Here are six lessons not only for new grads, but for everyone.
This is graduation time for colleges and high schools, and that means it’s time for commencement speeches. This year, several have gone viral. For example,Ā Will Ferrell’s USC speech has more than 1.8 million views on YouTube.
The one that most impressed me, however, happened at Broward College in South Florida. It was delivered by Keith Koenig, the founder of the City Furniture chain and a philanthropist I know of from his work with Junior Achievement, one of my favorite causes.
Koenig offered “six things” for aĀ “successful and happy life.” As a personal finance author and counselor, I liked his fifthĀ thing the most ā which he called “the hardest”…
Save your money! Everybody in the world, including City Furniture, is trying to get you to spend your money. Iām your dad today. Right now, Iām your dad. Iām telling you, ya gotta save your money. Become master of your finances. Become master of your finances, or you will become a slave to your finances.
A new car is overrated. Donāt be worried about what your friends have, or what theyāre driving, what theyāre wearing, what their shoes are like, what their bag is like. Thatās overrated. When youāre young, youāve got to become disciplined, you have to become careful, you have to learn those habits now.
I also liked Koenig’s first thing: “Work hard.Ā You want to get ahead? Work harder. Think Iām kidding?” He’s not: “Donāt ever be afraid to work more than what youāre paid for. A lot of people say, ‘Well, Iām not paid for doing that.’ Work harder, and youāll eventually get the success that you deserve.”
Just because I gravitated to those two “things” doesn’t mean the others aren’t as important. Allow me to hit the highlights for you…
Number 2: “Keep a good attitude. Whatever happens, stay upbeat, positive. Why? People want to be around people that have a good attitude. Donāt talk bad about other people, speak positively about everybody.”
Number 3: “Keep learning. You got a great deal today. Youāre a graduate. Thatās great! Thatās the great news. Bad news is, youāre just starting. You gotta keep learning your whole life. Read more, watch TV less. You want to get ahead, keep learning.”
Number 4: “Volunteer. Make your community better. Donāt sit on your butt. I donāt care what the organization is, give them yourself, give them your time, and donāt be afraid to take on leadership opportunities. Theyāre always looking for leaders that are willing to work for no pay. But you know what? Youāll make the best friends, and youāll get the best leadership development.”
And finally….
Number 6: Not the hardest, but the most important. Find balance in your life. Make time for your family.Ā Learn to say no to the bad habits. Learn to say no to the bad friends or the people that donāt have integrity. Become master of your habits, or you become a slave to them.
Tucked in the middle of his commencement speech, Koenig talked a little about his own humble beginnings, which culminated in a furniture chain that’s spread throughout Florida. He started the business with his brother Kevin in 1971.
Sadly, his brother is no longer with us, but Koenig says…
He saved money, working his way through college as a bellman, saving $5,000. He took that money, and he opened a little waterbed store, and he named it Waterbed City. What do you think that the family said when he did that? ‘Are you crazy?’ He wasnāt crazy. He understood capital, he understood savings, he was an entrepreneur. Now, we learned early on, most people think you start a business, andĀ BINGO, itās successful, money starts rolling in, you live a good life. WRONG! Totally wrong. When you start a small business, you gotta reinvest every penny, because businesses suck cash, they donāt give it. To grow a business, you have to save. You have to learn how to master your finances.
If Broward College’sĀ graduating class of 2017 heeds just half of what Keith Koenig said the other day, they can’t help but be successful. Here’s to hoping this season’s other commencement speeches are as insightful and inspiring.
Published by Debt.com, LLC