Some people think there’s only a limited amount of money

Ramit Sethi · March 29th, 2007

When I was in high school, a lot of my friends and I applied for scholarships. Most of my friends came from middle-class families; a few came from wealthier families. When the wealthier kids applied for scholarships, I remember others getting get mad at them: “Why are you applying for those? You’re taking away the chance for someone else to get that scholarship money that you don’t even need,” they said.

I found that ridiculous. First of all, you don’t know how rich someone is just from looking at the car someone’s parents drive. In fact, The Millionaire Next Door reveals, quite counterintuitively, that most millionaires drive older cars.

Second, most of those scholarships never gave away their funds, anyway (more on that in a second).

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Third, stop doing someone else’s job for them! It’s not your job to decide whether you get the award or not–it’s theirs. You just apply and let them pick the best candidate.

I frame this by making the distinction between a zero-sum issue or not. And when it comes to philanthropy, I happen to know it’s not.

I know because I have my own scholarship, The Sethi Scholarships. I released it last year to my high school–a free $1,000 to anyone who wrote a few short essays. Do you know how many people applied?

The Sethi Scholarships


This is all too common at philanthropic organizations. I’ve consulted for a large one, work closely with another, and have friends at many others. They’re dying for more people to apply to each award they offer. And in my experience, if they run out of money and find an extraordinary candidate, they’ll often find the money to make it work. I know I would have.

That’s why I find the approach of “there’s only a limited amount of money!” so foreign. Coming from the small-time businesses I started a long time ago to being in the world of entrepreneurship and venture capital with a lot bigger numbers, it’s simply not a zero-sum game.

As Paul pointed out in my post about PBwiki raising venture money,

There’s two models of getting rich that seem to prevail in blogs – the scarcity model where you live like a hermit and save your way to wealth and the prosperity model where you create new value (and wealth). I prefer the later and you seem to also.

Right on.

I never quite understood the idea of a limited scarcity of money. It’s just not true. When people say, “My boss can’t afford to pay me more because the budget is limited,” do they count how much it would cost to replace you (advertising for a new person, recruiting, logistics, signing papers, legal fees, training)? Have they really researched the best way to negotiate their salary, including talking to experts and reading books?

Or are they just complaining about a world that has limited resourced that they seemingly have no access to?

I’m tired of whiners who don’t apply to stuff. In my inbox, I have a folder called Failures. If I don’t get 5 every month, I’m disappointed in myself because it means I’m not doing enough stuff. Whether it’s a lunch with someone or a new speaking gig, I’m trying.

I’m also writing this today because the deadline for the Women2.0 event is tomorrow–and all it takes is an idea on a cocktail napkin. The winner gets $1,000 and a meeting with top venture capitalists. Why wouldn’t you apply?

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  1. Bethany

    Very good points. I’m in a scholarship program designed to encourage women in technology (although they do accept men into the program!) and they give away $5000 to a full ride to students at my college. The scholarship program is geting a lot of pressure from the university to get more people in the scholarship program in order to increase enrollments at my school. However, they’re having a really hard time getting enough qualified applicants.

  2. I’ll trll you why I don’t apply. I have an idea, but I don’t have a team. Also, I am not female and I am not under 35. Tell me where an individual male over 35 can apply and I’m on it.l

    Also, I have a minimum wage job and as I understand the VC world, they check out the principal(s) as much as or more than the business plan, so I doubt I’d measure up to their standards.

  3. Ramit Sethi


    You’re just selecting yourself out of the pool. If you read that original post about the Women2.0 event, I invited people to leave a comment and find other team members. In fact, there’s a young woman who left a comment volunteering to be on a team.

    As for the minimum wage job and your background, stop doing the selection committee’s job for them.

  4. Kevin Cherrick

    I wouldn’t apply because I’m not a woman. Warning: Tangent ahead! How important is it to have patent protection before trying to build a team. It’s been a barrier to me and I just want to get on with it.

  5. Kevin Cherrick

    Hey, I’m not using gender as a qualification or a requirement to be on my team. I won’t add some random woman so I can write my idea down on a napkin and send it in. If my idea is worth anything, I’ll find the best available (and interested) team members to build it, gender, age, race, have nothing to do with it. I certainly understand the idea behind the woman 2.0 event, and think it’s a good idea, but isn’t the market essentially saying it isn’t needed if you can’t get ONE napkin to get a sitdown with a VC principal? Come to think of it, I’ll just put my wife on the team and send in my napkin. Thanks!

  6. Excellent point – and one I have a hard time holding onto – thanks!

    I have a lot of experience reading job listings and have self-selected out of applying for so many, thinking they’re asking for the moon and I’m not up to their standards.

    I forget that while they’re asking for the moon, they’re usually not likely to get everything they want in an applicant, so my prospects are better than I think.

  7. Enrique


    Maybe, the students in your high school don’t know about your scholarship.
    Yes, there is a lot of self-doubt in our society that’s why they are so few entreprenerus in relation to the population.
    I liked what you said- I’m tired of whiners who don’t apply to stuff. In my inbox, I have a folder called Failures. If I don’t get 5 every month, I’m disappointed in myself because it means I’m not doing enough stuff. You have associatted failure with improvement. Great way of seen it.
    I never quite understood the idea of a limited scarcity of money. Well that comes from a poverty experience either from our granparents or parents. Most people are socialized and conditioned to follow rules since they were in pre-k so it is very hard to break the mold as adult.

  8. Canadian Money

    You make some excellent points! Once I was in a company training course and sitting at a table with a guy who years later became the head of my department. I did badly on an exercise and said something negative. His response was…don’t worry about it…see it as a learning experience. I have forgotten the course, the exercise but I always recall what he said. His subsequent successes proved the value of his “view failure as learning” attitude.

  9. The Financial Ladder

    Amen! Don’t let those opportunity buses pass you by!

  10. Azraael

    Excellent points.

    It seems to me that the (or at least A) big problem is information… where can someone find out what opportunities are out there? Is there a “google scholarships” out there? Or does one have to first look up institutional contacts, then figure out if they offer anything, and only then apply?

  11. Stefanie

    I don’t have a team, I DO have a napkin, I didn’t find out about this until today, overnighting won’t work this late, my idea is so small and from reviewing the website, they are clearly looking for major ideas.

  12. Philip Plante

    Stefanie, I think that is exactly what Ramit is talking about. Overnight the idea RIGHT NOW, it will get there in time.

    Don’t let that stop you.

  13. charles

    excellent points, especially on failure. failure is inevitable, not letting that stop you is your personal choice.

  14. It’s funny you should post this, as I just had such an exchange with a friend and mentor (now an EECS Prof. at Davis and PBwiki fan) about my application for an Intel fellowship this year.

    As he points out, I have 3 years of NSF Graduate Research Fellowship coverage, I just got my 2nd annual NVIDIA fellowship, and my advisor has an NSF CAREER grant, Alfred P. Sloan fellowship, etc. Shouldn’t we opt out to save some money for the less well-off?

    In this case, Intel only runs its fellowship program through the top 5-10 EECS programs, and they ask those schools to internally select a small handful of applicants among whom Intel makes the final decision. So who am I stealing from? A computer architecture student in an even better-funded group at Stanford? Another such student at Berkeley?

    Still, the world of research funding actually is limited (effectively zero-sum) in the short term. The vast majority of funding comes from a handful of government sources—NSF, DoE, DoD, NIH—and they have fixed annual budgets to apportion among applicants and programs. And they never have too few.

    You might argue, though, that by better supporting the best work, they can effectively increase the potential for long-term funding throughout the country and world by supporting economic development through innovation (increasing the amount of available money), and by demonstrating positive results to the people who control their budgets (congress).

    I’m not sure how well anyone can judge whether that line of reasoning works out in reality, though, and I think John has much more direct experience with academic research funding than I do. I’ll see if I can get him to post.

  15. As a chronically poor person earning minimum wage, I might have some insight into the “limited amount of money” or zero-sum mentality common among the poor and among the young.

    Their financial experiences often have been limited to zero-sum and/or scarcity transactions.

    The residential rental arrangement – typically by far the largest expense for the poor and/or young – is seen as zero-sum or worse if you’re on the “wrong” side of it. (You pay X dollars rent, your landlord gains X dollars income. Or worse – you pay X dollars rent, you have to eat ramen to make it to payday, you landlord gains X dollars PLUS principal reduction PLUS appreciation PLUS depreciation writeoff. (And then he refinanced at 1% lower and saved a bundle but of course none of the savings were passed to you but you got another rent increase – note I don’t live (can’t afford to!) in the Valley; I know rents declined for many of you but not in my area.) Either way you are facing scarcity.

    I hate to spend money; I cannot afford “investments” and I find it painful to spend on what amounts simply to life maintenance (cannot afford books or “professional development”), especially when those unexpected expenses pop up and cannot be avoided. My loss, someone else’s gain.

    What the young and the poor lack is win-win experience.

  16. I wouldn’t apply because it’s for women only.

  17. Ramit Sethi


  18. It’s interesting that so many are so quick to give themselves exuses thinking that it won’t be worth the trouble.

    Personally for me, as a High School Softmore, I can’t want until I can apply for your scholarship Ramit.

  19. “Is there a “google scholarships” out there? Or does one have to first look up institutional contacts, then figure out if they offer anything, and only then apply?”

    I walked into the guidance office at my high school, asked (an important step) and was given a list of scholarships. There are also scholarship guide books available (the libraries usually have copies, if not they’re worth the purchase price).

    And I agree with Ramit. I paid my way through school by scholarships and work terms, graduating with no debt. For many scholarships (like writing an essay on why I liked a certain brand of soup), I was the ONLY applicant (the soup essay earned me $500 for an hour’s worth of work and a stamp).

    If you have a good idea and have already done some work on it, money is out there for the asking. It should never be a limitation.

  20. In my senior year I was only interested in money for college, not to start a company or do a project. I would have been very turned off by the fact that it looks like you are not offering the money for college. (Also, in high school I had no interest in business or entrepreneurship, so that probably plays into it – I was not the type of person you seem to be searching for.)

    Also, I agree with the poster above who wondered how many students knew of your scholarship. What did you do to publicize your contest?

  21. Enrique

    To Terry:

    I find it painful to spend on what amounts simply to life maintenance.

    You might want to challenge your beliefs from spending money to get an education to inveting money. I would say get in debt to get a college education. As you gain more knowledge, You will be able to see more opportunities on doing what you enjoy and make money at the same time.
    Paying for your education even if you have to get college loans is an investment on you and your future.
    You can start at your community college in your town.

  22. I *already* got in debt to get a college education. Worse, I had saved up $4K by the time I graduated high school in the mid 70s (probably about $20K in today’s dollars), blew it all on college, and then took out student loans while working min wage jobs.

    My student loans are currently in default (making partial and negatively amortizing payments) and therefore I cannot get any loans or grants at all.

    Also, an aggressive debt scavenger has bought up almost all my old non-student-loan debt (charged off when health issues put me in hospital and unable to work and without income for an extended time) and is suing me to collect.

    So it looks like either bankruptcy for me or else I will have no money for the foreseeable future.

    I don’t see a light at the end of this tunnel.

  23. This advice is so useful. I know a few companies who are looking to fund science students(high school, undergrad..) who want to eventually do medical research. Post here.

  24. Carter Adler

    I know the truth of what Ramit is saying. My wife and I were both actively involved in marching bands in high school & college. Money is tight for the universities around us, and on no less than 5 occassions (and probably closer to 10) we have told the university band staff to call us the next time the do their annual fund drive. Each year we set aside some money to give to them. At this point we’ve got nearly $2,000 saved up, because year after year, they never ask! If they aren’t calling us — and we have told them that if they call, we will give — then how many other potential donors are they missing?

  25. If there was only a limited amount of money then we’d be doing an awful lot of worrying about inflation for no good purpose.

  26. Beejay

    No surprise no one applied for your so-called scholarship of only $ 1.000. Who could possibly study a whole year on such a low amount? If you are really poor, about $ 100 a month is simply not enough support. I am surprised you don’t comprehend that. If you had studied the situation that poor students are in, you either would not have started this initiative, or would have made more money available.

    Now it seems your scheme is more geared at attracting attention to yourself then it was ever intended at allowing anyone from a low income environment to study.

    No doubt your name now is somewhere on a list of benefactors of some school or university. No doubt you have been spreading the news amongst your friends that you have established “a scholarship” in your name, without giving too many of the cheap details

    Maybe some people have already praised you for your enormous generosity, without knowing the facts. This must have given you already some of the satisfaction you were really after.

    If you ever seriously considered setting up a scholarship with the real intention to help a poor student, but could only spend $ 1.000 a year, you would soon have found out that far more money would be needed. Apparently you never did have really poor students in mind, and you certainly did not study their situation.

    You’re not the only newly rich person that wants to achieve some fame without the sacrifice.

    I conclude that “The Sethi Scholarship for Young Entrepreneurs” is a cheap way of self-satisfaction! Enjoy it, maybe you get away with it.

    However as a regular reader of your website, I am deeply disappointed that you prove to be such a newly rich cheat as well. I enjoyed reading your articles, but now I feel you have fooled your readers, you appear to be overlooking the facts of life for some people in our society for your own benefit.

    I understand that you are originally from India, a country with about a billion people today, most of which live in unbelievably poor circumstances, I don’t hope you’re going to tell me someday that every Indian has a chance to come to America and start a life like yourself. You should know that this is not true, just as much as it is not true that every child in America can go to a university. Not even with a mere 1.000 dollar “scholarship”.

    Don’t try to treat your readers as fools again!

  27. Ramit Sethi


    That is one of the stupidest comment this site has ever received. Do you really think that scholarship was self-promotional only?

    Do you really think that $1,000 doesn’t help?

    It’s incredibly absurd to think that $1,000 won’t help. Nobody said that’s the only scholarship anyone should apply for. In fact, I applied for dozens and dozens of scholarships when I was in high school. I wasn’t too proud to take a $500 scholarship, or a $1,000 scholarship, because they all add up.

    Unfortunately, while I’d like to provide $100,000 scholarships to multiple students per year, I can’t do that yet. So instead, I’m taking the lowest-barrier route and providing what I can. The goal is to provide one scholarship at first, then more as I’m able to. And by picking entrepreneurs who I hope can make a disproportionate impact–and pairing it with advice and introductions–that $1,000 can hopefully go much further than just the money.

    You wrote how I am “overlooking the facts of life for some people in our society for [my] own benefit.” Then you mentioned how you hope hope I’m not going to tell you that someday every Indian has a chance to come to America and start a life like yourself.

    Of course not. This scholarship isn’t for everyone. It’s a very targeted award for young entrepreneurs.

    Instead of casting insults and suggesting that I’m just doing this to get attention, maybe you can tell us what you’ve done. Have you given to charity or started any sort of philanthropy? If not, I’m sure you’re saving up since $1,000 doesn’t help anybody, according to you. Maybe we should all just wait until we have millions and then give away huge awards.

    Or maybe we can start today, give away some of what we have, and try to change the world a little bit.

  28.   A Great Post About Ways To Make College Affordable by Money Crashers

    […] from I Will Teach You to Be Rich, writes about how much money is lost from unclaimed scholarships each year.. The money is out there, you just need to apply for it! Don’t be shy or hesitant to apply for […]

  29. Tyler Willis

    I think the value of Ramit’s advice and introductions is significantly more valuable to the said young entrepreneur. That said the 1000 dollars is a great gift. It can provide for a laptop, meal plans, part of tuition, etc. Intelligent and conscientious philanthropy is just like anything else — the biggest barrier is going from giving $0 to giving something.

    Ramit – Excellent job! Just drive past nay-sayers.

  30. Ryan Johnson

    Agreed. Keep up with the scholarship.

    So does this count as the Millionaire Next Door book review?

  31. “No surprise no one applied for your so-called scholarship of only $ 1.000. Who could possibly study a whole year on such a low amount?”

    Beejay, this has to be an April Fool’s post. There is no way you can honestly believe this.

    For answering 4 simple questions, Ramit is offering a student $1,000 and mentoring. The mentoring alone is worth more than $1,000. Heck, I would PAY $1,000 to get mentored by Ramit.

    Should this be the student’s only source of income? Of course not.

  32. Brittany


    I completely agree that $1,000 here or there really adds up. I went to Indiana University and didn’t pay a dime. Not because I got one full scholarship, but because I applied for every one I was eligible for. That $1000 here or there quickly adds up to tuition, room, board, and less student loans for the scholarship recipient.

    I think what you’re doing is great – keep it up 🙂

  33. Ramit,

    Some of the responses on this thread remind me of some clients I deal with on the weekends.

    Every Saturday during tax season, I prepare free tax returns for low income taxpayers.

    Every Saturday, at least one person yells at me for doing the tax return incorrectly or for not supplying them with unlimited print outs or for some other nonsense. And by yell, I mean yell and scream.

    Every Saturday, I say that this will be my last Saturday.

    But the next Saturday, I go back. Why? Because its the right thing to do. Because maybe one day, the clients will stop yelling long enough to be grateful.


  34. I don’t even know where to begin responding to Beejay’s off-base tirade, but here are a few points:

    – This is a scholarship for entrepreneurs, not a need-based financial aid grant. While helping poor students is certainly a noble goal this is not the focus of the scholarship.

    – $1,000 is not a trivial amount – I think Ramit covered this well enough. It’s a myth that successful financial aid packages are the result of one or two massive grants. Plenty of people pay for college through a combination of smaller scholarships that add up.

    – And the fact that no one applied should signal GREAT news to would-be applicants. Case in point: a girl in my senior class ended up getting so many scholarships that she had to give some money back – and she was attending a UC, one of the more expensive public university systems in the country. This girl was hardly the most distinguished academically – but she did distinguish herself by often being the ONLY applicant. Some people complained, but they had only themselves to blame.

    Now, you wanna talk about an empty award: When I was graduating HS I received the Bank of America award for outstanding performance in the humanities. Guess how much money was included? 0.

  35. A $1000 won’t get you very far?

    FYI that would pay the tuition of a full time student for two years at a San Diego Community College (full time as in 12 units semester, two semesters a year).

  36. Caitlyn

    I’m a high school senior, and my mom is always ticked off that I won’t apply for any scholarships, besides those that knock on my door.

    Last year, I watched all my friends apply to 10+ scholarships, invest so much energy and time, and only make $200, tops. So, besides the National Merit Finalist designation and MD Distinguished scholar money, both of which I had little choice in completing, I’ve entered for no scholarships. Instead, I’ve worked for a $7/hr, 17hr/week at a local used book store. I’ve earned about $4,000 this since last June, I’d estimate. (Not much, but I’m proud of it, and with the exception of money for Christmas presents, and an iPod, it’s all gone to my savings account.)

    Why not enter? First, many “scholarships” are so stupid–“write 1500 words on patriotism’s importance to geology.” Am I supposed to take something so intangible seriously? Why not ask questions that are actually thought-provoking? I’m quite uncomfortable with BSing my way through something so lame, and frankly, it feels like prostitution. You give me $700, I tell you why goat farming holds America’s future. There’s no dignity there.

    Second, I’m not going to invest myself in something that lame if it’s not a sure thing. For two hours of my time, I’d rather have $14 for certain than a 1/150 chance of getting $500. Personal preference.

    Finally, the scholarships that do offer a sizable amount of money have stiff competition, and I don’t like that. I don’t deny that competition is an aspect of life, but I’ll just avoid such American Idol-like exhibitions, thank you.

    Basically, I feel that the current scholarship system is another way adults can screw with talented young people in an attempt to control their future. “Say what we want you to say and be what we want you to be, and here’s $2,000.” There’s better ways to distribute money to needy kids than to give them two arcane essay topics, three recommendation forms, a transcript request and packet of indecipherable legislation.

    Sorry if this comes across as excessively acrimonious but the whole situation just ticks me off, and being just barely 18, I feel some right to unjustifiable indignation.

  37. @#36: “First, many “scholarships” are so stupid–‘write 1500 words on patriotism’s importance to geology.’… You give me $700, I tell you why goat farming holds America’s future. There’s no dignity there.”

    My take: Youthful idealism, at best, also lined with mild to significant arrogance and immaturity. To you, “BSing” about these topics may seem undignified, but to another candidate (or a goat farmer), the topic may be heartfelt.

    As Ramit said earlier, your excuses are just selecting you out of the pool. If you don’t want to apply, fine, but by becoming “excessively acrimonious” about the process you’re just limiting your potential and showing quite transparently some less-than-quality attributes: laziness, disregard for other’s perspectives, stubborness… (the list could continue, but I’ll digress). Humility is a trait lost on the youth… hate to break it to you but in the real world you’ll be required to do plenty of things that will make you feel, as you said, ” uncomfortable with BSing my way through something so lame, and frankly, it feels like prostitution.”

    As a side note, your mother’s frustration is likely because she has the wisdom to know that the effort to apply for these scholarships is minimal compared to the potential benefit… also, I’m inclined to believe that she’s also going to be funding at least a portion of the educational expenses that you don’t cover on your own.

  38. Andy K

    I’ll defend Caityln and the critics, to a point, on this thread. First off, both the napkin thing and Ramit’s scholarship are poorly communicated and marketed. If guys are thinking they can’t participate, and nobody applies for your scholarship, maybe this will go into the Failures folder and lead to improvement (I love that idea, it’s a great exercise in humility).

    The napkin thing tries to be hip and minimal and fails to inform. The “scholarship” is presented as VC for a student-sized projects, it says nothing about using that money to pay for college (though that could be formulated as investment in Self, Inc.). In fact, the way it’s worded, using the money for scholarship seems excluded from a winning answer.

    I think the elephant in the room that nobody mentions is “judgement.” Nobody wants to subject themselves to judges they don’t respect. Ramit and the VCs imply everything is based on rational analysis and persuit of purpose. They fail to realize that people operate on principles, desires, prejudices and other motivations they may call irrational.

    Case in point is Caitlyn, whom I admire for not applying to frivolous “scholarships.” She has done a rational analysis of the EROEI and concluded that in her case it’s not worth it. Mike, shame on you for calling someone working hard to pay for college lazy. Nowhere did she disregard others, she just did her own thing–you’re the one knocking her for it. Thank god for youthful idealism and a little arrogance, they keep the world interesting and are probably major traits in 95% of successful entrepreneurs. The old calling the young immature, the young calling the old cynics, nothing new under the sun.

    Finally, a reflection that has dodged me ever since reading this blog: if everybody did it, it wouldn’t be called entrepreneurism, it would just be run-of-the-mill daily grind. In other words, aspiring entrepreneurs shouldn’t knock those who choose something else. Ramit’s at his best when he gives insight into being an entrepreneur and encouraging others, not when he’s preaching to those that aren’t–their irrationality is relative. So Terry is not “selecting himself out of the pool,” he’s decided to spend his time differently in a way that may not benefit the contest organizers, and he even took the time to give you feedback about the image you project–don’t knock him.

    I hope your week of ranting will be about something interesting (here’s a free idea: investigate the Rich Jerks) and not about the people who post here. Learn from those who think differently than you–that’s why I’m here.

  39. You wrote >>This is all too common at philanthropic organizations. I’ve consulted for a large one, work closely with another, and have friends at many others.>>

    New to your site – think its great. I’m currently in the rat race of corporate world now (sucking it up for one more year as they pay for my education – now what to do with it) and remember the days when i was my own boss (only a couple years ago).

    Do you have a list of philanthropist websites?

    I’m not in as much need of personal finance info you pass along (i keep income/balance/cash flow for myself) but the entreprenual spirit you possess is contagious and i have crawled down the dark deep hole of the corporate world need to invigarate my imagination again.

  40. Caitlyn

    I AM sorry if I came across as arrogant; I’m in the middle of a difficult decision–I have to take a full ride + $4,000 cash/yr to UMD or pay up some $33,000 to the delightful UChicago. It was unwise to comment on this blog after leaving an animated discussion with my mom on the subject. 😉 I feel that the scholarship system is, if not broken, inefficient, and I wish that I could access that money without compromising my values, misguided as they might appear to you.

    Mike, I wish that you reserve judgment on my character and rather than spend your time composing lists of my supposed “less-than-quality attributes,” consider my perspective and arguments. If you wish to correct my immaturity, provide me a graceful example of maturity. Thank you, and know that I read your comment with an open mind and great interest.

    And thank you, Andy K, for being sweet. 😉

  41. Andy K (#38) said “Mike, shame on you for calling someone working hard to pay for college lazy.”

    Response: I’ll stand by my original judgement, but I will admit I was a bit harsh with my expression of it. I commend Caitlyn for working a part-time job while attending school and for actually saving much of the income from it. My original point is that one person’s “frivolous scholarship” is another person’s bread and butter and shouldn’t necessarily be written off as a form of “prostitution”. Many a student (not necessarily Caitlyn) is in need of tuition assistance and find the scholarship process to be a life preserver.

    Caitlyn (#40), I too brought in some excessive baggage to the discussion. My brother-in-law is an intelligent and quite gifted senior in high school who has done absolutely nothing in his power to prepare for college, other than apply to the default option in his hometown that’s basically a backup school. He talks a big game about his future plans but does not follow through with actions to support his talk. In the meantime his parents are scrambling to put $$$ together for his next 4 years.

    With regards for your request for graceful examples of maturity, I think you’ve done that yourself with your #40 post. You defended your position with integrity and provided additional info regarding your personal situation without flying off the handle. To steal a phrase from your #36 post, I think you’ve justified your “unjustifiable indignation”.

    Since one of your opportunities appears to be a full ride +, it appears that you do have access to the money without compromising your values. And for the record, I do not believe that one’s personal values can be misguided – values are derived from one’s personal experiences and through interactions with society – yours just happen to be different than mine.

    I wish you luck with your decision and would be interested to hear about your thought/decision process.

  42. I got a National Merit Commendation (translation as I understand it: I would have been a Semi-Finalist in some other state, but my state had a high cutoff score I did not reach) and all I got was my state’s piddly competitive scholarship which was worth $100 if I stayed in-state which I didn’t because I was academically recruited by an out-of-state college and I went there even through they didn’t offer any money.

  43. Marcus

    A philanthropic organization can be willing to do really helpful things, but if no one knows about it… they won’t have any work to do.

    I guess it all comes down to good PR.

    Get the word out.

    Word of mouth.

  44. Stoney851

    I remember growing up (I am currently 27), that the largest financial lesson taught was to save, save, save. I believe the mindset of limited resources are trickling down generation to generation. I do see light at the end of the tunnel. Parents taught their kids to save for the disaster, rainy day, or whatever. Obviously, there is some truth to that, but it faulters us in things like finding college money.

    It really boils down to laziness, in my opinion. There is always a better, or smarter way to do things. Thinking that there is nothing out there for “you”…IS rediculious! And it may be getting worse. Ramit, I will forward an interesting article I came accross and some responses from current college students. I hope it provokes an entry.

  45. Well I am a undergrad student with a 3.8 GPA and I have been looking for scholarships. So do you think you all can help me?

  46. I Will Teach You To Be Rich » Students: Win $1,000 for your social entrepreneurship idea

    […] you’re not sure if you should, read what I’ve written before about applying here, here, here, and […]

  47. Ramit,

    Bala from India here. One of my cousin sister doing Graduation is looking for a scholarship assistance. Can you send me the participation details of this program?

    I believe you can see my email id. If not please let me know I will send you that soon.


  48. » Blog Archive » 10 Things That Bring Success in Personal Finance: #3 Get a Job!

    […] are tons of ways to afford education. Here’s a book that might help. And here’s an inspiring article by Ramit at about this […]

  49. Mind-Manual » “Some people think there’s only a limited amount of money”

    […] a blog entry by Ramit Sethi of I Will Teach You To be The original entry can be found here. This is one of the cores of abundance mentality vs a scarcity mentality. To believe there is an […]

  50. Garbage, all of it. - Page 7 - Personal Development for Smart People Forums

    […] That’s Keeping You Broke | Inspired Money Maker – How To Make Money Doing What You Love I Will Teach You To Be Rich Some people think there’s only a limited amount of money Mind-Manual “Some people think there’s only a limited amount of money” The Little […]

  51. bruce banner

    if no one applied for your scholarship that’s probably because casa’s counselors sucked, haha!

  52. A $1000.00 scholarship is a huge help. How many of us pick up a quarter we see on the street? Most kids don’t apply for scholarships and I have never understood why. Some of the reasons may be that they don’t have any knowledge of the scholarships. But finding out is part of the job. One of my children received two $500 scholarships, one $1000 scholarship, one $1500 scholarship, and one $4000 scholarship. Ask the guidance counselor, go online, ask the parent’s employer, and apply for them. Here is one kid’s attempt at funding their college education

  53. The Beginning of the End for The Secret? - Page 7 - Personal Development for Smart People Forums

    […] not like there’s a limited amount of money or wealth to go around. There’s an ever growing amount: I Will Teach You To Be Rich Some people think there’s only a limited amount of money Mind-Manual “Some people think there’s only a limited amount of money” Back […]

  54. 50+ Tips, Ideas, Resources on Saving Money for College Students — Broke Grad Student

    […] Some people think there’s only a limited amount of money at I Will Teach You To Be Rich […]

  55. 50-plus vetted resources and tips for college students - Smart Spending Blog: Money saving tips from around the web – MSN Money

    […] to be had, but you have to make an effort to get it. Ramit Sethi makes that point in a post at I Will Teach You To Be Rich. He set up a $1,000 scholarship at his old high school and asked applicants to write some essays. […]

  56. Nitin Rao

    I’ve found it frustrating to see great opportunities, and very few applicants. The organizers lose our on access to the right talent, and applicants lose out on access to the right opportunities.

    We’ve been running Let Me Know ( to break this information barrier, finally. This is certainly a work-in-progress, but I’m happy that the over 500 opportunities we list is making an impact for a large number of students in India.

  57. As someone who was poor and had poor friends, I can tell you exactly why poor people are ungrateful. They feel they are entitled to other people’s wealth. They grew up having the government do everything and pay for everything. It was not uncommon in my house or others homes to have a new computer or a new (used) car , plenty of presents at Christmas and the works because having the government pay for things freed up cash we could use to buy the things we really wanted. Everything was paid for, food, shelter, water, utilities, education, etc. Then on top of it, the poor are always told that more should be done for them by the government and by the people so they get it in their head that they are entitled to it. I was with one friend at a mall one day and she wanted to steal a ring. I didn’t want to and I asked her why she was going to do it. She said that she was poor and the corporation was rich. The corporation had millions and didn’t need/wouldn’t miss the money had she bought it. She was poor and needed/deserved it. This is the mentality. The truth is that there are plenty of jobs in America. Even minimum wage is plenty of money for the poor to live off of in America. There are no poor people who don’t have color television sets. If you want to see poor, take a look at a real poor country like Zimbabwe. It is common for those who were once middle class to only eat one meal a day.

  58. What To Bring To College- Applying For College Scholarships | Financial Independence in Your 20s | Studenomics

    […] some would call it, “free money.” It’s funny because Ramit Sethi wrote about how some people think there’s a limited amount of money and when I read the article it hit me that I am one of those people, sorry […]

  59. Behind the scenes: 3 case studies about money that will make you laugh, cry, & vomit | I Will Teach You To Be Rich

    […] this philosophy to people who believe there’s only a limited amount of money (and they have to protect theirs) or people who expect everything to be free. Though she […]

  60. The Ultimate Financial Survival Guide For New College Students | Financial Independence in Your 20s | Studenomics

    […] Then one day I read a post over at I Will Teach You To Be Rich that really opened up my eyes about scholarships. I realized that Ramit would probably want to hit me over the head with a laptop if he spoke to me […]

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  63. Christy

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  66. Zentrum der Gesundheit Erfahrung

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  67. Hinweis: Diese Webseite ist eine Sammlung von Informationen über früher und aktuell benutzte Hausmittel.


    Das bezieht sich natürlich auf die körperliche Gesundheit Ihres Kindes genau so wie auf die seelische Unversehrtheit Ihres Sprösslings.

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    Also, ich habe mich in letzter Zeit sehr viel mit der Ernährung beschäftigt,
    bin heute auf diesen Artikel gestoßen.

  70. Gesundheit Tv Sendung

    Leute, die einfach passiv essen, leben in dieser Hinsicht
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  71. Mit einem Heilfasten Plan kann man sehr schnell abnehmen, aber es gilt
    auch das Gewicht danach zu halten und nicht wieder anzukommen.


    Während der Einnahme von Ramilich bekam ich noch einen schönen Reizhusten, der nicht weggehen will.

  73. 11 Myths About Money That Make Succeeding Harder | Whoot Africa

    […] Money is a plentiful resource. Since it’s just a representation of value, there is as much of it as there is value. When more people spend money, it moves around more. More people are giving and receiving value and getting the things they need and want. There is always more value, sothere’s always more money. […]

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    Warum wir nicht ohne Gott als gesunde Menschen mit Hoffnung, Glaube und Erkenntnis wahrlich wirken können, erkläre


    how are you? mt name is Waziri Mapunda from Tanzania, East Africa. Last year I wanted to take MASTERS IN EARLY CHILDHOOD STUDIES at WALDEN UNIVERSITY in US. I got an admission but the problem was money. iam poor economucally. so I failed to proceed with studies because it was offered online. My ambition for this year is to take MASTERS OF EDUCATION IN ADMINISTRATION, POLICY AND PLANNING at OPEN UNIVERSITY OF TANZANIA. I have already applied and I have all qualifications. I talked to the admission offer at the open university he told me that iwill get an admission.Can you help me on how I can get a scholarship for my studies?