What determines financial success?

[Mastardo]

What factors determine a person's financial success?

Lets assume we are talking about people with upper middle class backgrounds. Their parents would encourage them to go to university, they always had access to proper nutrition, they generally lived in safe environments.

Would it be IQ, ambition, social skills, relative wealth of parents? Tradition? Whether or not one graduates from a top tier university (I guess that would be related to the aforementioned factors)?

 

[Razorguns]

What factors determine a person's financial success?

Lets assume we are talking about people with upper middle class backgrounds. Their parents would encourage them to go to university, they always had access to proper nutrition, they generally lived in safe environments.

Would it be IQ, ambition, social skills, relative wealth of parents? Tradition? Whether or not one graduates from a top tier university (I guess that would be related to the aforementioned factors)?

Financial success is a combination of:

Job Security
Happiness
Financial Freedom

If you have all 3 -- i'd say you've achieved financial _success_.

Merely having money itself isn't a guarantee of financial _success_. Plenty of people made sizable amount of monies -- only to blow it all, and now buying crack down in the ghetto (robert downey, jr. etc).

College/University merely exists to supplement high school (which in many urban-cities, sucks horseshit) in giving you the skills and the education that everyone needs in whatever career they choose.

Without college -- your relative worth is how little someone can pay you in flipping burgers at burger king. While Japanese students who went to college and can now create the hottest new Plasma TV -- get all the glory and their respective employers -- excellent competitive advantages.

 

[Mr.X]

What factors determine a person's financial success?

Lets assume we are talking about people with upper middle class backgrounds. Their parents would encourage them to go to university, they always had access to proper nutrition, they generally lived in safe environments.

Would it be IQ, ambition, social skills, relative wealth of parents? Tradition? Whether or not one graduates from a top tier university (I guess that would be related to the aforementioned factors)?

Financial success is in the eyes of the beholder - for me, I belive that financial success is when you wake up in the morning and have no worries about where you're going to eat or where you need to sleep tonight, you live as you please. If you belive in your life and you are comfortable with your lifestyle then you're a success;however, if you spend your life working for $10 and complaining about it, well then nothing can help you.

Financial success is NOT only for people with millions/billions, it's for EVERYONE, for it's defined by YOUR comfort with life. Let me give you an example, I knew someone that has passed away already that didn't care about money, they just lived their life day-by-day with millions/billions, they lived on social security and were comfortable with it. They didn't cry at night because they didn't drive a ferrari, they went for walks and watched some TV, went out with friends and enjoyed their life.

Don't let money fool you my friend - money is JUST PAPER! the value we put on it is just that: PAPER with our own values. You can't buy love with money, you can't buy health with money, and you can't buy happiness with money; when you're sick and lonely, your money wont hung you or kiss you or tell you it loves you - trust me I KNOW! Never let money become your life, remember the important things!

Mr.X

 

[Growth&Courage]

I don't think it's as simple as it seemed to be able to answer what determines financial success. In part because there is no objective answer to this, it's all relative and very much dependant upon the individual.

You mentioned IQ, ambition, social skills, relative wealth of parents ...but I am sceptical that those characteristics DETERMINES financial success, perhaps merely associated with financial success.

Financial success is significantly related to your individual psychology, personality, perception and outlook on life.

BTW, I really admired Mr X's response. It has an element of truth in it.

 

[WODIN]

Income > Expenses = Financial Success.
Income < Expenses = Financial disaster.
Income = Expenses = Financial malaise.

Blah, blah....

 

[mrplunkey]

IMO financial success isn't strongly correlated to IQ, family history, education, etc. etc. You can, however, use these to hedge your bets and they are cumulative.

Success in business is like trying to be struck by lightning. You can never guarantee it, but it helps to hang-out in thunderstorms.

So basically, you line-up as many favorable things as you can (education, market knowledge, contacts, etc. etc) and go take a chance. In most cases, you have to just keep plodding along until lightning strikes.

 

[curling]

Financial success is in the eyes of the beholder - for me, I belive that financial success is when you wake up in the morning and have no worries about where you're going to eat or where you need to sleep tonight, you live as you please. If you belive in your life and you are comfortable with your lifestyle then you're a success;however, if you spend your life working for $10 and complaining about it, well then nothing can help you.

Financial success is NOT only for people with millions/billions, it's for EVERYONE, for it's defined by YOUR comfort with life. Let me give you an example, I knew someone that has passed away already that didn't care about money, they just lived their life day-by-day with millions/billions, they lived on social security and were comfortable with it. They didn't cry at night because they didn't drive a ferrari, they went for walks and watched some TV, went out with friends and enjoyed their life.

Don't let money fool you my friend - money is JUST PAPER! the value we put on it is just that: PAPER with our own values. You can't buy love with money, you can't buy health with money, and you can't buy happiness with money; when you're sick and lonely, your money wont hung you or kiss you or tell you it loves you - trust me I KNOW! Never let money become your life, remember the important things!

Mr.X

Dang, you sound like the dude from Kung Fu. Good advice though bro. Only thing choppers and sport bikes sure do bring some happiness.

 

[MattTheSkywalker]

Hard work, intelligence, understanding of the value of time, and a little bit of luck.

 

[bran987]

To add:



James Whitcomb Riley
The most essential factor is persistence - the determination never to allow your energy or enthusiasm to be dampened by the discouragement that must inevitably come.
--------------------------------------------------------------------------------

Ralph Waldo Emerson
By persisting in your path, though you forfeit the little, you gain the great.
--------------------------------------------------------------------------------

Jim Rohn
How long should you try? Until.
--------------------------------------------------------------------------------

James Whitcomb Riley
Continuous, unflagging effort, persistence and determination will win. Let not the man be discouraged who has these.
--------------------------------------------------------------------------------

Lucretius
The drops of rain make a hole in the stone, not by violence, but by oft falling.
--------------------------------------------------------------------------------

Napoleon Hill
Persistence is to the character of man as carbon is to steel.
--------------------------------------------------------------------------------

Woody Hayes
Paralyze resistance with persistence.
--------------------------------------------------------------------------------

Ralph Waldo Emerson
By persisting in your path, though you forfeit the little, you gain the great.
--------------------------------------------------------------------------------

Lord Chesterfield
Persist and persevere, and you will find most things that are attainable, possible.--------------------------------------------------------------------------------

Dr. James Dobson
Great beginnings are not as important as the way one finishes.
--------------------------------------------------------------------------------

Benjamin Franklin
Energy and persistence alter all things. --------------------------------------------------------------------------------

Antoine De Saint-Exupery
What saves a man is to take a step. Then another step.
--------------------------------------------------------------------------------

George Herbert
Step by step the ladder is ascended.
--------------------------------------------------------------------------------

Buddha
A jug fills drop by drop.

 

[BrandonXJ]

As Gordon Gekko would say, "I'm not talking about some $400,000 a year working stiff flying first class and being comfortable, i'm talking liquid, rich enough to own your own jet, rich enough not to waste time."

 

[*MissFit*]

Who u marry..

JOKE

 

[bran987]

As Gordon Gekko would say, "I'm not talking about some $400,000 a year working stiff flying first class and being comfortable, i'm talking liquid, rich enough to own your own jet, rich enough not to waste time."

Rich enough to afford a girl like Darien?

 

[BrandonXJ]

Who u marry..

JOKE

DIRK WAS RIGHT!!

joke.

 

[Judo Tom]

i dont make much but i like my job it is stress free w/ no worries and is very secure for the long term

it lets me pay all my bills
it lets me train as much as i want to in a realistic setting (meaning i cant fly to japan for the weekend but i train privately w/ other intstructors whenever i want)
i can help my sis out financialy which i like
i can buy my nephew random stuff here and there w/o worrying about it
i can buy enough food to eat to move up and down weightclasses without worrying about my budget
and im still saving a small amount for a rainy day.



i think the biggest factors are dedication,disciplne,determination

good luck

 

[BrandonXJ]

Rich enough to afford a girl like Darien?

Remember, power is the best aphrodisiac. This is your wake-up call. Go to work.

 

[*MissFit*]

no i pay my own bills and make my own money

DIRK WAS RIGHT!!

joke.

 

[Mr.X]

Dang, you sound like the dude from Kung Fu. Good advice though bro. Only thing choppers and sport bikes sure do bring some happiness.

Big boats and Maseratis for me