By Bill Quain
This is the third column in a series that I began after returning from my 50th college reunion. I’d encourage my readers to look back over the past few weeks and join in on the conversation. We’re talking about a subject that no one seems to want to talk about – money! But it’s more than just finances. We’re talking about the real reasons for making and keeping money – so that you can get to the really important stuff in your life.
This week, I’m going to continue to draw on the book “The Algebra of Wealth,” by Scott Galloway. I’ll be adding a lot of my own insights and experiences. So get comfortable (or maybe just a little uncomfortable), and let’s talk some common sense.
Take a look at this week’s title. I’m sure you’ve all heard that money can’t buy happiness, right? Well, it just isn’t true.
As Galloway points out, middle-class people are happier than lower-income people, and rich people are happier than people in the middle class. Importantly, however, there is a point of diminishing returns. At some point, having or making more money doesn’t make you happier. Everyone needs to decide where this point is for them and their families. But, let’s face it, most people in America have not reached that point yet. So let’s talk about making more of the green stuff because you deserve to be happier!
Fighting because there’s too much money?
We all know that money is the No. 1 reason for couples to fight. Poor people are twice as likely to get divorced compared to wealthy couples. But what are they fighting about?
Are they fighting because there is too much money? Does he come home at night and yell, “Honey, you left the hundred-dollar bills all over the living room last night. I specifically asked you to put them away with our gold bars!”
Not likely. Couples fight when there isn’t enough money, and when one of them is blaming the other.
You see, in our society, we don’t talk about money. Robert Kiyosaki, the author of “Rich Dad Poor Dad”, subtitled his book “What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not”.
Colleges do talk about money, but…
As a college professor, I can tell you that we talk about money at almost every faculty meeting. We talk about how we need more students because we can’t pay our bills. We talk about how the state isn’t giving us enough money. Our union is always talking about giving raises across the board, with little mention of who actually deserves it! Plus, we are always talking money to our students, with endless promos about how college is a great investment.
Surprisingly, we don’t talk to our students about how to actually make and keep money. Oh, in the business schools, we talk about how to make other people money. Except for a very few courses (like my Make Money & Pay It Forward course at Stockton University), we don’t teach our students a thing about how to become personally wealthy.
Yet, everyone knows the importance of having money. There isn’t a single faculty member or administrator who isn’t thinking about money constantly, either for themselves or for the school. However, most students go through an entire college curriculum without once ever learning how to build personal wealth.
What will your average salary be?
Oh, wait… we do talk to our students about the average salary a college graduate can make, depending on what their major is. We focus on how to get a good job. However, as I discussed in last week’s column, we shouldn’t be training students to get a job. We should be teaching them how to become successful – especially financially successful.
Whatever happened to the American Dream?
In America, we used to have a thing called “The American Dream.” Our citizens learned to seize the opportunities that are everywhere in this country. However, we didn’t promote those opportunities for opportunity’s sake. In other words, the American Dream wasn’t aimed at getting a better job. The aim was to become independent, responsible, competent, confident, and optimistic. It was meant to build a community of people just like that!
Your GPA won’t impress a CPA
After my column “Anyone Seen My Last 50 Years,” I heard from a number of readers, including my cousin Tom and my college classmate Bob. Both men are very successful and had similar thoughts about my terrible GPA from college. Tom commented that nobody cared about your GPA, then or now! Bob said it wasn’t his GPA that was a problem when he went job hunting — it was his long hair! So, what did Bob do? He cut it!
At most colleges today, the emphasis is far too much on the GPA. Students take courses to check them off on their way to a degree. We need to turn this around ASAP and emphasize the dream of becoming financially sustainable.
As always, I’d love to hear your thoughts about my column. Send me an email to bill@quain.com. As I say each week, “I’ll see ya’ in the papers!”
Bill is a Professor in Stockton University’s Hospitality Management Program. He is the author of 27 books, and a highly-respected speaker. Even though he is almost totally blind, Bill is a long-distance runner and runs the Ocean City Half Marathon each year. He lives in Ocean City with his wife Jeanne, and his Guide Dog Trudy. Visit www.billquain.com or email him at bill@quain.com.
