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If you’re so smart, why aren’t you an OT Baller? Turns out it’s pure chance.
Posted on 3/1/18 at 4:41 pm
Posted on 3/1/18 at 4:41 pm
The most successful people are not the most talented, just the luckiest, a new computer model of wealth creation confirms. Remember lazy dumb poor folks, don't let the swagger of the OT Ballers get you down, they just got a bit luckier than you.
https://www.technologyreview.com/s/610395/if-youre-so-smart-why-arent-you-rich-turns-out-its-just-chance/
https://www.technologyreview.com/s/610395/if-youre-so-smart-why-arent-you-rich-turns-out-its-just-chance/
11
Posted on 3/1/18 at 4:41 pm to Big_Sur
quote:
Remember lazy dumb poor folks, don't let the swagger of the OT Ballers get you down, they just got a bit luckier than you.
Nah, I'm definitely just a lazy piece of shite.
Posted on 3/1/18 at 4:41 pm to Big_Sur
But I AM an OT baller. 
This post was edited on 3/1/18 at 4:42 pm
Posted on 3/1/18 at 4:43 pm to Big_Sur
Some people worked hard for everything they have, others are just born into wealth. Life isn’t always fair baw
Posted on 3/1/18 at 4:43 pm to Big_Sur
Who hasn't known this? Life is about skill, connections, and fortuitous opportunities. You can work your arse off but maybe that opportunity or other outside factors just never align and you're the smartest hardworking guy and it just doesn't pan out.
Posted on 3/1/18 at 4:44 pm to Big_Sur
those who are born wealthy, tend to end up wealthy
hot women who marry rich dudes tend to end up wealthy
where can i send the bill for my study?
hot women who marry rich dudes tend to end up wealthy
where can i send the bill for my study?
Posted on 3/1/18 at 4:45 pm to Winston Cup
quote:
where can i send the bill for my study?
You can send the bill to your accountant, thanks.
Posted on 3/1/18 at 4:48 pm to Big_Sur
Anyone's who's been in the real world knows success has more to do with connections than anything else.
Posted on 3/1/18 at 4:52 pm to TulaneFan
One part that rubbed me a little wrong is how they were talking about effort put into stuff, about how OBVIOUSLY people don’t put a billion times more effort as measured in hours involved.
If I put even 100 hours towards a goal, how many times more effort is it compared to someone who doesn’t try?
To me, that’s the biggest separator. Not that the smartest automatically rise to the top, but those who continually push.
If I put even 100 hours towards a goal, how many times more effort is it compared to someone who doesn’t try?
To me, that’s the biggest separator. Not that the smartest automatically rise to the top, but those who continually push.
This post was edited on 3/1/18 at 7:41 pm
Posted on 3/1/18 at 5:47 pm to Big_Sur
quote:
80 percent of the wealth is owned by 20 percent of the people
Get outta here with that Bernie Sanders fixed pie fallacy bullshite
Posted on 3/1/18 at 6:10 pm to Big_Sur
That isn't quite what the article is saying.
It's saying that to be at the absolute tippy-top, you simply need to get lucky. I don't think anyone with half a brain would dispute that.
But that doesn't mean skill doesn't matter at all. You can reach OT baller status by being good at what you do, having productive habits, lots of things you have control over.
In other words, yes, to be a billionaire requires enormous luck. But you can retire as a millionaire without nearly as much luck required.
It's saying that to be at the absolute tippy-top, you simply need to get lucky. I don't think anyone with half a brain would dispute that.
But that doesn't mean skill doesn't matter at all. You can reach OT baller status by being good at what you do, having productive habits, lots of things you have control over.
In other words, yes, to be a billionaire requires enormous luck. But you can retire as a millionaire without nearly as much luck required.
Posted on 3/1/18 at 6:48 pm to Volvagia
quote:
One part that rubbed me a little wrong is how they were talking about effort put into stuff, about how OBVIOUSLY people don’t put a billion times more effort.
If I put even 100 hours towards a goal, how many times more effort is it compared to someone who doesn’t try?
To be, that’s the biggest separator. Not that the smartest automatically rise to the top, but those who continually push.
Yea, I genuinely question some of their assumptions, especially that certain human traits are normally distributed.
The ability to recognize and capture economic value - which is tied to talent, education, etc., but not a one-for-one substitute - is definitely not normally distributed. Those differences obviously tend to amplify during times of economic history (like now) where strong network effects are present.
This post was edited on 3/1/18 at 8:30 pm
Posted on 3/1/18 at 8:06 pm to Big_Sur
Success is where preparation meets opportunity. Preparation is increased by skill and practice. Opportunity is increased by charisma and networking.
Anyone can have any of these things if they work for them. Yes, being naturally talented or good looking helps, but they cannot make up the entirety of the base set.
One more thing is usually required to make a significant jump in wealth: backbone. It's not always going to go according to plan or be a sure thing once we're talking high-yield investments such as this. Can you handle that uncertainty? Most claim they can but would rather just keep their lower paying sure thing.
Anyone can have any of these things if they work for them. Yes, being naturally talented or good looking helps, but they cannot make up the entirety of the base set.
One more thing is usually required to make a significant jump in wealth: backbone. It's not always going to go according to plan or be a sure thing once we're talking high-yield investments such as this. Can you handle that uncertainty? Most claim they can but would rather just keep their lower paying sure thing.
Posted on 3/1/18 at 8:28 pm to Big_Sur
Oh it is a computer model so it must be true because you just cannot manipulate the output of a computer model by manipulating the input.
Excuses excuses
Excuses excuses
Posted on 3/1/18 at 8:32 pm to gthog61
With risk comes reward.
I’ve never been afraid of putting my neck out and over a lifetime it has paid off but it always includes hard work. I believe you create your own luck.
I’ve never been afraid of putting my neck out and over a lifetime it has paid off but it always includes hard work. I believe you create your own luck.
Posted on 3/1/18 at 8:50 pm to Big_Sur
The best way to end up with OT baller money is to turn down the chance to spend like an OT baller.
There are some who become very wealthy with one or two lucky flops but most millionaires are produced by decades of savvy saving and investing - while not spending their increasing income.
Don't buy the status vehicles, status houses, or luxury goods you like the most and you'll get there over time.
There are some who become very wealthy with one or two lucky flops but most millionaires are produced by decades of savvy saving and investing - while not spending their increasing income.
Don't buy the status vehicles, status houses, or luxury goods you like the most and you'll get there over time.
Posted on 3/1/18 at 8:54 pm to Brosef Stalin
quote:
Anyone's who's been in the real world knows success has more to do with connections than anything else.
That’s half the truth. The rest is that if you have the type of personality that people are drawn to you have a much better chance at success.
Posted on 3/2/18 at 9:25 am to TulaneFan
quote:
Life isn’t always fair baw
My grandpa and dad always told me "Life isn't fair, and whoever told you it was has done you a great disservice"
It's a lesson I will teach my own children one day.
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