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It takes a lot more than just intelligence to become wealthy and successful. It also takes patience, self discipline and work ethic - things that many otherwise highly intelligent people do not have.
I think you're discounting the fact that for most of the population, becoming wealthy is impossible. Lack of ability to concentrate, lack of executive functioning, and lack of ability to defer gratification all make wealth building really, really hard.
Sure some people in the 100-110 IQ range can become wealthy by working harder and doing unpleasant tasks. But 90-100? 80-90? People at the lower end of that range struggle to show up to work.
Intelligence of some level is necessary but not sufficient, so I am not disagreeing with what you wrote. However I think this subforum is generally pretty accomplished and intelligent, and a group of people like that sometimes forgets how things that come naturally to them can be herculean efforts for others.
It takes a lot more than just intelligence to become wealthy and successful. It also takes patience, self discipline and work ethic - things that many otherwise highly intelligent people do not have.
Yes.... and I'll add more .... you better have luck on your side, and an ability to think outside the box.
Yes.... and I'll add more .... you better have luck on your side, and an ability to think outside the box.
I agree on luck. I think luck plays a much larger role in our lives than most of us would like to admit. However, I also think it's the intelligence, patience, self discipline and work ethic that put us in a better position to be able to recognize and take advantage of a "lucky" situation when it presents itself. Luck is what happens when preparation meets opportunity.
Now that I'm retired, I'm down to about 3500 miles a year. My yearly electric bill for a small, well-insulated all-electric home was about $2150. I have 200 amp service, but if I were to buy an EV, then I would need to upgrade to 300 amp. Enough solar panels to provide 72 kw would cost about $200,000. Even if I live another 20 years, I don't see how that would make sense financially. And then there is the question as to how I would charge the EV at night on solar, without paying even more money for battery storage. Ohio also has an annual $100 fee for hybrid vehicles, and an annual $200 fee for EV vehicles.
You know your home better than me. That said a neighbor has a 200 amp panel and an EV.......his charger is variable amperage and he claims it works great. He tries to fit the charge rate to other demands.
I agree on luck. I think luck plays a much larger role in our lives than most of us would like to admit. However, I also think it's the intelligence, patience, self discipline and work ethic that put us in a better position to be able to recognize and take advantage of a "lucky" situation when it presents itself. Luck is what happens when preparation meets opportunity.
I, somewhat anyway, disagree. Across the entire first world among going back to the 1950s through today.
The top quintile of adults per IQ have the highest incomes, the highest educational attainment, the most likely to avoid poverty and a number of other markers too.
The next quintile have the next highest IQ, next highest incomes etc. etc.
The next """"""
The next """"""
The bottom quintile of adults per IQ have the lowest incomes, the lowest educational attainment, are the most likely to live in poverty etc.
The income line across the quintiles only begins to falter at very high earners where people with exceptional skills a likely to be paid better than people with exceptional minds.......FE MLB players and NASCAR drivers etc. over professors and researchers that kind of thing.
If luck was a pervasive player the IQ and incomes arc wouldn't hold.
All that said luck/randomness is a big player in our lives. I met my wife by pure oddball accident etc. Just after we married it came down to a coin-flip, almost literately, as to whether we'd stay in NYC or move to Dallas. A friend's son slipped down some wet concrete stairs and never woke up. Some good friends were killed in plane crash (Addison TX/2019/King Air)....NTSB says pilot error etc.
I think you're discounting the fact that for most of the population, becoming wealthy is impossible. Lack of ability to concentrate, lack of executive functioning, and lack of ability to defer gratification all make wealth building really, really hard.
Sure some people in the 100-110 IQ range can become wealthy by working harder and doing unpleasant tasks. But 90-100? 80-90? People at the lower end of that range struggle to show up to work.
Intelligence of some level is necessary but not sufficient, so I am not disagreeing with what you wrote. However I think this subforum is generally pretty accomplished and intelligent, and a group of people like that sometimes forgets how things that come naturally to them can be herculean efforts for others.
This may be wandering the thread a bit, but...
My girlfriend's daughter, her son, and her daughter's boyfriend are all 18-22. Her son is the oldest at 22, and has a CDL driving a truck for the power company. He's probably making $60,000 a year now - living at home, rent-free, has a nice Mustang. At one point, he was debt-free. His money is basically all play money.
He then goes out and buys an expensive truck and wants an ATV. The truck payment is ~$650/month. The daughter's boyfriend also works for the power company, and just spent $2,000 on wheels for a 15 year old Jeep a few weeks ago. He's always having some kind of car part shipped there.
These guys can't defer gratification on anything. Her son could have saved money for a year and probably bought the truck in cash or close to it. He doesn't have the time to use an ATV much. The daughter's boyfriend is probably 80-90 IQ, not very bright, and is throwing a lot of money into discretionary stuff on an old car that might start giving problems at any time. Her son has more potential, but his weight (~400) is going to be an issue in his line of work.
The daughter just came into a big windfall. She seems to have more sense about her with money, but she does need a new car and has some medical bills to payoff with the money.
The bottom line is that I just do not see longer-term thinking in many younger people now. Like you said, everything is about immediate gratification. They're the TikTok generation with the attention span of a gnat. Any sort of long-term planning is going to be tough for them.
Wealth, denominated in worthless repudiated securities is not synonymous with real goods and services that they were traded for.
And since those "paper assets" depreciate over time, as well as get taxed more, accumulating them is hazardous. After a major SHTF event, they have no real trade value nor use.
Quickly trading them for useable goods and services, that reduce consumption of resources, while meeting personal requirements is prudent.
In that regard, one would be a wise invester who traded his paper for:
_ an autonomous, self sufficient, disaster resistant, superinsulated dwelling (preferably private property and not real estate, for maximum benefit)
_ _ _ with independent sources of potable water, close proximity to rail transport or navigable water, and access to hydroelectric power
_ enough arable land to support agriculture suited to meeting one's needs and a surplus for long term storage
_ tools to support a vocation that would be in demand over the decades
_ within a walled / fortified village or community
A man with a year's supply of food will outlive a man with a year's supply of wealth.
The wealthy man can hire someone to take away your food.
The wealthy man can hire someone to take away your food.
Only if the IRS didn't take it first.
Quote:
Originally Posted by Lillie767
The fifth way: Marry it.
Hmm, I think that mostly only works for about half the population.
Quote:
Originally Posted by jasperhobbs
5 - Marry in to wealth.
Again, not a good plan for about half the population.
Quote:
Originally Posted by Igor Blevin
There is a very old saying, "the rich get richer and the poor get poorer".
Especially when the rich control the government, and your country has a strong government/society, with a standing army or police force.
Otherwise, pirates.
Or the Mongol horde.
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