Semi-OT: M among 10 U.S. colleges that have produced most billionaires
Sorry if already posted and I missed it. Michigan is 10th on this list of U.S. colleges that have produced the most billionaires. Pretty good company.
- Harvard
- Stanford
- Penn
- Columbia
- MIT
- Cornell
- Yale
- Chicago (t-8th)
- USC (t-8th)
- Michigan
My Michigan degree in history is no more valuable than many other school's. (you will see I mention your major matters too). Hardly enough to justify $250K.
But I know a number of people that went to Michigan B School undergrad that are making less money than me, and I have a Carlson School (Minnesota) MBA. My friend who went to Ross makes less money than me. So does my friend who got his MBA at Wharton. And is money at the end of the day the ultimate measure of success? (I do other things as an elected official that has a bigger impact on my community than my paycheck)
I am a super Michigan fan, but when it comes down to it, how well you do financially has little to do with where you go to school. Unless you receive the connections from Stanford or Harvard for something like navigating the VC world, it really doesn't matter.
Well no my point is that a Michigan degrees value is specifically tied to it being recognized as prestigious and the connections with people you make. The education you got at Minnesota is the same but I gaurantee you the statistics will say the average Ross graduate makes more. Using your personal experience of making more money than your friends means nothing. In fact I looked it up, an MBA from Ross in 2015 had an average starting salary of $118,274, for Carlson it was $102,322.
I also disagree that total salary is the pure definition of success.There are a million different reasons someone could choose a job that pays them less. They value doing that job more because it means more to them, they value a lack of travel or less work hours, they value a shorter commute or would prefer to live in a rural area of a top 10 metro area, etc. Almost every single person I work with in the non-profit world has turned down higher paying jobs, I know I have. At my previous job there were 4 Harvard grads, 3 yale law grads, etcs. They all could be making more money if they so chose.
The ranking of your school has a massive impact on your expected income. Ten years after college the top 10% of all college graduates earned $68,000. However if you limit that to the top 40 schools (where Michigan falls but for example UC Davis does not) the salary jumps $157,000, for the top 10 its $220,000 and for the #1 Harvard its $250,000. Jumps in rankings have massive impacts on salary despite little to no change in actual education received because prestige is what matters, not education received. https://www.theatlantic.com/magazine/archive/2018/06/the-birth-of-a-new…
then you have to control for starting position in order to judge that. My guess---and it's only a guess--that when modellng fairly unusual events like becoming a billionaire, that the variation in things more diffuse like family income isn't going to have a lot of power to overturn the result.
I upvoted and like the basic point. However, as far as median family income is concenrned Michigan is a bit of an outlier here. Yes, the median family income for incoming freshmen at Michigan is substantially higher than that of the state as a whole and likely compared to most other public universities. Nonetheless, I would guess it is well below those of the other 9 schools on the list. The average Michigan student is middle to upper middle class. At those other schools is upper middle class+.
Maybe it doesn't matter though. Maybe median freshmen family income isn't the measure, but rather just the actual total number of incoming freshmen from wealthy families. Michigan may only have 15% of incoming freshmen who are truly wealthy, but that may be a similar number of freshmen as Harvard.
Beveled. Guilt.
Give me money.
They key to making money is having money.
But you can't actually believe that growing up in a family that provides lots of opportunities isn't hugely important for success. Hard work and dedication are important, but acting like those are the only factors and genetics and environment are trivial is incredibly naive.
Well both are important. You have to work hard to be succesful. You have to work less hard to be succesful, if your parents can pay 200k for college, or afford SAT prep, give you money for books in college, pay for a meal plan.
It frees up a lot of time to learn and be succesful if you have money.
Must be nice to live in your fancy fake world. How do you define hard work? Is the person who works 2 jobs and 80 hours a week at minimum wage not working hard?
When someone says the key to making money they don't mean to live a subsistence lifestyle where any sort of setback like medical or a car breaking down puts in you in a choice between paying your gas bill and rent.
dedication and hard work for 275 years, or so
... and maybe come close to what the CEO is making
Few billionaires inherited their wealth compared to those that produced for it. Also, very few family fortunes survive multiple generations. Doesn't mean that it isn't easier to make it when you're born comfortable (not necessarily rich, but your needs/education are attainable) rather than poor, but the vast majority of rich people are not rich because they were born rich.
It depends how you define rich I guess but actually yes the vast majority of people who are rich are born rich. Economic mobility is severly limited in this country and the biggest predictor of your financial success is your parents. Your family doesn't have to be passing down large inheritances for their success to be the catalyst for your own financial success. Here is a great article that just came out today.
https://www.theatlantic.com/magazine/archive/2018/06/the-birth-of-a-new…
Look around even your own world. Even your extended family and look at the astounding results of even one generation of “pass thru” vs. a dead start at home plate.
I know and admit that I was born with probably a good lead off from 1st base but those who start out rounding 2nd or better make up the VAST majority of those with fuck you money if you really dig in to the financial support system in place when the key moments of their lives come. That’s what real inheritance is. Not some simple he got X dollars when his X died.
start with a large fortune
Michigan State ranked among the top 10 U.S. colleges for producing the most Dollar Menunaires.
...that the wealthiest individual in Michigan is a State grad and very much a self-made billionnaire.
Keep in mind: Stephen Ross says "suck my dick from the back"
Think Larry page would laugh at Stephen Ross.
Seems like your tired from reading all the articles on 11shitheads that you decided to come here and spread your snark.
CANNOT WAIT to see them in concert later this summer!
Wish I were one of dem billionaires. Or even millionares.
Is to start out with a large one.