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

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


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.