Mitt Romney Has Some Good Advice for the Children of Wealthy People

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With money bag props at his side, Massachuetts Gov. Mitt Romney reads a bar chart regarding potential changes to the unemployment insurance laws during a news conference at the Statehouse in Boston, Tuesday, Nov. 25, 2003.
Photo: Charles Krupa/AP

In a speech to a group of students at Otterbein University in Ohio yesterday, Mitt Romney shared the story of how his friend, Jimmy John (of sandwich-chain fame) got his start in business by getting a $20,000 loan from his family. Romney encouraged any aspiring entrepreneurs in the audience to do the same

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This kind of devisiveness, this attack of success, is very different than what we’ve seen in our country’s history. We’ve always encouraged young people: Take a shot, go for it, take a risk, get the education, borrow money if you have to from your parents, start a business.