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TOM@RICHHABITS.NET
For decades, the mantra has been drilled into our heads: go to college, get a degree, and you’ll secure a prosperous future. The education system has sold us the idea that a degree is a golden ticket to wealth and success. But the reality is far more complex, and for many, that promise has fallen flat. While education is valuable, it’s not the guaranteed path to riches we’ve been led to believe. Drawing on insights from Tom Corley’s Rich Habits research, alongside broader trends in the modern economy, this article explores why degrees alone won’t make you rich and what actually drives financial success.
The Degree Myth: A Broken Promise
The traditional narrative is simple: invest in a college education, and you’ll earn more over your lifetime. Statistically, this holds some truth—on average, college graduates earn more than those without degrees. According to the U.S. Bureau of Labor Statistics, in 2023, workers with a bachelor’s degree earned a median weekly income of $1,493, compared to $885 for those with only a high school diploma. But averages obscure the nuances. Not all degrees are created equal, and the return on investment (ROI) for many programs is dismal.
Rising tuition costs have outpaced inflation, with the average cost of a four-year degree at a public university exceeding $40,000 per year in 2025, including room and board. Student loan debt in the U.S. has ballooned to over $1.7 trillion, burdening graduates with payments that eat into their earnings for decades, hampering their ability to purchase a home and start a family. Many wind up in jobs that don’t require a degree, with 40% of recent graduates working in roles unrelated to their field of study, according to a 2022 study by the National Association of Colleges and Employers.
The education system often fails to prepare students for the realities of the job market. It prioritizes academic credentials over practical skills, leaving graduates ill-equipped for entrepreneurship, financial literacy, or adaptability in a rapidly changing economy. This is where Tom Corley’s Rich Habits research comes in, offering a clearer picture of what truly drives wealth.
Rich Habits: The Real Path to Wealth
Tom Corley, author of Rich Habits: The Daily Routines Millionaires Use Daily That Wil Help You Build Wealth (2025 Expanded Edition), spent five years studying the habits of 233 wealthy individuals (with annual incomes of $160,000 or more and net worths of $3.2 million or more) and 128 people living in poverty (with incomes of $35,000 or less and minimal assets). His findings challenge the notion that a degree is the primary driver of financial success. Instead, Corley identified specific habits that differentiate the wealthy from the poor, many of which are absent from traditional education.
- Daily Self-Improvement: Corley found that 88% of wealthy individuals dedicate at least 30 minutes daily to reading for self-education, focusing on industry trends, personal development, or financial literacy. In contrast, only 2% of poor individuals engage in this habit. Schools teach us to memorize facts for exams, but they rarely emphasize lifelong learning or practical knowledge like investing or networking.
- Goal-Oriented Thinking: 80% of the wealthy set specific, actionable goals and review them daily, compared to just 12% of the poor. The education system often focuses on short-term academic achievements (like passing tests) rather than teaching students how to set long-term financial or career goals.
- Relationships Matter: Corley’s research shows that 68% of wealthy individuals actively build relationships with success-minded people, while only 11% of the poor do so. College may provide networking opportunities, but it doesn’t teach students how to cultivate strategic relationships or leverage them for career advancement.
- Financial Discipline: 76% of the wealthy track their spending and live below their means, compared to only 5% of the poor. The education system rarely includes financial literacy in its curriculum, leaving graduates unprepared to manage debt, invest wisely, or build wealth.
- Risk-Taking and Resilience: Wealthy individuals embrace calculated risks, with 63% reporting that they took risks to achieve success. Meanwhile, 6% of the poor were willing to step outside their comfort zones. Schools often penalize failure, fostering risk-averse mindsets that hinder entrepreneurial thinking.
Corley’s findings reveal that wealth is less about credentials and more about habits, mindset, and action. A degree might open doors, but it’s what you do after that determines your financial trajectory.
The Shift in the Economy
The modern economy further undermines the degree-equals-wealth myth. Technology and automation have disrupted traditional career paths. Jobs in fields like tech, marketing, and creative industries often value skills, portfolios, and experience over formal education. A 2024 report from Glassdoor found that 70% of tech companies, including giants like Google and Apple, have dropped degree requirements for many roles, prioritizing real-time certifications and demonstrable skills instead.
Entrepreneurship has also become a more viable path to wealth than climbing the corporate ladder. Billionaires like Elon Musk and Mark Zuckerberg, both college dropouts, exemplify how vision, grit, and adaptability trump academic credentials. Even in less extreme cases, side hustles, freelancing, and online businesses have enabled millions to outearn their degree-holding peers. Platforms like YouTube, TikTok, and Etsy have created millionaires who leveraged skills and creativity, not diplomas.
What Schools Don’t Teach You
The education system is designed to produce employees, not entrepreneurs or wealth-builders. It emphasizes compliance over creativity, rote learning over problem-solving, and credentials over real-world skills. Financial literacy, negotiation, sales, and emotional intelligence—key drivers of success—are rarely part of the curriculum. Meanwhile, the wealthy, as Corley’s research shows, prioritize these skills through self-education and practice.
For example, Corley notes that 65% of wealthy individuals practice “Dream-Setting,” visualizing their ideal future and working backward to achieve it. This proactive mindset is rarely fostered in classrooms, where students are taught to follow instructions rather than forge their own paths. Similarly, the wealthy dedicate time to health and fitness (70% exercise regularly, per Corley), recognizing that energy and discipline are critical to sustained success—another area schools overlook.
Redefining Success: What Really Makes You Rich
If degrees alone don’t make you rich, what does? It’s a combination of mindset, habits, and strategic action, as Corley’s research underscores. Here are practical steps to build wealth, regardless of your educational background:
- Invest in Self-Education: Read books, take online courses, and follow industry leaders to stay ahead. Focus on skills like coding, digital marketing, or investing, which have high earning potential.
- Build Multiple Income Streams While Employed: Relying on a single paycheck is risky. Start a side hustle, invest in real estate, or create digital products to diversify your income.
- Network Intentionally: Surround yourself with ambitious, success-oriented people. Attend industry events, join online communities, and seek mentors who can guide you.
- Master Financial Literacy: Learn to budget, save, and invest. Tools like index funds, real estate, or cryptocurrency (with caution) can grow wealth over time.
- Embrace Failure: Take calculated risks, whether launching a business or pursuing a bold career move. Failure is a teacher, not a dead end.
Conclusion
The education system sold us a lie: that a degree guarantees wealth. While education has value, it’s not a direct path to riches. Tom Corley’s Rich Habits research reveals that wealth is built through daily habits, strategic relationships, and a proactive mindset—none of which are guaranteed by a diploma.
In today’s economy, skills, adaptability, and financial discipline matter more than credentials. By focusing on self-education, goal-setting, and calculated risks, you can forge your own path to wealth, degree or not. The system may have misled you, but the power to redefine success is in your hands.
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, Effort-Less Wealth, Change Your Habits Change Your Life, Rich Habits Poor Habits and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
