This is a 60 minute documentary series by the BBC -one of the surviving bastions of true journalism in my opinion. It tells the story of those behind and in front desk of a growing economy of knowledge training and 'wealth skills'. In true journalistic fashion, it retells the story as it is for the trainers ,the average Joe consumers and those who truly did become wealthy by using the mantra.
The Book 'Rich Dad; Poor Dad' sits in the centerstage of many of the wealth training aficandos. It is read with fanatic zeal that borders on the religious reverance. Halfway through the documentary did I remember, I have read the book too! I did it when I was 18 or so, and I remember clearly being impressed by the ideas. So much so that I rung up my best friend and asked him to read it. Then, even more strangely, I drove to his house and dropped off the book. Needless to say given the usual friends I have, he did not read it.
Why was I so impressed by the book? Perhaps because it validated what I have seen and been taught by people around me. My dad was a true entrepreneur, and like many of the 'wealth experts' that rake millions in speaker fee, he somewhat even despise being 'too educated'. This contrasted with what I saw at school. Every other kid was preoccupied with education, grades and career, as early as end of O Level's.
So this book did give a lot of credance to the idea that moneymaking goes best when uninhibited by preoccupation with being in office jobs. I have been seeing it since childhood.
But now, when I see this video after having completed my formal education in a medical school I see a different picture.
I see the speakers luring people into paying heavy fee (definitively; upfront), by showing them a prospects of a luxury living (mere prospect; distant).
The main market of such trainers are people disenchanted by the standard education model (middle school, high school, college). Getting wealthy will always be something everyone will desire, and working for it will be something everyone will despise. But this model seems to have narrowed down on a demographic that would likely bring the maximum revenue.
There can be two reasons for someone to struggle in school. Either A: the schooling does not bring in their best potential, or B: they do not have the neccessary talent/capabilities to excel in school. The speakers want people to believe, that the reason they sucked at school, is never option B.
I am absolutely certain that they are being dishonest about it. They do not want to push away potential audience by telling them to build more talents or capacities. They instead want to validate people in their beliefs and use it to fund their own spree of fanciful training sessions across the country.
Many of the core wisdoms are true financial maxims. Every person, top scorer or school dropout, must understand them and be financially informed. The only way a healthy financial education discourse can replace the existing dichotomy between 'book-wise' and 'money-wise' is to take it back to schools, and have a solid curriculum in financial education included. Schools and their curricula are monitored and are accountable. They have to respond to changes in society and markets. They ahve to remain truthful and honest. Financial gurus do not run their shops primarily for the interest of the population. They have to fund themselves foremost, and as part of their aura of success, have to do it by living it large.
Let's take it back to schools. Make them more accessible and open, and their curricula more robust and inclusive. That is what should be making the next generation of millionaires.
