Rich kids brighter than poor kids shocker!

[IR35 Avoider]

Most renown entrepreneurs don't come from good backgrounds

On the whole being an entrepreneur is not a sensible ambition, so only people who don't have good alternative options do it.

In "The Millionaire Next Door" the authors comment that most millionaires encourage their children not to go into business, but to go into extremely stable high-paying low risk (variation in outcome) professions such as accountancy, law and medicine. They know that for every entrepeneur who succeeds there are hundreds that fail. Their children may not become multi-millionaires from a safe profession, but once you take into account the probability and payoff associated with failed entrepeneurialism, the expected return is greater in the professions.

Nicholas Taleb makes a similar point in "Fooled By Randomness", his example is funnier because he compares dentistry and being a janitor who buys lottery tickets. The fact that a janitor wins the lottery and is consequently better off than most dentists is not a reason to choose his path to wealth over dentistry. He regards success in all high reward/high failure rate professions as mostly due to luck.

[Dow Jones]

Very good argument...

(I take it you have not copied and pasted that!)

In successive generations of entrepeneurs that may create wealth, you'll find that it's the 1st one that's done most of it, rest just manage the accumulated capital.
However, in generations of professionals eg accountants, solicitors, doctors etc. you'll find that wealth is multiplied by an increased factor, as the generated business is more than the sum of its parts, couple that with less risk, hence the trend to professionals against new entrepreneurs.

[wendigo100]

doh! sorry, I was one of those poor stupid kids.

Which made me tight with money. greedy for more, with a very comfortable lifestyle, several properties. a very lucrative business/s. and very fat bank accounts
I left school at 14 by the way. grew up in a caravan, my father was a Nightclub bouncer at night and a painter and decorator during the day.
I am not one of the privileged classes.
I went into the Navy as soon as I was old enough and have spent my whole life working hard. self educated except for night school and a return to university, when I was in my forties.
The privileged that I associate with, Who I find to be lacking in intelligence and wit. generate more money by investing (the money they inherited) on the advice of people that grew up without the advantage of a silver spoon.

So what?

How many lawyers, doctors or accountants do you associate with?

[Maxamus]

There is relationship between wealth and intelligence: The more intelligent you are, the more able you are to grab a bigger slice of the cake for yourself. It is evolution in action.

So, if rich kids are not more intelligent (on a general scale), are you saying that intelligence is not inherited?

Rich kids are less intelligent because daddy gives him eberything he wants thus the rich kid does not need to apply logic and intelligence to inherit items or monies.

Meanwhile, the poor kid does not get hand outs and thus has to apply some logic and intelligence to apply himself in ways and means whereby he can make a living and inherit monies as his reward.

It doesnt matter how intelligent you are anymore. Modern society is full of greed, curroption and lies. Most of these people get richer and richer by taking more from the "working class" peoples of this world.

After all, someone has to loose inorder for someone to gain.

[wendigo100]

... someone has to loose inorder for someone to gain.

Isn't it a fact of life though, without which the species would stagnate?

[Maxamus]

Isn't it a fact of life though, without which the species would stagnate?

Yes it is a sad fact of life that the rich people who always win

[wendigo100]

Yes it is a sad fact of life that the rich people who always win

How long has that been the case? In historical terms.

[aussielong]

Evolution of the fittest innit

being rich or well off does not make you intelligent.

...

Rich kids are better educated, they are not more intelligent

Rich people are on average more intelligent. It takes brains to make money, more to hold onto it.

Some working class people make money. They are bright, rather than intelligent, since the latter requires an element of education.

[blacjac]

Rich people are on average more intelligent. It takes brains to make money, more to hold onto it.

Some working class people make money. They are bright, rather than intelligent, since the latter requires an element of education.

Ahh but thanks to new labour, everyone can now get an education.........

[shaunbhoy]

Becks (0% ABV) tastes good actually, but all other alcohol free beers I tried including Stella are like

What sort of a billy-no-mates loser actually experiments with alcohol-free booze?