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Title: Not too bright? You can still be rich
Source:
MSNBC
URL Source: http://www.msnbc.msn.com/id/18311061/
Published: Apr 25, 2007
Author: Jeanna Bryner
Post Date: 2007-04-26 13:03:35 by Tauzero
Keywords: None
Views: 128
Comments: 4
Not too bright? You can still be rich By Jeanna Bryner You don't have to be smart to be rich. Individuals with below-average IQ test scores were just as wealthy as brainiacs, finds a national survey. "What the results really say is it doesn't matter whether you are born smart or you are not born smart, you can do financially okay," said the study's author Jay Zagorsky, an economist at Ohio State University's Center for Human Resource Research. "It's not 'I'm not particularly intelligent, I'm destined to a life of financial failure and hardship.' The results said [if you have] a positive attitude and [want] to save up money and build up your wealth, you can do it no matter what your IQ is," Zagorsky told LiveScience. The study, detailed in an upcoming issue of the journal Intelligence, also showed that highly intelligent people have financial difficulties, maxing out credit cards and missing bill payments. Zagorsky suggests that the financial troubles could be linked with an inability to save money. Past studies have shown that intelligence positively affects income, or the money a person makes per year. "Individuals with a higher IQ typically have a higher educational attainment and a higher occupational status and that is very well established," said Ruth Spinks, a behavioral and cognitive neuroscientist at the University of Iowa, who was not involved in the study. However, just because someone has a high-paying job doesn't mean they are wealthy, which is a measure of the difference between a person's assets and debts. Money matters The scientists examined survey information from about 7,400 respondents who participated in the nationally representative National Longitudinal Survey of Youth, a survey of young baby boomers, or individuals born between 1957 and 1964, from across the country. The current study based on 2004 data, when the participants were between 33 and 41 years old. The respondents answered questions about their income, total wealth, and three measures of financial difficulty: whether they have maxed-out credit cards, if they have missed paying bills over the past five years, and whether they have ever declared bankruptcy. Intelligence scores were based on the Armed Forces Qualification Test (AFQT), a general aptitude test used by the Department of Defense to determine "trainability" of new recruits. AFQT scores have also long been used to measure intelligence. Scientists in the field have found that after about the age of 5, a person's IQ scores remain relatively stable. Financial sweet spot Participants with higher IQ scores tended to earn higher incomes, with each additional IQ point associated with an income boost of $202 to $616 each year. For example, a person with an IQ that's in the top 2 percent of society (130 points) would rake in between $6,000 and $18,500 per year more than an individual with an average IQ of about 100 points. The results showed a financial sweet spot of sorts that hovered around the average IQ score, for which people had the lowest financial distress.
Study: People with below-average IQs are just as wealthy as brainiacs
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#1. To: Tauzero (#0)
Bush is way way over-paid. Richard W.
How to be rich in four easy steps. 1) Don't spend more than you earn. Its not rocket science....
Press 1 to proceed in English. Press 2 for Deportation.
Oh, brother. My IQ is probably 120 or more. So where is my extra income? Beats the shit outta me. :-/
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
I'm measured at 147. With my present income, had I been 100, I'd be making zero according to this study. LOL.
Law Enforcement Against ProhibitionParticipants with higher IQ scores tended to earn higher incomes, with each additional IQ point associated with an income boost of $202 to $616 each year. For example, a person with an IQ that's in the top 2 percent of society (130 points) would rake in between $6,000 and $18,500 per year more than an individual with an average IQ of about 100 points.
#2. To: Tauzero (#0)
2) Save money - put it into an interest bearing account or an index mutual fund or gold coins.
3) Don't get into debt.
4) Wait.
#3. To: Tauzero (#0)
Participants with higher IQ scores tended to earn higher incomes, with each additional IQ point associated with an income boost of $202 to $616 each year. For example, a person with an IQ that's in the top 2 percent of society (130 points) would rake in between $6,000 and $18,500 per year more than an individual with an average IQ of about 100 points.
#4. To: Tauzero (#0)
a person with an IQ that's in the top 2 percent of society (130 points) would rake in between $6,000 and $18,500 per year more than an individual with an average IQ of about 100 points.
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