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Money goldberg

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Money, Work & You: Shifting from Wealth to Engagement David E. Goldberg Illinois Foundry for Innovation in Engineering Education University of Illinois at Urbana-Champaign Urbana, Illinois 61801 [email protected] © David E. Goldberg 2010
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Page 1: Money goldberg

Money, Work & You:Shifting from Wealth to Engagement

David E. GoldbergIllinois Foundry for Innovation in Engineering EducationUniversity of Illinois at Urbana-ChampaignUrbana, Illinois [email protected]

© David E. Goldberg 2010

Page 2: Money goldberg

Big Bucks or Bust

• Many engineering students choose engineering for the salary.

• Jobs are there & $$$ are good.• But are these the best reasons?• Probe money & wealth, but

lesson is one of engagement.• Start with a study of

millionaires.

© David E. Goldberg 2010

Page 3: Money goldberg

So You Want to Be a Millionaire

• How do people become wealthy?• Investing? Real estate? What?• Interesting studies by Thomas

Stanley, Millionaire Mind & Millionaire Next Door:– Study of 733 millionaires.– Looking for common

denominators.• Millionaires didn’t fit stereotypes.

© David E. Goldberg 2010

Thomas J. Stanley

Page 4: Money goldberg

The 4 Dinner-Table Platitudes

• Four things commone to millionaires:– Integrity– Discipline– Social skills– Hard work

• Platitude city.• Sounds like mom and dad harping at you over the

dinner table.• Are these things cause or effect?

© David E. Goldberg 2010

Page 5: Money goldberg

Hidden Lessons behind the Platitudes

• Stanley found hidden lessons behind the platitudes.

• 2 hidden lessons he found:– Vocation or what we call engagement.– Courage or what we call internal locus of

control. • Why are the lessons behind the lessons so

important?

© David E. Goldberg 2010

Page 6: Money goldberg

Hidden Lesson no. 1: Engagement

• Do what you love, $$$ may follow.• Wealth comes as long-term reward:

– Persistence– Patience– Attention to detail

© David E. Goldberg 2010

Page 7: Money goldberg

Hidden Lesson No. 2: Courage

• Many of Stanley’s millionaires had the courage – To take a risk.– To be self employed.– To persist in face of failure.– To persist in the face of criticism.

• What makes a person courageous?

© David E. Goldberg 2010

Page 8: Money goldberg

Psychologists Have Studied

• Julian Rotter’s (1954, 1966) studies of locus of control (LOC):– Internal: Are you driven

internally?– External: Are you driven by

others?• Part of a larger expectancy value

theory.• Behavior is determined, not by

size, of reward, but by beliefs about results of behavior.

© David E. Goldberg 2010

Julian Rotter (1916-1987)

Page 9: Money goldberg

Why Does LOC Matter?

• Locus of control matters because– Success sometimes requires going against the crowd.– Success requires you to be in tune with your intuition and

reasoning.• Psychologists study learned helplessness (M.

Seligman).• What about learned courageousness?• Beauty of courage:

– May or not make a million.– Confident and realistically sure of yourself.

© David E. Goldberg 2010

Page 10: Money goldberg

Spending-Earning Impedance

• Matching time-flyers to employment important.• Matching style of earning to spending, spending-

earning impedance, is too.• Any EEs? What is an impedance match?• Want your spending and earning to be in tune.• Earn in clumps or trickles.• Spend as high, low, or no roller.• Which are you.

© David E. Goldberg 2010

Page 11: Money goldberg

Bottom Line

• Don’t forget about $$$$, but don’t obsess over them.

• Match engagement to life activity.• Learn to be courageous.• Understand you & handling of money.• Live happier, perhaps wealthier, life.

© David E. Goldberg 2010

Page 12: Money goldberg

Money, Work & You:Shifting from Wealth to Engagement

David E. GoldbergIllinois Foundry for Innovation in Engineering EducationUniversity of Illinois at Urbana-ChampaignUrbana, Illinois [email protected]

© David E. Goldberg 2010


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