Awesome Book Notes – The Education of Millionaires by Michael Ellsberg

The Education of Millionaires by Michael EllsbergThis awesome book takes a deep look at a bunch of self made millionaires, most of who decided against getting a formal education, and the things they all have in common that brought them to success.

In the end, these things are broken down into 7 Success Skills.

The 7 Success Skills of Self Made Millionaires

Success Skill 1 – How To Make Your Work Meaningful (and make money)

The Main Lesson:

Failure is mandatory, plan accordingly. To learn in the real world, you must fail. You must test your hypothesis and often find that it was wrong (and something else was right). So give yourself the ability to learn (and fail) continuously without getting distracted by things like running out of food. This will lead to a successful hypothesis which can then lead to money through passion.

“Experimentation takes time. It takes money. And it takes room to fall and to fail.”

“Read about it, study it, and frankly, just do it. A lot of it is trail and error. All my experience comes from mistakes. Either making them yourself, or learning form someone else who has. It all counts…Mastery comes from doing. Either do it yourself, or learn it from someone who did.” Victor Cheng

Success Skill 2 – Find Great Mentors & Teachers (build your tribe)

The Main Lesson:

GIVE. Give, give, give; enjoy helping people improve their lives and the world. Give without expectation of getting anything back. Give to your mentors and your tribe, and your tribe will grow.

“You are the average of the five people you spend the most time with. And, on a bigger picture, you are the a reflection of the 20-30 people who give you the best advice” – Jim Rohn & Michael Ellsberg

“This turned out to be the most significant decision in my business career – to find someone who is massively successful and to go work for him.” – Eben Pagan

“Leadership is like a fountain. Imagine the leaders are the water near the top, ready to burst out of the fountain. The water about to burst out is being pushed up by water below it. If you want to succeed, find leaders who are doing amazing things in the world, and push them up. Find powerful people and help them reach their goals. If you’re of service to them, they will be of service back.” – Eben Pagan

“You can have anything you want in life, if you will just help other people get what they want.” – Zig Ziglar

Success Skill 3 & 4 – Marketing & Sales and How to Learn Them

The Main Lesson:

Marketing & sales are the core of any big change in the world. It’s the only way to make a difference or make money. It’s how you make things people want, and it’s how people see that they want what you’ve made. Every great figure throughout history, was a great marketer.

“if you’re serious about financial results in your life – whatever business you’re in, however large or small, and whether you’re an employee or an entrepreneur – you need to become lifelong student of marketing. Period.” – Michael Ellsberg

“Understand that no matter what you’re doing… nothing happens until something gets sold. Ever… The key to making money, and therefore living a life of less stress, is to cause someone to joyfully give you money in exchange for something that they perceive to be of greater value than the money they gave you. The key there is ‘joyfully’.” – Frank Kern

“success is it’s own skill. There’s the skill of the craft. Then there’s the skill of success. It’s an independent education… It takes about the same amount of effort to learn the skill of success as it does to learn the skill of the craft itself. ” – Michael Ellsberg

“In my experience, the skill of success breaks down into three things. The skill of marketing, the skill of sales, and the skill of leadership.” – Michael Ellsberg

“If you can get people who don’t know about you to know about you (marketing), and you can convert them into customers (sales), and once they’re customers, you can lead them from point A to point B, you can accomplish anything on the planet” – Michael Ellsberg

For the ‘How to Learn Them’ check out the how to in success skills 3 & 4.

Success Skill 5 – The Art of Bootstrapping

The Main Lesson:

A key to success is to always learn useful knowledge. Bootstrapping is learning useful knowledge and increasing your cash flow without sacrificing huge amounts of time and money. It’s giving little to learn and make a lot.

“In a world of business, [bootstrapping] is a strategy that involves getting to the point of profitability as quickly as possible – even if the profits are small- and then continually reinvesting profits to fuel growth.”

“The essence of bootstrapping is keeping expenses low, generating income right away, and continually reinvesting as much of that income as effectively as possible into expanding your future income.”

Bootstrapping your knowledge is andragogy. Self teaching.

Success Skill 6 – Build the Brand of You

The Main Lesson:

If people know your name before you meet them, you’re set for success. Decide what you want people to think when they hear your name, and then make it so.

“Great brand, no resume – no problem. Great resume, no brand? Welcome to position #347 of the stack of five hundred equally great resumes” – Michael Ellsberg

“The essence of building your own brand. People having heard of you – and having a positive impression – before you’ve even met them. If you can create that effect, doors open for you. A close second, if that’s not possible, is people getting a good impression of o very quickly when they Google you” – Michael Ellsberg

“If people think ‘trustworthy, confident, intelligent, funny, hip, savvy, and up-and-coming’ when they hear your name, then that is your brand.

If people think ‘wannabe loser’ when they hear your name, then that is your brand.

And if people think absolutely nothing when they hear your name, then you have no brand.” – Michael Ellsberg

Success Skill 7 – The Entrepreneurial Mindset

The Main Lesson:

Be the author of your own life; steer your own ship. Know what you want & how to get there, focus on what value you can give, make big decisions often, learn from every loss (and gain), find others who have achieved your goal and learn from them, never give into fear.

“There’s other people having success in business, and I’m not, they know something that I don’t. So I actually have to learn what it is other people know.” – Joe Polish before becoming a multi-deca-millionaire

“There are two decisions you need to come to in order to be free, and to be more effective. First is that you are not entitled to anything in the world, until you create value for another human being first. Second, you are 100 percent responsible for producing results. No one else. If you adopt those two views, you will go far.” – Dan Sullivan

“They’ve [the millionaires in this book] chosen to do whatever it takes to create the lives that they want, including exercising the effort and initiative to figure out what “whatever it takes” is. What they didn’t do is sit around, waiting for someone else to feed them the answer, give them the right opportunity, make things safe or easy for them.” – Michael Ellsberg

“A man’s real education begins after he has left school. True education is gained through the discipline of life… A man may be very learned and useless… Merely gathering knowledge may be the most useless work a man can do. What can you do to help and heal the world? That is the educational test. If a man can hold up his own end, he counts for one. If he could help ten or a hundred or a thousand other men hold up their ends, he counts for more… When a man is a master of his own sphere, whatever it may be, he has won his degree –he has entered the ream of wisdom” – Henry Ford


Next Steps After Reading This

  1. Go down the list of success skills, from 1 to 7, and find the first one you don’t yet have.
  2. Grab the summary of that success skill in the download below
  3. Read that summary and follow it’s “Next Steps”
  4. Reap the awesome rewards


Here’s the condensed 19 pages of juicy entrepreneurial knowledge: grab it up, and use it well ;)

The Education of Millionaires Sum Up

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