Chapter Five - LESSON 5: THE RICH INVENT MONEY
Often in the real world, it’s not the smart who get ahead, but the bold.
Last night, I took a break from writing and watched a TV program on the history of a young
man named Alexander Graham Bell. Bell had just patented his telephone and was having
growing pains because the demand for his new invention was so strong. Needing a bigger
company, he then went to the giant at that time, Western Union, and asked them if they would
buy his patent and his tiny company. He wanted $100,000 for the whole package. The
president of Western Union scoffed at him and turned him down, saying the price was
ridiculous. The rest is history. A multi-billion-dollar industry emerged, and AT&T was
born.
The evening news came on right after the story of Alexander Graham Bell. On the news was
a story of another downsizing at a local company. The workers were angry and complained
that the company ownership was unfair. A terminated manager of about 45 years of age had
his wife and two babies at the plant and was begging the guards to let him talk to the owners
to ask if they would reconsider his termination. He had just bought a house and was afraid of
losing it. The camera focused in on his pleading for all the world to see. Needless to say, it
held my attention.
I have been teaching professionally since 1984. It has been a great experience and a
rewarding one. It is also a disturbing profession, for I have taught thousands of individuals
and I see one thing in common in all of us, myself included. We all have tremendous
potential, and we all are blessed with gifts. Yet the one thing that holds all of us back is
some degree of self-doubt. It is not so much the lack of technical information that holds us
back, but more the lack of self-confidence. Some are more affected than others.
Once we leave school, most of us know that it is not so much a matter of college degrees or
good grades that count. In the real world outside of academics, something more than just
grades is required. I have heard it called many things; guts, chutzpah, balls, audacity,
bravado, cunning, daring, tenacity, and brilliance. This factor, whatever it is labeled,
ultimately decides one’s future much more than school grades do.
Inside each of us is one of these brave, brilliant, and daring characters. There is also the flip
side of that character: people who could get down on their knees and beg if necessary. After
a year in Vietnam as a Marine Corps pilot, I got to know both of those characters inside of
me intimately. One is not better than the other.
Yet as a teacher, I recognized that it was excessive fear and self-doubt that were the greatest
detractors of personal genius. It broke my heart to see students know the answers, yet lack
the courage to act on the answer. Often in the real world, it’s not the smart who get ahead,
but the bold.
In my personal experience, your financial genius requires both technical knowledge as well
as courage. If fear is too strong, the genius is suppressed. In my classes, I strongly urge
students to learn to take risks, to be bold, and to let their genius convert that fear into power
and brilliance. It works for some and just terrifies others. I have come to realize that for
most people, when it comes to the subject of money, they would rather play it safe. I have
had to field questions such as: “Why take risks?” “Why should I bother developing my
financial IQ?” “Why should I become financially literate?” And I answer, “Just to have more
options."
There are huge changes up ahead. In the coming years, there will be more people just like
the young inventor Alexander Graham Bell. There will be a hundred people like Bill Gates
and hugely successful companies like Microsoft created every year, all over the world. And
there also will be many more bankruptcies, layoffs, and downsizings.
So why bother developing your financial IQ? No one can answer that but you. Yet I can tell
you why I myself do it. I do it because it is the most exciting time to be alive. I’d rather be
welcoming change than dreading change. I’d rather be excited about making millions than
worrying about not getting a raise. This period we are in now is a most exciting time,
unprecedented in our world’s history. Generations from now, people will look back at this
period of time and remark at what an exciting era it must have been. It was the death of the
old and birth of the new. It was full of turmoil, and it was exciting.
So why bother developing your financial IQ? Because if you do, you will prosper greatly.
And if you don’t, this period of time will be a frightening one. It will be a time of watching
some people move boldly forward while others cling to worn-out life preservers.
Land was wealth 300 years ago. So the person who owned the land owned the wealth. Later,
wealth was in factories and production, and America rose to dominance. The industrialist
owned the wealth. Today, wealth is in information. And the person who has the most timely
information owns the wealth. The problem is that information flies around the world at the
speed of light. The new wealth cannot be contained by boundaries and borders as land and
factories were. The changes will be faster and more dramatic. There will be a dramatic
increase in the number of new multimillionaires. There also will be those who are left
behind.
I find so many people struggling today, often working harder, simply because they cling to
old ideas. They want things to be the way they were, and they resist change. I know people
who are losing their jobs or their houses, and they blame technology or the economy or their
boss. Sadly, they fail to realize that they might be the problem. Old ideas are their biggest
liability. It is a liability simply because they fail to realize that while that idea or way of
doing something was an asset yesterday, yesterday is gone.
One afternoon I was teaching how to invest using a board game I had invented,
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