Why do so many people keep having financial issues? I believe that if more people learned the right skills from those who actually understand how to succeed in today’s skills economy, things might be different. If people obtained modern education including high-income skills, business skills, and wealth creation, less people would have financial problems. Why don’t traditional schools teach you about wealth creation, entrepreneurship, money management and passive income? Do they want you to be poor? Does society want you to continuously face financial challenges?
Most traditional educational establishments fail to teach you how to prosper in today’s gig economy. I refer to today’s gig economy as the skills economy or the freelance economy. We are in a new era, and the gig economy is thriving. Traditional education, however, is falling short by not providing education of the modern skills required to get ahead in the skills economy.
Why do so many millennials have financial issues? I believe it’s because their parents and grandparents are feeding them ‘formulas for success’ that are very outdated, because their parents and grandparents are following rules from the industrial age.
Millennials who listen to their parents’ advice are trying to create wealth using an idea that no longer makes sense, because it only made sense in the industrial age.Millennials who listen to their parents’ advice are trying to create wealth using an idea that no longer makes sense, because it only made sense in the industrial age. Click To Tweet
The Industrial Revolution
The 1750s – 1950s was known as the industrial age. In the mid 1700s, the first Industrial Revolution was a major turning point in history. Because of the invention of machines and the transition to new manufacturing processes, work opportunities were abundant. People’s money problems could be solved with new work opportunities. For the first time in history, people who were born poor, could become rich.
Goods could now be mass-produced by machines in factories. The invention of these machines resulted in a need for laborers.
In the industrial age, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford became some of the richest people in the world, because they created machines. They made mass-production possible. In the industrial age, machines equaled wealth.
The industrial revolution allowed the economy to thrive and improved the population’s standard of living by giving poor people an opportunity to earn a living wage. Working conditions in the factories were harsh for most people, but they were at least absolving themselves of money problems.
I want you to imagine the poor farmers in the 1700s, with little shacks to live in. What happened to those poor farmers during the industrial revolution? The industrial tycoons said to the farmers, “Hey, instead of working 14 hours per day on the farm every day, why don’t you come to work in my factory? You’ll only have to work 5 days per week, 8 hours per day. Work for me from 9 – 5, and take the weekends off.”
Imagine being a farmer with financial issues, working 7 days per week under the hot sun, for 12 – 14 hours per day. If someone came along and made you this offer, what would you say? You’d of course say yes. You’d now have less financial issues, and more financial stability.
The Emerging Middle Class
Because of the industrial revolution, the middle class was born. The Industrial Revolution caused a rise in a middle class of people who were not rich, but were also not the poorest laborers in the factory either. The middle class consisted of laborers with special skills, merchants, and mid-level bureaucrats. The middle class emerged due to the new economic opportunities brought forth by the industrial revolution.
At the top of society in the industrial age was the upper class. They were the wealthy people who owned the factories people worked in. They had no financial issues. The upper class did not do manual labor, they just employed factory workers and reaped the rewards that mass-production profited them with. The upper class people who owned the factories had lots of leisure time, and zero money problems.
The lower class were the factory workers, who had no special skills and simply worked the machines as they were told. These workers had no wealth, so they could be in serious trouble if they lost their factory jobs.
For the first time in history, however, having weekends off was the norm. People had leisure time. Working in the factories instead of the farms meant working 7 days per week was unnecessary, and people could enjoy their time off work. Working 9-5 Monday – Friday was the new structure.
The Concept of Retirement
A new, revolutionary concept was born out of the industrial age called retirement. Retirement as a concept was adopted during the Industrial Revolution, when factory workers began to show signs of aging and slowed overall factory efficiency.
Older factory workers weren’t able to work the assembly line as fast anymore. They were slowing down the efficiency of the factories. And so, mandatory retirement became a thing, and retired factory workers were paid monthly benefits.
The Concept of Traditional Education as the Key to Success
Imagine Joe, a factory worker in the industrial age, is approached by his manager. “Joe, you’re doing a great job in the factory,” says his manager. “Why don’t I send you back to school so that you can get some education, and I’ll give you a raise when you get back. You won’t need to work in the factory anymore. Instead, you’ll manage the people who work the machines in the factory.”
Joe would of course get excited by this idea. He goes home and tells his family that he’s going to school so that he won’t have to work in the dirty factory anymore. And, he’ll make more money once he finishes his education, too.
That’s why in the industrial age, parents would say things like, “Kids, if you don’t want to work in a dirty factory like your dad had to, then you’ll have to go to school and get good grades.” Doesn’t this sound familiar? Aren’t we still being told that traditional education is the key to success?
Let’s get back to Joe, the factory worker who went to school so that he could get a raise and a better job. The manager approaches Joe again. “Hey Joe, why don’t you go back to school for two more years. Why don’t you get your MBA? Then I can pay you double. And then you can manage the people, who manage the people, who work the machines.”
So, Joe goes back to school for two more years. And now he’s making twice as much money, in middle-management. Joe tells all his friends how glad he is that he continued his education and got into middle-management at the factory.
So now, parents are telling their children, “Kids, if you go to school for six years instead of four years, do you know what will happen? You’ll skip ahead to middle-management and you’ll get to manage the people who manage the people who work the machines!”
In other words, the key to success in the industrial age, was traditional education. That’s where the concept was born. But that formula for success is outdated now. Today, it might make more sense to skip traditional education. Let me explain.
Is Traditional Education Still the Key to Success in Today’s Economy?
Back in the industrial age, people were taught that they couldn’t succeed without a good job, and that traditional education was the only way to get one. People were taught that a really good job was managing the people, who manage the people, who work the machines at the factories. And they were taught that they need a traditional education to get a job like this, otherwise it won’t be possible.
Go to school, get a good education. That’s what parents told their children. You’ll work 5 days a week, for about forty years, and then when you retire, you’ll be taken care of with a good retirement plan. That’s what the formula for a successful life looked like.
Does that oldschool formula work for most people anymore? No.
Most people have financial issues because they’re trying to create wealth based on an outdated formula for success from the industrial age. Their families are giving them the key to success, based on how things worked in the 1950s, even though we’re in the 21st century.
The old formula is education + graduation + work for 40 years = success
The people who think that this formula still works, often fail to achieve success. They go to college, get a 9-5 job as someone’s employee, and wonder why this formula isn’t working for them. If it’s not working, they often think the answer is to simply get a second job. They’ll even get a third job if they financially need to.
But working two or three jobs is not how to get ahead. This is how to get left behind.
You’ll Keep Having Financial Issues if You Don’t Challenge Oldschool Teachings
Some millennials are still listening to old school teachings, instead of challenging them. They’re being told by their parents, Go to college, then you’ll get a good job. What should raise concern here, is that a “good” job is being portrayed as being somebody’s employee.
A smart young adult would say something to their parents like, “Well that might have worked for your generation. Maybe that’s how it worked when you were entering the workforce, but you didn’t grow up in the gig economy. You don’t know how to succeed in today’s economy. Times have changed”
Why aren’t more youth challenging outdated teachings from the industrial age? The old formula for success couldn’t possibly work in today’s gig economy. The world is changing rapidly. Have you noticed how fast the world is changing? We’re entering into a new age in human history. The people who don’t prepare themselves, or who don’t keep up with the times, might face some serious problems. If you stay behind the times, you could have ongoing, major financial issues.
It’s actually scary how many people don’t understand this. The people who don’t understand that the outdated formula for success no longer works, will continue to face financial issues. Something crazy is happening on my YouTube channel right now, because of a new video that I posted about this issue. The video is exploding with views and comments. After you’re finished watching, ask yourself, “What am I going to do to prepare myself for the new era?” I’ll give you some tips that will help you stay afloat in today’s economy.
Listen to People Who Understand the Modern Economy
The people you should listen to are the people who have figured out a formula for success that works in today’s economy. If you know someone who created wealth in today’s competitive skills economy, that’s who you should learn from. That’s why so many people want to learn from me.The people you should listen to are the people who have figured out a formula for success that works in today’s economy. If you know someone who created wealth in today’s competitive skills economy, that’s who you should learn from. Click To Tweet
Traditional schools will teach you old-school practices that involve being a traditional employee. This means working 9-5 for mediocre pay at a mediocre job. Most of the time, traditional education doesn’t include how to run a business or be your own boss. Traditional schools breed workers, not entrepreneurs or thinkers. And, traditional schools teach you to play it safe – not take risks.
But I want you to think about how important risk-taking is. Wouldn’t you agree that some of the world’s most successful entrepreneurs had to take huge risks? They had to work for free, invest almost every dollar they made back into their business, and give themselves little or no salary. They had to spend money growing their business, without any guarantee that their business would be successful. In traditional education, we aren’t taught to take any such risks. We instead learn to play it safe by being an employee. Some people learn to be a Doctor or a Lawyer – but what about a business owner or an entrepreneur with a high-income skill? Is it really a surprise that some of the most successful entrepreneurs dropped out of school?
Famous Billionaires Who Dropped Out of School
The modern way of thinking is the belief that with or without traditional education, it’s possible to start your own business and create enormous wealth without having gone to college.
Steve Jobs, the billionaire CEO of Apple, dropped out of college. His parents could barely afford the college they sent him to, and after only six months at the school, he quit. He went on to develop the multi-billion dollar company Apple.
Mark Zuckerberg, the billionaire founder of Facebook, is a Harvard dropout. By the time Zuckerberg was a sophomore, he had already invented Facebook, and he dropped out of college to be Facebook’s CEO.
Bill Gates, similar to Zuckerberg, dropped out of Harvard after only two years. Why? To start Microsoft with his childhood friend Paul Allen.
Maya Angelou, the famous author, playwright, and poet, was ultra-successful in her career as a writer, and she did not go to college.
Richard Branson, the billionaire business tycoon known for founding the Virgin Group, quit his formal education. Branson didn’t even finish high school, but still became a billionaire.
The famous Italian fashion designer Giorgio Armani, dropped out of med school because he couldn’t stand the sight of blood. Now he is worth billions of dollars because of his legendary fashion designs.
Stop Following the Traditional Path: It’s Time to Discover Your Modern, High-Income Skill
Don’t forget that the formula for success in the old days (go and get traditional education, then get a traditional job) is laughable today. Why? Because today, you can make significantly more money if you do things the non-traditional way. If you don’t get a traditional job, and you instead become a self-employed success, you’ll quickly figure out that the real formula to success involves being non-traditional.
It’s time to discover your in-demand, modern, high-income skill which will skyrocket you into success. Traditional education is not the answer. Developing a high-income skill is the answer. By taking my free High-Income Skills Quiz, you can find out which high-income skill you’re meant to discover