learned in school!
Watch Mr Doghudje’s educational video on becoming wealthy and successful:
Kenneth Doghudje is currently the managing director of GfK RT Nigeria, the West-African subsidiary of the fifth largest market research agency in the world. He promotesMoneytalk, a knowledge-based organization committed to dispensing financial intelligence that leads to financial freedom. He also creates money lessons videos on the Youtube channel. Reach out to him on money@moneytalkng.com, or via Twitter @moneytalkng.
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