Money, Work & You: Shifting from Wealth to Engagement David E. Goldberg Illinois Foundry for Innovation in Engineering Edu...
Big Bucks or Bust <ul><li>Many engineering students choose engineering for the salary. </li></ul><ul><li>Jobs are there & ...
So You Want to Be a Millionaire <ul><li>How do people become wealthy? </li></ul><ul><li>Investing? Real estate? What? </li...
The 4 Dinner-Table Platitudes <ul><li>Four things commone to millionaires: </li></ul><ul><ul><li>Integrity </li></ul></ul>...
Hidden Lessons behind the Platitudes <ul><li>Stanley found hidden lessons behind the platitudes. </li></ul><ul><li>2 hidde...
Hidden Lesson no. 1: Engagement <ul><li>Do what you love, $$$ may follow. </li></ul><ul><li>Wealth comes as long-term rewa...
Hidden Lesson No. 2: Courage <ul><li>Many of Stanley’s millionaires had the  courage   </li></ul><ul><ul><li>To take a ris...
Psychologists Have Studied <ul><li>Julian Rotter’s (1954, 1966) studies of locus of control (LOC): </li></ul><ul><ul><li>I...
Why Does LOC Matter? <ul><li>Locus of control matters because </li></ul><ul><ul><li>Success sometimes requires going again...
Spending-Earning Impedance <ul><li>Matching time-flyers to employment important. </li></ul><ul><li>Matching style of earni...
Bottom Line <ul><li>Don’t forget about $$$$, but don’t obsess over them. </li></ul><ul><li>Match engagement to life activi...
Money, Work & You: Shifting from Wealth to Engagement David E. Goldberg Illinois Foundry for Innovation in Engineering Edu...
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Money goldberg

  1. 1. 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_address] © David E. Goldberg 2010
  2. 2. Big Bucks or Bust <ul><li>Many engineering students choose engineering for the salary. </li></ul><ul><li>Jobs are there & $$$ are good. </li></ul><ul><li>But are these the best reasons? </li></ul><ul><li>Probe money & wealth, but lesson is one of engagement. </li></ul><ul><li>Start with a study of millionaires. </li></ul>© David E. Goldberg 2010
  3. 3. So You Want to Be a Millionaire <ul><li>How do people become wealthy? </li></ul><ul><li>Investing? Real estate? What? </li></ul><ul><li>Interesting studies by Thomas Stanley, Millionaire Mind & Millionaire Next Door : </li></ul><ul><ul><li>Study of 733 millionaires. </li></ul></ul><ul><ul><li>Looking for common denominators. </li></ul></ul><ul><li>Millionaires didn’t fit stereotypes. </li></ul>© David E. Goldberg 2010 Thomas J. Stanley
  4. 4. The 4 Dinner-Table Platitudes <ul><li>Four things commone to millionaires: </li></ul><ul><ul><li>Integrity </li></ul></ul><ul><ul><li>Discipline </li></ul></ul><ul><ul><li>Social skills </li></ul></ul><ul><ul><li>Hard work </li></ul></ul><ul><li>Platitude city. </li></ul><ul><li>Sounds like mom and dad harping at you over the dinner table. </li></ul><ul><li>Are these things cause or effect? </li></ul>© David E. Goldberg 2010
  5. 5. Hidden Lessons behind the Platitudes <ul><li>Stanley found hidden lessons behind the platitudes. </li></ul><ul><li>2 hidden lessons he found: </li></ul><ul><ul><li>Vocation or what we call engagement. </li></ul></ul><ul><ul><li>Courage or what we call internal locus of control. </li></ul></ul><ul><li>Why are the lessons behind the lessons so important? </li></ul>© David E. Goldberg 2010
  6. 6. Hidden Lesson no. 1: Engagement <ul><li>Do what you love, $$$ may follow. </li></ul><ul><li>Wealth comes as long-term reward: </li></ul><ul><ul><li>Persistence </li></ul></ul><ul><ul><li>Patience </li></ul></ul><ul><ul><li>Attention to detail </li></ul></ul>© David E. Goldberg 2010
  7. 7. Hidden Lesson No. 2: Courage <ul><li>Many of Stanley’s millionaires had the courage </li></ul><ul><ul><li>To take a risk. </li></ul></ul><ul><ul><li>To be self employed. </li></ul></ul><ul><ul><li>To persist in face of failure. </li></ul></ul><ul><ul><li>To persist in the face of criticism. </li></ul></ul><ul><li>What makes a person courageous? </li></ul>© David E. Goldberg 2010
  8. 8. Psychologists Have Studied <ul><li>Julian Rotter’s (1954, 1966) studies of locus of control (LOC): </li></ul><ul><ul><li>Internal: Are you driven internally? </li></ul></ul><ul><ul><li>External: Are you driven by others? </li></ul></ul><ul><li>Part of a larger expectancy value theory. </li></ul><ul><li>Behavior is determined, not by size, of reward, but by beliefs about results of behavior. </li></ul>© David E. Goldberg 2010 Julian Rotter (1916-1987)
  9. 9. Why Does LOC Matter? <ul><li>Locus of control matters because </li></ul><ul><ul><li>Success sometimes requires going against the crowd. </li></ul></ul><ul><ul><li>Success requires you to be in tune with your intuition and reasoning. </li></ul></ul><ul><li>Psychologists study learned helplessness (M. Seligman) . </li></ul><ul><li>What about learned courageousness? </li></ul><ul><li>Beauty of courage: </li></ul><ul><ul><li>May or not make a million. </li></ul></ul><ul><ul><li>Confident and realistically sure of yourself. </li></ul></ul>© David E. Goldberg 2010
  10. 10. Spending-Earning Impedance <ul><li>Matching time-flyers to employment important. </li></ul><ul><li>Matching style of earning to spending, spending-earning impedance, is too. </li></ul><ul><li>Any EEs? What is an impedance match? </li></ul><ul><li>Want your spending and earning to be in tune. </li></ul><ul><li>Earn in clumps or trickles. </li></ul><ul><li>Spend as high, low, or no roller. </li></ul><ul><li>Which are you. </li></ul>© David E. Goldberg 2010
  11. 11. Bottom Line <ul><li>Don’t forget about $$$$, but don’t obsess over them. </li></ul><ul><li>Match engagement to life activity. </li></ul><ul><li>Learn to be courageous. </li></ul><ul><li>Understand you & handling of money. </li></ul><ul><li>Live happier, perhaps wealthier, life. </li></ul>© David E. Goldberg 2010
  12. 12. 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_address] © David E. Goldberg 2010

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