The Real Wealth of a Graduate

Audience: ~4,500 new graduates and families
Speaker: Former Senator Mitt Romney

1. Life’s True Wealth

• Key Insight: “The true measure of a life’s wealth is found in loved ones and friends.”
• Rooted in Romney’s Latter‑Day Saint upbringing.
• Emphasizes relationships over monetary success.

2. The Role of Chance

• Career Success = Hard Work + Serendipity
• Hard work alone is not the sole determinant.
• Cites President David O. McKay: personal achievements cannot offset failures at home.

3. A Humbling Perspective

• Business Metrics ≠ Ultimate Scorecard
• Two years of optimization and competition are valuable but incomplete.
• Aligns with Jewish tradition: life judged by what we pass on to children, not material wealth.

4. Navigating Turbulent Times

• Acknowledges America’s uncertain era.
• Notes that even a merit‑based institution like HBS recognizes diplomas as partial gifts.
• Warns against overestimating personal brilliance and underestimating the impact of external factors.

5. The Missing Ingredient: Grace

• Grace—recognition that some advantages are unearned—is often absent in modern meritocracy.
• If successful people assume they earned everything, they may view others as equally deserving of hardship, fostering contempt.

6. Social Implications

• Humility + Gratitude
• Turns rivals into partners.
• Encourages viewing society as a collaborative effort rather than a zero‑sum game.

7. Personal Credibility

• Romney’s journey from buyout success to political career lends weight to his balance of effort and luck.

8. Closing Thought

• Moral Integrity > Economic Success
• No amount of wealth can replace character.
• The message: Ambition should be tempered with humility, duty, and an appreciation for chance.