Ric's Commencement Address at Rowan University

His single piece of advice for new graduate success

Ric Edelman: It's Tuesday, May 7th, and today I'm excited to bring you a special episode, a replay of my commencement address delivered to the remarkable graduates of Rowan University on May 4th. 

Tony: So I have the pleasure of introducing our commencement speaker today, Mr. Ric Edelman. At Rowan University, his name is synonymous with progress, innovation, creativity, education, student support, and most importantly, student success. We're delighted that he's accepted our invitation to be our speaker in our centennial year. A 1980 graduate, Ric used his degree from then Glassboro State to become the nation's number one independent financial advisor, as recognized by Barron's. Shortly after graduation, Ric and his wife, Jean, a 1981 alumna, and today a Rowan trustee, founded Edelman Financial Services. The company today serves more than 1.3 million households and manages more than $270 billion. A New York Times best-selling author, Ric hosted the nation's longest running personal finance radio show for more than three decades. Today he hosts the popular podcast, The Truth About Your Future with Ric Edelman. Ric and Jean are two of our greatest supporters, and a most proud alumni. Their support has propelled the university to higher heights and bigger dreams. Through the soon to open Jean and Ric Edelman Fossil Park and Museum, an incredible world class destination just weeks away from opening. The Edelman Scholars, some of which are sitting out there today, supports our students in every aspect student life. And of course, the Ric and Jean Edelman Planetarium, which bring the wonders of our universe to thousands of visitors annually. Moreover, Rowan is the proud home of the Ric Edelman College of Communication and Creative Arts. This college boasts some of our institution's most accomplished and famous alumni. The college also prepares our students for fulfilling careers in communication, media, and the arts. Ladies and gentlemen, and in particular class of 2024, please welcome me in joining and welcoming home Ric Edelman, our commencement speaker. 

Ric Edelman: Thank you, Tony, very much for that. To our board, Ali, our distinguished guests, all the family and friends here today, my lovely wife, Jean, my dear friend, Joe Batazzi, 10 bucks, I'll get you a seat up here, too. I'm really honored and thrilled to be speaking to you today. The class of 24, give yourselves a cheer. 

I'm really so excited for you and I know you're so very excited for yourself. I want to give you a few thoughts to keep in mind as you enter your new career. You're going to notice something very different compared to your life at Rowan University. For most of you, you've spent most of your time here at Rowan with people who are pretty similar to you. Most of your classmates come from New Jersey, probably just like you. Most of your classmates have been pretty similar to you in age. Most of your classmates have been pretty similar to you financially. I mean, you're all broke, right? 

And you spent most of your time with people who have pretty similar interests and skill levels as you. You were in clubs and programs and classes where pretty much everybody had similar interests and opinions and goals. But as you leave here, and you enter your career, you're going to discover that most of the people that you're going to be working with don't have all that many similarities to you at all. 

Most of you entered as 18 year olds, 19, 20 year olds, as often recent high school graduates. But when you enter the workforce, you're going to discover that most of the people have been in that workplace for years, some of them for decades. Your new coworkers and colleagues and customers and, and clients and parents of kids and patients and your new bosses, almost all of them are going to be 10 or 20 or 30 years older than you. 

Some of them are going to be 40 or 50 or 60 years older than you. They're going to have grown up in a different era in other parts of the country, even other parts of the world. And this means they'll not only have different experiences and different perspectives than you, they're going to have different frames of reference than you. 

And a lot of them are going to say one thing to you. Here's how you do your job. They're going to tell you this because that's how they've been doing the job for the past 10, or 20, or 30, or 40, or 50, or 60 years. They're going to be trying to be helpful, but they're going to fail to realize that they are missing out on one really important piece of information. 

For a lot of the folks in the companies and organizations and agencies that you're going to be joining, the way they've been doing things, which has worked fine for decades, is now outdated, outmoded, often downright obsolete. You have a brand-new college degree from one of the best universities in the world. And you've been taught the latest thinking from some of the sharpest minds in your field. And you've been shown the latest developments, buttressed by the newest innovations and inventions. And so, you can rightly believe that when you're given an assignment, a task, a goal, you know a better way to get it accomplished than the old school way that they are going to recommend. 

Thanks to today's innovations in generative AI, robotics, and blockchain technology, you can bring methodologies to the workplace that'll let you get the job done better, faster, cheaper, safer, with greater benefits for a larger number of people than anyone ever could in the history of the world. The people you're going to be working with are people twice or three times your age, and while people like me are pretty good at using tech, you are tech. 

I never saw an iPhone until I was 48 years old. You grew up with an iPhone. My generation grew up with television. You grew up with the internet. And this means that you can teach your new coworkers, your colleagues, even your bosses, a thing or two about how to get the job done in the 21st century.  

So my message to you is simple. As you embark on your career, use the technology. Don't ignore it. Embrace the technology. Don't fear it. AI and robotics and DLT, distributed ledger technology, also called blockchain. No doubt you've heard that these new technologies are going to eliminate half the jobs in America over the next 15 years, but that statistic is not quite right. 

It's not that AI and robotics and DLT are going to put you outta work. What's gonna put you outta work are the people who are using AI and robotics and DLT. There was a survey just last month of 4,700 CEOs of the biggest companies in 105 countries, and 25% of those CEOs said that they are firing at least 5% of their staff this year and replacing them with generative AI. But at the same time, more than half said that they are going to be hiring more staff who know how to use AI. And 70% of these global CEOs said that they expect AI to change their business models within three years. So they are now requiring their employees to develop new skills. 

What this means is that, yes, you have a brand-new college degree, but no, your education is not over. You must continue learning. Technology is growing so fast, it's all now about lifetime learning. Rowan has given you a tremendous advantage over the people you're going to meet in the workplace. Now it's up to you to maintain that advantage and apply your knowledge and skills in your new career. 

The International Monetary Fund says 40% of all jobs are being impacted by these technologies. And if you master the tech, you will enjoy higher income. Those who don't are going to suffer lower paychecks and eventually complete job loss. So instead of being one of the people who are left behind due to technology, be one of the people who master these technologies, who use them so you can do a better job, complete your tasks faster and easier, produce better results, better for you, better for your employer, and better for all of those you're serving. 

Show your new colleagues how they can use these tools themselves. This is how you get promoted. This is how you earn more money. This is how you become a leader in your field. And as you start to achieve success, all I ask is that you keep Rowan in mind. Please give back. Share your success with those who helped you achieve it. Donate annually to the university, so Rowan can give tomorrow's students the opportunities that you've enjoyed. You know that Jean and I do this. And we just ask that you follow our lead. You don't have to give a lot, just give often.  

And before I go, let me impart a vision of your future's start: A symphony of innovation grand. AI, robotics, and DLT with you, hand in hand. For in this grand space of wisdom, we gather here with hearts of light and minds sincere to bid farewell to turn the page as you step onto the grandest stage. Today our plans and dreams collide with hearts ablaze and visions wide. We gather here with purpose strong to sing the future's stirring song. Graduates as you embark on the journey of your chosen arc, remember this with every stride, the world awaits, from it do not hide. Behold the future beckons bright, a canvas vast, a starry night, where dreams take flight on wings of steel, and every heart's desire we feel. In this age of AI's ascent, where silicon minds find their intent, we glimpse the dawn of boundless grace, and marvel at what we embrace. Oh, wondrous beings, those silicon souls, in circuits run, your purpose molds. With minds of metal, hearts of code, you stride beside us on this road. In classrooms, they inspire minds, giving students two new finds. And in the arts, they weave their dance, creating beauty with a glance. In transportation, they navigate, guiding us through roads they integrate. With safety and efficiency, they stride in a world where progress is the guide. And in communications realm, they soar, breaking down barriers, opening doors, bringing people closer, hearts entwined in a global village of humankind. And behold the robots, sleek and grand, with gentle touch, they lend a hand. In fields of medicine, they heal, and in disaster, they reveal. Through robotics we'll explore the depths of space the ocean's floor. In realms of science we'll unbind the secrets of the human mind. No longer bound by human frailty, they toil away with endless vitality. In laboratories they innovate, and in industries they elevate. In agriculture they till the land with precision they understand. The needs of crops, the cycles of life, minimizing waste, reducing strife. So let us dream of futures bright, where darkness fades and wrongs turn right, where AI aids in justice's cause and robotics obey nature's laws. Amidst this wave of innovations crest, blockchain technology stands abreast, a ledger immutable, transparent and true, revolutionizing what we can do. In supply chains, it tracks with precision every step, every decision. Ensuring fairness, reducing fraud in a world where trust is often flawed. And in governance, it holds the key to transparency and integrity. Ensuring that power is not misused in a democracy that's fair and infused. And so digital assets, like Bitcoin's call, belong in all portfolios, both large and small, as blockchain's ledger standing tall ensures trust for investors, one and all. Together, AI, robotics, and DLT allow our dreams to become reality, where cities hum with vibrant life and harmony replaces strife. But let us not forget, dear friends, the essence of what truly sends our spirits soaring, our hearts alight in the symphony of day and night. For AI, robotics, and DLT, they're the tools to shape a world that ever rules, but tis the human touch, the spark of soul that truly makes the world whole. So in this dance, let's not forget the human touch, the silhouette for the machines may rise and soar, tis human hearts that we adore. For love and empathy, we crave. In every soul, a heart to save. Amidst the circuits and the wires, let kindness be our guiding fires. So graduates, as you depart with fire in your minds and dreams in your heart, remember this as you embark. The future's dance is a shared art. So go forth with courage high. Embrace the future. Reach the sky. For in your hands, the power lies to shape the world beneath the skies. And as the curtain starts to rise on the stage of life beneath the skies, embrace the promise, bold and true, that the future belongs to you. For no matter what field you roam, AI, robotics, and crypto, find a home. Embrace the tools with open arms and wield them well with noble charms. For in your hands, the power lies to shape the world beneath the skies. With all of technology's power and grace, let's craft a future, a wondrous place. Now as this poem finds its end, a truth I must so gently send. For in this ode, you should not be surprised, this verse, my friends, was synthesized. Yes, this creation, this rhyme and meter, sprang forth from bits, from lines much neater. For this poem, dear graduates, I say with glee, it was written by Chat GPT. Godspeed, Class of 24! 

You're listening to The Truth About Your Future. We'll be right back. 

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Announcer: Have you registered for VISION? DACFP’s biggest crypto conference of the year. It's exclusively for financial professionals and accredited investors. It's June 2nd to June 4th, in Austin. You'll get the latest cutting-edge educational content and actionable ideas from leading investors and industry thought leaders. The information you need about crypto to serve your clients and attract new AUM. This event is designed to maximize your learning experience. No breakout sessions. So you don't miss a thing. Private one one-on-one meetings and dine-arounds. Check out our list of speakers at DACFP.com. VISION has sessions on all the latest in crypto, spot bitcoin ETFs, capturing alpha in crypto stable coins and CBDCs tokenization, AI and crypto. The institutional view of crypto and a whole lot more. And of course, terrific networking. You can also sign up for the optional pre-conference workshop, an introduction to blockchain and digital assets, a four-hour course taught by Ric Edelman. This course includes continental breakfast, lunch, and a cocktail reception at 5:00pm. Registration is only $149 – secure your spot for VISION now at DACFP.com.  

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Ric Edelman: On tomorrow's show, Dave Ramsey is caught up in a scam. 

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Links from today’s show: 

VISION – Register Now: https://dacfp.com/2024-dacfp-vision/   

Jean and Ric Edelman Fossil Park and Museum: https://www.rowan.edu/fossils/  

Edelman Scholars program: https://ccca.rowan.edu/current_students/edelmanscholars.html  

Ric and Jean Edelman Planetarium: https://sites.rowan.edu/planetarium/  

Ric Edelman College of Communication and Creative Arts: https://ccca.rowan.edu/  

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LinkedIn: https://www.linkedin.com/in/ricedelman/ 

X: https://twitter.com/ricedelman 

YouTube: https://www.youtube.com/@RicEdelman 

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