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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: 2) by Magic Oddball on Thursday December 29 2016, @03:09PM
Poor people think rich people work real hard on getting $$$ and spending every penny both more effectively than they do …
From what I've seen/experienced, that's actually closer to what middle–class people believe, along with the notion that poor people either are lazy, stupid, or aren't good at managing their money. Most of the poor people I've known were all too aware that highly affluent people typically inherit their wealth, have better opportunities/connections, and hire people to ensure their funds are well invested — but still clung to the hope that hard work & wise choices could lift them out of poverty.