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| - by user JMK444 Two things must be addressed, as the headline from a recent APF (Agence Presse France) article () gives the wrong impression. First, the fact that wealth is unrelated to intellect, does not presuppose, nor even support the view that wealth creation is related to luck. Wealth is created by specific behaviors – self-discipline, frugality, vision (especially for investors and inventors) and the ability to delay gratification, just as poverty is caused by specific behaviors – recklessness, irresponsibility, impulsivity and the inability to delay gratification. __NOEDITSECTION__
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| abstract
| - by user JMK444 Two things must be addressed, as the headline from a recent APF (Agence Presse France) article () gives the wrong impression. First, the fact that wealth is unrelated to intellect, does not presuppose, nor even support the view that wealth creation is related to luck. Wealth is created by specific behaviors – self-discipline, frugality, vision (especially for investors and inventors) and the ability to delay gratification, just as poverty is caused by specific behaviors – recklessness, irresponsibility, impulsivity and the inability to delay gratification. None of those traits are dependent upon high intelligence. That is, people born poor can engage in self-discipline, and delaying gratification, while people born well-off are not assured of engaging in those behaviors. "People don't become rich because they are smart," said Jay Zagorsky, research scientist at Ohio State University whose study appears in the Journal Intelligence. The US Bureau of Labor Statistics survey included 7,403 Americans who have been interviewed repeatedly since 1979. Based on 2004 answers, people who are now in their mid-40s showed no link between brain- and wealth. "Your IQ has really no relationship to your wealth. “And being very smart does not protect you from getting into financial difficulty," Zagorsky said. As an AGF article stated, “The study confirmed previous research which has shown that smarter people tend to earn more money, but pointed out there is a difference between high pay and overall wealth. "The average income difference between a person with an IQ score in the normal range (100) and someone in the top two percent of society (130) is currently between 6,000 and 18,500 dollars per year," it said. "But when it came to total wealth and the likelihood of financial difficulties, people of below average and average intelligence did just fine when compared to the super-intelligent." Read that again, “The study confirmed previous research which has shown that smarter people tend to earn more money, but pointed out there is a difference between high pay and overall wealth.” In other words INCOME is NOT WEALTH! In fact, income is a poor means of wealth creation. To accept that basic truth, is to accept the folly of the viewpoint that “higher income taxes” is “taxing the rich.” The truly rich don’t rely on income for wealth and what high income taxes do is, in effect, punish productivity/income. __NOEDITSECTION__ From The Opinion Wiki, a Wikia wiki. From The Opinion Wiki, a Wikia wiki.
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