There is a tragic narrative in the US, which is unless you have money you are not going to make money. This is not new. I remember my dad telling me this as a child. My family did not have much money, so a fate of being economically challenged could have been sealed at an early age. Parents tell this to their children, in most cases, with the best of intentions. The vast majority of people do not become financially successful, parents know this and want to prepare their children for the worst. Robert Kiyosaki, author of the New York Times bestseller, Rich Dad Poor Dad, has said many times that the affluent are only around 10 percent of the population, but they make around 90 percent of the income. Meanwhile, the middle class and poorer groups make around 10 percent of the income, but are around 90 percent of the population.
A few years ago I interviewed Shelly Brady, author of the best-selling book, Ten Things I Learned from Bill Porter: The Inspiring True Story of the Door to Door Salesman Who Changed Lives on my show, the Price of Business. Bill Porter had a fascinating story. Shelly Brady was Porter’s friend and, eventually, personal assistant. Porter was a fishnet at generating business, constantly bringing in new clients with his amazing persistence and empathy for others. He became more than a vendor to the people who bought his home products as a door to door salesman, he became their friend and confidant. Bill Porter was born with cerebral palsy, which affected the way he walked and talked, as well as many other aspects of his life. Dressing properly was important to him, and his mother helped him do so every day until she was no longer able to. He was never able to complete the finishing touches because of his condition, so he cleverly worked out a plan to daily take the bus (he could not drive) and have the people at a local hotel help him out, and he would tip them. Bill went on to becoming one of the greatest salespeople in the history of Watkins Corporation. How did this happen? I asked Shelly Brady and she said it had a great deal to do with Porter’s family of origin. When growing up, his mother affectionately and frequently told him, “You can do anything you put your mind to.” Meanwhile, his father steadfastly informed him, “You are going to have to take care of yourself.” This one-two punch of reminders of inevitable success and required responsibility made great achievement inevitable for this salesman. Porter was obviously physically handicapped, but was entirely capable where it mattered most — the way he thought of himself and his abilities.
Recently I interviewed Jack Kosakowski, President and CEO of Junior Achievement. We talked about the challenges facing the vast majority of young people not born with a silver spoon. The organization’s purpose is “to inspire and prepare young people to succeed in a global economy.“ This is a missing link in the education of most young people. The vast majority of school students never get to meet successful business people. Kosakowski contends that public (and private) schools are always quick to allow Junior Achievement to come in and teach programs. However, there are only so many volunteers and an incredible number of students. As a rule, young people learn to fear failure, as they are protected from loses in most child sports programs. Furthermore, they associate failure as a bad thing because their awareness of it is often limited to the grades they receive. Entrepreneurs, like Robert Kiyosaki, argue that failure should be treated like a game. The more you experience it, the less you fear it. The more you fear it, the less likely one will achieve success.
One of the best books I have read on the “upside” of failure is “Whomever Makes the Most Mistakes Wins.” This title is attributed to John Wooden, when he was coach of the UCLA Bruins. He had the most national championships in NCAA history. Wooden believed that the team that would make the most mistakes would also take the biggest risks, and it is that attitude that leads to victories. That attitude is very contrary to how we think about success and failure.
I know many who have become financially successful, in spite of their family of origins. Success is more dependent on how one thinks than where one came from. Taking a different approach in teaching young people at home and school is crucial in developing a successful generation.