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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: 1, Insightful) by Anonymous Coward on Thursday December 29 2016, @04:11AM
Interestingly, I heard Trump would be far richer if he'd simply invested his money in an index fund and done absolutely nothing
No, you didn't. You read an article, or read about an article that naively calculated that if Trump had taken his 200 million dollar inheritance when he first started (Trump claims he did not receive this until the 90's and started with a 1 million dollar loan) and invested the entire amount in said funds until now, he would come out slightly ahead of his current wealth, completely discounting a lifetime of extreme luxury.