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Family Inc. by Douglas P. McCormick

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CHAPTER 2

Double the Value of Your Labor through Education

Perhaps because my father was an educator, he set some pretty crazy academic expectations for my brother and me. Early on, he conveyed the concept that every academic accomplishment is a building block for future success—success in middle school sets you up for high school, high school for college, and college for life. So went the logic. He actually had me convinced when I was a fifth-grader that colleges would consider my elementary school transcript.

Dad never had the formal education in finance that I have. But when I look at the lessons he taught my brother and me about the importance of education, and the choices he made for his own education, it’s clear he understood that the surest path to wealth creation is investing in yourself to develop valuable skills through education.

Dad completed his undergraduate degree in two and a half years and was a practicing teacher by the age of 19. After several years of teaching, he completed his master’s degree and earned a principal’s certificate by age 25. After several years in this managerial role, Dad returned to school to complete his doctoral degree, which allowed him to make the jump to college dean. He continued to invest in developing his skills throughout his career, attending a Harvard executive education program, pursuing studies during his sabbatical, and investing time in professional organizations that offered the opportunity to network and learn from his ...

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