The process of earning money is itself the education that makes keeping money possible. Borrowed capital fails because the borrower never learns what money costs in effort, while self-earned capital encodes discipline directly into the earner’s habits. This explains why poor boys outperform rich boys across generations: struggle teaches what comfort cannot. Conversely, unearned wealth corrupts character by removing the feedback loop between effort and reward. Easy credit accelerates this corruption by making risk feel costless.