{"id":22856,"date":"2019-11-27T11:09:53","date_gmt":"2019-11-27T18:09:53","guid":{"rendered":"https:\/\/moneyppl.com\/?p=22856"},"modified":"2023-07-09T23:41:10","modified_gmt":"2023-07-10T06:41:10","slug":"25-reasons-why-dumb-rich-people-succeed-more-than-smart-poor-people","status":"publish","type":"post","link":"https:\/\/dev.moneyppl.com\/25-reasons-why-dumb-rich-people-succeed-more-than-smart-poor-people\/22856\/","title":{"rendered":"25 Reasons Why ‘Dumb’ Rich People Succeed More Than ‘Smart’ Poor People"},"content":{"rendered":"
Ever wonder by incompetent rich people get ahead in life above some of the most intelligent and level-headed people? You could have a high IQ, got better grades in school, and worked twice as hard, and yet the rich kid succeeds above and beyond anything you could ever d<\/span>o. This is not just in our imaginations. Children of the rich truly do succeed more often in life, regardless of their actual talent or level of competency. <\/span><\/p>\n There was even a study published in the <\/span>American Sociological Review<\/span><\/a> that proved that people from working-class backgrounds earn 17% less than their rich counterparts even if they have the same job. What makes rich kids so special they continue to succeed, even if they’re far from the smartest in their class?<\/span><\/p>\n According to the <\/span>Journal of Personality and Social Psychology<\/span><\/a>, people from high socio-economic classes are more likely to be overconfident. They give off an aura that they are very good at their job even if they are actually terrible at it. Even though humans are intelligent creatures who should be able to tell the difference between an overconfident buffoon and a truly talented person, we still have this innate desire to look up to people who are confident.<\/span><\/p>\n Rich kids grow up feeling confident because their parents have taught them to feel great about themselves. Poor kids, on the other hand, are often made to feel less than perfect. They are trying to raise their confidence, rather than having an overabundance of it. Building confidence takes time for most people, but it is crucial if you want to succeed. <\/span><\/p>\n <\/p>\n If you do poorly on the SATs or any graduate school entrance exam, it is possible to take it a second or third time until you get a better school. However, it costs $64 each time you take the test. In college, if someone fails a course, they can also pay to take it a second time if they are willing to pay thousands of dollars to do so. Whatever grade they receive on the second try will replace the first one. This can boost someone’s GPA and improve their chances of success later in life. However, not everyone can afford to keep trying over and over again. Many people can try only once or twice before the thousands of dollars in tuition no longer makes sense. <\/span><\/p>\n Even if the student manages to get good grades, their socio-economic status still works against them. According to <\/span>The Balance<\/span><\/a>, 70% of today’s High School graduates go to college. That seems like a huge number until you realize that 30% of them will drop out in their first year. And out of the remaining students, 51% of them have to drop out for financial reasons. A whopping 89% of kids who are the first in their family to go to college end up dropping out.<\/span><\/p>\n <\/p>\n When you’re poor, there’s a very small margin for error in what you can attempt to do in life. If you try to start a business and fail, it could mean losing all the money you have to your name. But when you’re from a rich family, these mistakes have far less of an impact. In fact, your parents would most likely encourage you to take a risk by starting a business. Donald Trump is a great example of this. He has created over a <\/span>dozen businesses that eventually failed<\/span><\/a>, and yet he is still incredibly wealthy because he came from a long line of real estate moguls.<\/span><\/p>\n Compare that to someone who needs that money to pay for rent, food, and to support a family. If they take a risk and fail, they have to carry that guilt with them for the rest of their lives. This fear of failure holds people back from taking another risk in the future. <\/span><\/p>\n <\/p>\n If someone got good grades in school, it’s most likely because they worked hard to attain their goal. They put in countless hours of studying in order to get straight A’s. But while they are willing to put in the time to do the work, they are not necessarily very smart with how they spend their time. Successful people know how to delegate tasks to others so that their own time is spent on the things that will help them earn the highest income possible. Some people might call this lazy, but it is actually very necessary for high levels of success. <\/span><\/p>\n In <\/span>The 4-Hour Workweek<\/span><\/i><\/a> by Tim Ferriss, he talks about how you can achieve success by outsourcing tasks to other people. This becomes crucial to find other people who can accomplish tasks quicker and easier than you can if you are running a business. But this advice can also apply to your every-day-life. For example, let’s say you’re not very good at housework. That might mean losing an entire day’s worth of income. Or, you can choose to pay a housekeeper $50 to clean your house instead. This professional might be able to get it done in half the time. So, therefore, it’s not necessarily “lazy” to choose not to clean your own house. It’s simply knowing how to use your time wisely.<\/span><\/p>\n <\/p>\n Not all rich parents are corrupt. But unfortunately, once one or two privileged people try to bribe their kid’s path to success, it makes us wonder if others have done the same. We learned recently from the high-profile case of Lori Laughlin and the college admissions scandal that rich parents are willing to make sure their children are willing to get into the best schools even if they don’t deserve it. Laughlin is far from the first parent to do this. Bribery has been a systemic part of higher education for a very long time. <\/span><\/p>\n In some cases, parents will also bribe a sports coach to make sure their kid is in the starting lineup. Or a director is bribed into allowing a student to become the lead in the school musical. Unfortunately, we do not always know about some of these dealings behind the scenes. Teachers would never admit that they can be bought. <\/span><\/p>\n <\/p>\n When you’re trying to get into college, SAT scores are a huge part of the admissions process. You would assume that only smart kids can get the highest SAT scores. You would be wrong. Rich kids are able to bribe someone into taking the SATs for them. They can get a nearly perfect score just by paying a few hundred dollars and acquiring a fake ID. There’s also a scandal where parents will <\/span>bribe doctors to get a note<\/span><\/a> so that their children have some sort of medical excuse that qualifies them for more time on the SATs. <\/span><\/p>\n In some cases, the administrators are fully aware of fake IDs and allow it to happen anyway. In November of 2019, an SAT administrator named <\/span>Igor Dvorskiy<\/span><\/a> admitted to accepting over $200,000 in bribes for allowing students to cheat on the exam. This has gotten a lot of national attention but is far from being a new phenomenon. <\/span><\/p>\n <\/p>\n According to Nicole Jones Young, a researcher in workplace behavior, the most successful people are often the loudest. Their ideas are heard by leadership, and they are seen as being assertive and confident. If they grow up in a privileged background, they feel entitled to speak first, and therefore, they dominate the time in a meeting with their own opinions. During an interview with <\/span>Marketwatch<\/span><\/a>, Young said, “This behavior may make it difficult for those of lower social classes to successfully interject and navigate the higher ranks within an organization.” <\/span><\/p>\n People who grow up in a minority, especially women, are taught to “be seen and not heard.” If you have been raised this way, it can take a lot of effort to push past it. Sometimes, the loudest person in the room drowns out everyone else’s opinion, and there is nothing anyone can do about it. They could be completely incorrect with what they are saying but are still grabbing the attention of other people. If you find yourself in this situation, you need to figure out a way to make your opinion heard just as much as the loudest voice. <\/span><\/p>\n <\/p>\n In the United Kingdom, you can tell how rich someone is by the sound of their voice. They call it a “plummy accent.” These people sound well-educated, and therefore, seem a lot more trustworthy and competent compared to people from other parts of the UK. Having a rich-sounding accent matters so much that some people train themselves to speak in a way that makes them seem rich.<\/span><\/p>\n25. They Radiate Confidence<\/span><\/h2>\n
24. They Can Afford to Complete Their Education<\/span><\/h2>\n
23. It’s Easier to Take Risks<\/span><\/h2>\n
22. They Work Smarter, Not Harder<\/span><\/h2>\n
21. Sometimes, Their Parents Bribe the Right People<\/span><\/h2>\n
20. Cheating On SATs<\/span><\/h2>\n
19. They Loudly Voice Their Opinions<\/span><\/h2>\n
18. They Speak Differently<\/span><\/h2>\n