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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, @10:56AM
If you're not already rich the best way to become rich is to start your own business.
But a number of us smart ones have more options and are risk averse. Not all entrepreneurs eventually succeed. You don't hear of them because few people write books "How I failed 7 times and ended up divorced, homeless and bankrupt at 65" or "How I lost most of my savings trying to start businesses and crawled back to a boring job" and even fewer would buy them. Recently I was at a restaurant that was closing down - food was good, service decent, location OK, but rent kept going up.
So we stick to having conventional jobs rather than trying to start our own business. After apparently money buys happiness only up to a certain point 75k/year (actual value probably varies from location to location): http://content.time.com/time/magazine/article/0,9171,2019628,00.html [time.com]
I figure a fair number of you smart ones are earning 75k already or salary of equivalent "purchasing power" in your country. Or close enough that it's not really worth the risk and effort. Starting your own business is typically a LOT of work and many wouldn't have spare time or energy to post on Soylentnews. If your normal job requires you to work very long hours then you better be partner equivalent (have "real" shares - not bullshit ones) or you should find a new job or start your own business.
Most of those who aren't so smart don't have as many options - fewer employers will give them a 75k/year job (even the pretty ones normally need some level of smarts to get $$$$$ ).
Social class and "know who" also matters.
(Score: 0) by Anonymous Coward on Thursday December 29 2016, @01:49PM
Yep, a friend of mine is doing rather well for himself now with his own business but had three that failed over the previous decade before he managed to strike gold with this one.