These things can change people in two main ways. They can change people in ways that have to do with pragmatic, economic issues, but they can also change people in terms of their mindsets.
The first way in which these things can change people is a more tangible way. When people read a lot and when they go to college, they learn things that can help them economically. They learn new skills and gain valuable new knowledge. These things help them to be more economically productive and generally allow them to get better jobs.
Reading and college can also change people in ways that are less tangible. They can change the way people think and their overall attitudes. A person may go to college with relatively narrow “horizons” if they have not been exposed to many ideas and ways of thinking that are different from those they grew up with. When they read and/or go to college, they start to think more broadly and from new perspectives. When this happens, their lives are changed, but this change is more psychological than it is tangible and economic.