In our quest to find out why educated people become poor in life, we share with you two main reasons why so many well educated and talented people are unable to make a decent living for themselves.
Instant Gratification Vs Delayed Gratification
You get poorer or richer one decision at a time. If you own an iPhone but can hardly pay for internet subscription, you are making yourself poorer. The richest black man in the world bought himself a private jet worth $45 million at the age of 53, but he was worth over $10 billion and it took him 30 years to get to that status. Now think about this; what is the faction of the price of his jet to his net worth? Well, it’s equivalent to someone worth Ghs 10,000 spending Ghs 45 on a toy. Not so extravagant right? Now you see why it’s not smart to spend Ghs 750 on a phone, when all you are worth is Ghs 2,000?
There are two paths we can take in any given situation; the path of avoiding pain in the moment and the more difficult path of delaying pleasure for a bigger purpose in future. According to researchers at Temple University, and several other research institutions, the ability to delay gratification is one of the most effective personal traits of successful people. Educated people end up poor or coast a little above poverty when they cannot delay pleasure for future benefits.
They mistake Schooling for Education
Schooling is a destination to certification. Education is not a destination; it is the process of seeking and acquiring the knowledge and skill to navigate your environment. Education isn’t what you get in classroom. It is what you learn in your daily life. The last time most people read a book was to write an exam and not for the sake of education.
Whatever fields of endeavor you are in, you need to understand necessary skills to get the job done. Failure is often the result of reaching for something without having the necessary education to make it happen. If you are educated but cannot get your financial life together; that means you lack the education to make that part of your life to work. The problem is that most educated people are too arrogant to learn what they don’t understand.
While most educated people rely rather too much on their academic qualification to get through life, people who become successful continuously invest in themselves to know what they don’t know.
Finally, remember this saying from Jim Rohn, Formal education will make you a living; self education will make you a fortune. You choose.
Credit: Ifeoma Chime