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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, @02:39AM
I agree, being able to live off investment income is a milestone or dividing line. But there is at least one more level of being rich -- which I heard from a friend who started a small company and grew it to ~40 people. In the course of his work he met some professional athletes and when they could afford a private jet, that was the next level.
My friend was never going to get into that income territory, and he was philosophical about it-- "Why should I keep busting my ass to make a little more each year, when it doesn't get me any more than I have...and will never be enough to have the freedom of travel that comes with a jet."
Personally, I got lucky once. We had been chartering a light-twin prop plane to take 3-4 people to a jobsite that only had very expensive commercial air -- the charter plane saved the customer money. One time the prop plane was double booked and the charter company gave us enough of a break that we could rent their Lear Jet for a one day business trip. It would be easy to get used to private jet travel, we came home at 500 mph ground speed (small tail wind). Note: Air charters of all kinds do not go through normal terminal security, we basically showed up at the charter company and in 10 minutes were on the little plane and taxiing out to the runway.
(Score: 0) by Anonymous Coward on Thursday December 29 2016, @03:25AM
I know which one I would pick. :-)