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How much is a child's future success determined by innate intelligence? Economist James Heckman says it's not what people think. He likes to ask educated non-scientists -- especially politicians and policy makers -- how much of the difference between people's incomes can be tied to IQ. Most guess around 25 percent, even 50 percent, he says. But the data suggest a much smaller influence: about 1 or 2 percent.
So if IQ is only a minor factor in success, what is it that separates the low earners from the high ones? Or, as the saying goes: If you're so smart, why aren't you rich?
Science doesn't have a definitive answer, although luck certainly plays a role. But another key factor is personality, according to a paper Heckman co-authored in the Proceedings of the National Academy of Sciences last month. He found financial success was correlated with conscientiousness, a personality trait marked by diligence, perseverance and self-discipline.
Why aren't you rich? You obviously slept with the wrong people!
(Score: 0) by Anonymous Coward on Thursday December 29 2016, @03:14AM
I had talent in an in-demand field, went to a public school paid for by my parents and got a degree. That placed me in your definition of middle class. I saved and invested a lot to provide for a safety fund. Unlike my parents' generation not only were there no prospects for advancement, the ambitions of job leaders and coworkers ended up being pretty low too.
Then I got lucky and suddenly became rich. I already had a decent amount of FU money saved, now I could live off investment income for life, so there was no reason to stay in a shitty B-team job with no respect. I made a lucky job switch, can optimize income for tax efficiency and do enjoyable things. The capital base is reasonably safe from short term market fluctuations.
So I am rich, but any above average smartness I may have is orthogonal to it. I am rich because I was lucky. I can do whatever I want for the rest of my life. As long as I don't get dumb, or hooked on drugs, and blow through the money.