"Before I really started my first business, I read 'Rich Dad Poor Dad,'" Smith tells CNBC Make It. In the book, author Robert Kiyosaki writes about the two father figures in his life and how they shaped his views on personal finance. But the book also had personal significance for Smith.
"It's kind of a story about the one dad that has a PhD and this fancy college education, and the guy next door just works hard and goes out and hustles every day, and he's the rich dad.
"That kind of made me feel like 'Hey I don't really need to have to college to go make stuff happen. I can go do this,' so that was an important book to me."
Smith dropped out of high school and then after receiving his GED, went to college for a brief stint but never finished. Smith says he thinks education is great, but not necessary to be an entrepreneur.
"I think that business is all about getting out there and solving problems, and I don't know if you can really teach entrepreneurship," Smith says. "So I just tell people you gotta get out there and start making it happen."
Smith isn't the only successful person who has touted the benefits of the book. NFL wide receiver Ryan Broyles recently revealed that he and his wife lived on roughly $60,000 a year throughout his career, despite having once signed a $3.6 million contract with the Detroit Lions. (He is currently a free agent.) Lessons Broyles learned from the popular book focused on how to make your money work for you.
"The Poor Dad's philosophy basically reinforced the way I already thought about money: Make money to live, and save some along the way," Broyles wrote in The Players' Tribune. "But the Rich Dad's lessons — making your money work for you by investing it and acquiring income-generating assets — made me realize that I needed to make changes in how I thought about money if I ever wanted to be that Rich Dad."