 The three outdated rules of money only poor people keep. So I run a media company but whenever I want to tell people what we do, I look for the right words to explain but never get any because what most people know as a media company has always been print media, radio or television even though the real media has moved from these old channels. The same thing happens all the time. People keep on the old ways of thinking long after there's a new way. The reason I suppose is because human minds have the status quo. The rules to create wealth or at least to have some financial success has changed significantly in recent time but most people still keep living in yesterday and so they are likely to be poor. In today's video, I'll try and share with you three of the outdated rules of money which most people still follow. If you're new here, consider subscribing so that you won't miss other interesting videos like this. Degree holders are the potential millionaires. Someone once told me in an online conversation that a degree holder is a potential millionaire. Maybe that was true in the past but I'm sorry, that's no longer true. While education will always be very important, the kind of education that is relevant will always be changing. The school was a great invention, designed for an industrial age and it served its purpose quite well. Most jobs used to be what only humans can do and because of this, companies used to need so many people to do these work. The number of people who had degrees used to be small so there were usually hot cakes for the employers who needed them. Today, almost everyone has a degree so there is this massive competition for jobs and who doesn't know that when the supply of a thing is greater than its demand, the price would fall. Add this to the equation. Just about 80 years ago, the world's population was only around 2 billion while today were 7.5 billion, again the massive competition for jobs. Just as if these are not enough headache, for those who need jobs, we wake up every day to think about how to automate work. What this means is that we hate seeing humans doing what machines can do. Why pay humans every month if we can buy software or machines once and use it forever? Those are the problems with the university degrees. It gives education about how to get jobs in a world where competition for the job is too high. Then someone would ask me, are you speaking against education? Then I will answer no. I'm advocating for the right education. To me, teaching people how to get jobs in a world where millions of people are unemployed or underpaid doesn't make sense. Then you'll have another question. Can everyone be an entrepreneur? Again, the answer is no. Not everyone can be an entrepreneur. But we're killing entrepreneurs every day and that's the real problem. While not everyone can be an entrepreneur, we have a school system that conditioned every kid to like jobs. As a result of that, most people who have the potential to become great entrepreneurs who build great companies that employ others are out there looking for a job because they were never trained to build companies. And while you might think that you don't have what it takes to build companies, you do have what it takes to understand how money works. Everyone can learn how money works. Anyone can have financial education. Anybody can learn how to make money work for them. But if you're like most people who think their degrees make them educated, you won't seek financial education and that is the reason why most people are poor. Hard work makes you rich. Most of the work in the world used to be physical labor and because of this, hard work used to mean that you can do hard labor for many hours. Today, the hard work is the work of the mind and it doesn't have much to do with your muscles, but most people still live in yesterday. Henry Ford said, thinking is the hardest work and that's why most people don't do it. In today's world, those who amass great wealth are those who can think hard, not necessarily those who can do hard labor. This is not to rubbish the importance of working hard. It's only to show you that the hardest work you can do today is to think hard and for you to be able to do this well, you'll have to know how to give your mind the materials to work with. You can't think good thought except you have good knowledge because knowledge is the raw material your mind relies on to produce thoughts. That's why I always advocate reading books. You have to read good books to have better insights that can help you to make decisions others wouldn't make. I know so many people, but unfortunately only very few people read books after school. I think this is another great harm our school system does for people and it's caused by the certificate. This is what I mean because most people have been conditioned since they were kids to read because of tests and exams and to get some degree in return for their reading when they get out of school they simply wonder why they would have to read for no immediate reward since reading financial or self-help books won't give you any degrees. Why bother? Your mind is your most important asset to create wealth in this age and to be able to use your mind productively you have to nurture your mind and invest in acquiring good knowledge. Businesses require a lot of money. Building a business usually requires so much money and the reason is that it used to be block and mortar. Building a business usually meant that you will have to rent an expensive office, manufacture some products, need raw materials and tons of people to work in a factory, but that was then. Today, anyone willing to start a business can leverage on the existing technologies to build a business from scratch but most people are still living in yesterday. They want to build Tesla and Apple. No, Elon Marks didn't start his business career with an industry that's money-thirsty like automobile or space. He started by leveraging existing technologies to build x.com, then PayPal but of which were easier to build than SpaceX. Are you planning to create wealth by building a business? Stop looking at the old outdated way of doing it. For example, I have a media company and what that means is that in my country you'll have to spend hundreds of thousands of dollars to get license and pieces of equipment. So if you are not bloody rich, you can't build a media company. Well, we boycott all that nonsense by using the internet. With the internet, the regulators are too stupid to understand how to sell licenses, at least for now, because they don't understand the internet. Stop thinking about the old ways. Stop following the outdated rules of money. You might go to university but don't think it will make you rich. You need to work hard but what working hard means has changed. It's now about how hard you can use that thing between your two ears. If you want to start a business and you think money is the reason why you don't start, maybe the real reason is that you're too lazy to learn how to leverage on many powerful technologies that are available for free. So if you like this video, don't forget to subscribe. We love you.