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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
Big Bucks or Bust
• Many engineering students choose engineering for the salary.
• Jobs are there & $$$ are good.• But are these the best reasons?• Probe money & wealth, but
lesson is one of engagement.• Start with a study of
millionaires.
© David E. Goldberg 2010
So You Want to Be a Millionaire
• How do people become wealthy?• Investing? Real estate? What?• Interesting studies by Thomas
Stanley, Millionaire Mind & Millionaire Next Door:– Study of 733 millionaires.– Looking for common
denominators.• Millionaires didn’t fit stereotypes.
© David E. Goldberg 2010
Thomas J. Stanley
The 4 Dinner-Table Platitudes
• Four things commone to millionaires:– Integrity– Discipline– Social skills– Hard work
• Platitude city.• Sounds like mom and dad harping at you over the
dinner table.• Are these things cause or effect?
© David E. Goldberg 2010
Hidden Lessons behind the Platitudes
• Stanley found hidden lessons behind the platitudes.
• 2 hidden lessons he found:– Vocation or what we call engagement.– Courage or what we call internal locus of
control. • Why are the lessons behind the lessons so
important?
© David E. Goldberg 2010
Hidden Lesson no. 1: Engagement
• Do what you love, $$$ may follow.• Wealth comes as long-term reward:
– Persistence– Patience– Attention to detail
© David E. Goldberg 2010
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
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)
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
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
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
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