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It’s funny how around here, we get all this talk about IQ and who does or doesn’t deserve admission into this or that elite university. Turns out that the most successful people (if success is largely determined by money) were fairly pedestrian students. Not dumb, but not academic superstars by a long shot on average.
This 2017 article that first appeared on Business Insider, and it’s not long at all. It lists a few of the reasons why average students are more likely to end up at the top as opposed to the high academic achievers.
I don't think I completely understand what you are trying to say. So, the average GPA for successful people is just below a B average, do you have any idea how average really works? The term average is used too much and is too simplified.
Plus, let's remember that millionaire is usually defined as anyone who has 1 million bucks total assets.
And the average GPA for all graduates is 3.1.
Nothing about this article shoukd lead you to infer that smart people aren't the ones getting rich.
Millionaire is generally defined as anyone whose net worth is at least $1 million. There can frequently be a BIG difference between what one holds in assets and what one's net worth actually is.
Case in point... The owner of a $1.5 million home on which a $950,000 mortgage is still outstanding. The net worth of that asset is $550,000, not $1.5 million.
I don't even think a Degree is the standard for the expanse of capabilities of people. ( that is not to discount the value of structured education programming ).
I work with a wide variety of people who have a wide range and variety of degrees. Some are good at script following, some not so good at innovative application, and some are not good at being proactive in improving work flow. Some are not good decision makers in the business side of the work environments.
Independent learning is an amazing thing, as is the ability to communicate. Communication functions on many levels, and sometimes the emphasis placed on Academic degree, sterilizes communication in some to fit a particular framework style, and some have difficulty communicating with people on a variable range(s) of how people communicate in everyday life.
Today, so much emphasis is placed on "brevity" until people try to over-simplify things, unaware of indulging the details to truly know the importance of some of the intricate variables of matters, elements and varying perspectives of objectives.
This is something that can be very detrimental in business and in life when the aim is focused on brevity above effective communication. Because "brevity is best used" when both are on the same level of understanding. We see more and more people having "broad based mis-understanding" that are derived from improperly used "brevity". We see people today, having arguments that lead to people being hurt and in some cases anguish of such leads to people taking the lives of other people.
Education can and does give lots of information - its best objective is "teaching people "HOW" to learn", not just regurgitate what was read or what script a professor gave. Stat data has its place, but that too is of relevancy in "how" one applies the principles of the stats and understanding how that stat was derived and how best to use it in given situations.
We've all seen "fast talkers", "word spinners", and those who "regurgitate quotes" but don't have the ability to look beyond the frames of the quote to see the variables associated and the broader range of how to apply the principle of such to different perspectives. Morality is a big matter... it involves a lot more than sometimes people are willing to indulge to gather.
Some people are simply not good "test takers" , but it does not always mean they did not gain learning.
We've seen more Industry and Business Destroyed by people with "Degree's than by People who don't have Degree's. America as a whole did well when it had higher respect for the workers, but has failed miserably when it became a matter of "worshiping and praising the degree" above the capabilities of the general working public. Once the Executive was respected but the worker were highly valued as the core to the company's success, but since now days, "society has been groomed to hail the executive above all else", and the workers are less respected, often not listen to and considered less valuable and disposable; we've business failure hit every sector of the American Society and Business System and Industrial Environments.
We as people know, just going to a Ivy League is no guarantee that people are so much above others, nor does it mean that they have actually learned more than others at lesser status Universities are capable of or have learned. They simply learned it with different perspective objectives.
Our society should consider that a BS and BA degree should be what it says, parallel in respect to what it is. Not which University it was achieved.
In a society that does base much of "status" concerns... we get a lot of people who can ride the Status Title of the University and the Status of the University into position, they are less capable than people who come from non status Universities. One can know this by how society infers status on a person who say's "I have a degree from Harvard" as compared to how people may say, they have a Degree from "Non Ivy League" University.
If we look at "endowment's" as to the available programming that Ivy League Offers, and the lesser "endowment's" at non Ivy League Universities... the disparity in programming is highly obvious. But... it does not mean that every attendee at Ivy League indulged themselves in all the additional available programming. We measure much by "how much people paid for access to the high cost university" rather than the concern of the "individual" themselves, their ability to learn and how they use what they learn and how well they learned "how" to learn.
1+1 is the same, no matter what the name or type of school one learned it. But in principle, even non graduate from university, is aware that 1+1 is greater than 1.
Our Nations Financial Industry is filled with "people" riding degrees that are taught to "spin money gaming".. as if to try and make a penny generate 1000% above what it can. We see that vividly in the "derivatives market"... "speculation" has driven it into a level where it has a lot of risk taking.
Quote:
Most derivatives trading is done by hedge funds and other investors to gain more leverage. That’s because derivatives only require a small down payment, called “paying on margin.” Many derivatives contracts are offset, or liquidated, by another derivative before coming to term. That means these traders don't worry about having enough money to pay off the derivative if the market goes against them. If they win, they cash in.
The most notorious derivatives are collateralize debt obligations. CDOs were a primary cause of the 2008 financial crisis. These bundle debt like auto loans, credit card debt, or mortgages into a security. Its value is based on the promised repayment of the loans. There are two major types. Asset-backed commercial paper is based on corporate and business debt. Mortgage-backed securities are based on mortgages. When the housing market collapsed in 2006, so did the value of the MBS and then the ABCP.
If we remember, many in the industry stated, they did not understand the details of the commodities they were trading, or the underlying elements within the commodity's deficiencies. they were simply told, to buy and sell.. many selected because they had degree and were "fast talkers" who could "sell" snow cones in a snow storm.
Some people are "just intelligently smart", and some people have "a gift of ability" in various things. It still takes hard work and ability... to truly be effectively beneficial in what ever one chooses to pursue, learn and do.
One can look at the story of Dr. Alfred Blalock and Vivien Thomas... Vivien Thomas had no Degree as a Doctor, but he went on to become a cardiac surgery pioneer and a teacher of operative techniques to many of the country's most prominent surgeons.
Last edited by Chance and Change; 01-18-2019 at 06:19 AM..
I don't even think a Degree is the standard for the expanse of capabilities of people. ( that is not to discount the value of structured education programming ).
I work with a wide variety of people who have a wide range and variety of degrees. Some are good at script following, some not so good at innovative application, and some are not good at being proactive in improving work flow. Some are not good decision makers in the business side of the work environments.
Independent learning is an amazing thing, as is the ability to communicate. Communication functions on many levels, and sometimes the emphasis placed on Academic degree, sterilizes communication in some to fit a particular framework style, and some have difficulty communicating with people on a variable range(s) of how people communicate in everyday life.
Today, so much emphasis is placed on "brevity" until people try to over-simplify things, unaware of indulging the details to truly know the importance of some of the intricate variables of matters, elements and varying perspectives of objectives.
This is something that can be very detrimental in business and in life when the aim is focused on brevity above effective communication. Because "brevity is best used" when both are on the same level of understanding. We see more and more people having "broad based mis-understanding" that are derived from improperly used "brevity". We see people today, having arguments that lead to people being hurt and in some cases anguish of such leads to people taking the lives of other people.
Education can and does give lots of information - its best objective is "teaching people "HOW" to learn", not just regurgitate what was read or what script a professor gave. Stat data has its place, but that too is of relevancy in "how" one applies the principles of the stats and understanding how that stat was derived and how best to use it in given situations.
We've all seen "fast talkers", "word spinners", and those who "regurgitate quotes" but don't have the ability to look beyond the frames of the quote to see the variables associated and the broader range of how to apply the principle of such to different perspectives. Morality is a big matter... it involves a lot more than sometimes people are willing to indulge to gather.
Some people are simply not good "test takers" , but it does not always mean they did not gain learning.
We've seen more Industry and Business Destroyed by people with "Degree's than by People who don't have Degree's. America as a whole did well when it had higher respect for the workers, but has failed miserably when it became a matter of "worshiping and praising the degree" above the capabilities of the general working public. Once the Executive was respected but the worker were highly valued as the core to the company's success, but since now days, "society has been groomed to hail the executive above all else", and the workers are less respected, often not listen to and considered less valuable and disposable; we've business failure hit every sector of the American Society and Business System and Industrial Environments.
We as people know, just going to a Ivy League is no guarantee that people are so much above others, nor does it mean that they have actually learned more than others at lesser status Universities are capable of or have learned. They simply learned it with different perspective objectives.
Our society should consider that a BS and BA degree should be what it says, parallel in respect to what it is. Not which University it was achieved.
In a society that does base much of "status" concerns... we get a lot of people who can ride the Status Title of the University and the Status of the University into position, they are less capable than people who come from non status Universities. One can know this by how society infers status on a person who say's "I have a degree from Harvard" as compared to how people may say, they have a Degree from "Non Ivy League" University.
If we look at "endowment's" as to the available programming that Ivy League Offers, and the lesser "endowment's" at non Ivy League Universities... the disparity in programming is highly obvious. But... it does not mean that every attendee at Ivy League indulged themselves in all the additional available programming. We measure much by "how much people paid for access to the high cost university" rather than the concern of the "individual" themselves, their ability to learn and how they use what they learn and how well they learned "how" to learn.
1+1 is the same, no matter what the name or type of school one learned it. But in principle, even non graduate from university, is aware that 1+1 is greater than 1.
Our Nations Financial Industry is filled with "people" riding degrees that are taught to "spin money gaming".. as if to try and make a penny generate 1000% above what it can. We see that vividly in the "derivatives market"... "speculation" has driven it into a level where it has a lot of risk taking.
If we remember, many in the industry stated, they did not understand the details of the commodities they were trading, or the underlying elements within the commodity's deficiencies. they were simply told, to buy and sell.. many selected because they had degree and were "fast talkers" who could "sell" snow cones in a snow storm.
Some people are "just intelligently smart", and some people have "a gift of ability" in various things. It still takes hard work and ability... to truly be effectively beneficial in what ever one chooses to pursue, learn and do.
One can look at the story of Dr. Alfred Blalock and Vivien Thomas... Vivien Thomas had no Degree as a Doctor, but he went on to become a cardiac surgery pioneer and a teacher of operative techniques to many of the country's most prominent surgeons.
Here's more info if you want to know how and why the 2008 financial (debt) crisis happened. Always follow the money...
The cause was the Fed Gov forcing lenders to give mortgages to people who never should have qualified, and then forcing Fannie and Freddie to buy the mortgages, securitize them, and sell them as investments (MBS) to foreign governments and worldwide financial institutions and investors.
HUD Secretary Andrew Cuomo (Clinton Admin, and yes... Mr. "America was never that great.") announced a $2.4 trillion mandate to Fannie and Freddie to buy loans from high-risk borrowers to expand home ownership. I'll post a link to the press release if anyone wishes, but anyone can easily google it themselves.
The Federal Reserve then had to buy $2 trillion worth of those Fannie and Freddie MBS to prevent the credit crisis from precipitating a full-blown global crash. But they did so with CREATED money. QE. Not money that actually existed. And it can never be reversed, still having $1.64 trillion outstanding in mortgage debt obligations 10 years later.
They'll roll off as they mature, paid or not. We'll never know because the Federal Reserve doesn't have to recognize or state losses. They just reduce/erase the line item on their H.4.1 Meanwhile, the $US was devalued by that $2 trillion in QE that can't be reined back in.
Proof that $2 trillion in QE was created to bail out Fannie and Freddie. The Federal Reserve STILL has $1.71 trillion worth of Fannie and Freddie MBS on its H.4.1.
Oh, and just for grins... Tens of thousands of mortgage borrowers, if not more, will get their homes for free as this all continues to play out and their mortgage debt just rolls off the Federal Reserve's H.4.1, unpaid...
It’s funny how around here, we get all this talk about IQ and who does or doesn’t deserve admission into this or that elite university. Turns out that the most successful people (if success is largely determined by money) were fairly pedestrian students. Not dumb, but not academic superstars by a long shot on average.
This 2017 article that first appeared on Business Insider, and it’s not long at all. It lists a few of the reasons why average students are more likely to end up at the top as opposed to the high academic achievers.
Getting a college degree is fine as long as you take REAL course and not all these silly Liberal Arts courses, all of them not not bad, just most, teaches you some things ypu moght not have know.
Unfortunately a lot of that stuff does NOT do you any good in the real world.
That diploma only says you were able to pass some tests. It does GUARANTEE you can apply what you leaned into being "successful".
Example. You can read all day long and pass any test given to you on how to rebuild an engine but, if you are NOT mechanically inclined, I doubt you can actually rebuild one.
You have to ABLE to APPLY what you learned.
Plus, you must ALSO have the "drive to succeed".
Way too many college grads think the world owe them and are NOT willing to put in the work required to succeed.
2.9 is not as bad as it sounds. Many people score around a 3.0 in competitive STEM programs, and that's considered good.
But in general, I agree with the premise of the thread. Academics aren't everything.
The high 2/low 3 college GPA range is often targeted by employers looking for candidates with a broad skill set, especially if the degree is from a respectable school. This GPA suggests that the candidate is booksmart enough to get the basic idea of what's going on, but also has the social and/or life skills necessary to carry on successfully in a work environment and/or interact with customers.
This might explain why millionaires tend not to be academic "superstars", but rather possess a mix of book and street smarts, both of which are necessary to becoming a successful entrepreneur. Entrepreneurs need to understand people... they need to understand the practical world we live in, and that understanding is generally less and less common the further up the GPA scale you go.
In earlier times at Universities like Harvard....many "white people" came from wealthy families, they were members of the various "Jock" programs and that inferred status...along with Family Name and Family Money. They did not like the Jewish Students, because the Jewish were more focused on Academia... they were not prominent in the Sporting Programs that many white men, used as a spring board and notoriety...
Even today, it's often referred to as to what Sport graduates participated.... not so much what their GPA was or is. Even in people who went on to use the family name, university titles, sport program they participated and what organization of Fraternity they belonged to.... not so much about whether they were a good academic student.
We saw it even made into Movies, with their "letter'ed sweaters", their "football jackets' and their Polo outfits, or their Tennis attire, and other sport program... attire associated with the status of being involved in Sports programs.
Here's more info if you want to know how and why the 2008 financial (debt) crisis happened. Always follow the money...
The cause was the Fed Gov forcing lenders to give mortgages to people who never should have qualified, and then forcing Fannie and Freddie to buy the mortgages, securitize them, and sell them as investments (MBS) to foreign governments and worldwide financial institutions and investors.
HUD Secretary Andrew Cuomo (Clinton Admin, and yes... Mr. "America was never that great.") announced a $2.4 trillion mandate to Fannie and Freddie to buy loans from high-risk borrowers to expand home ownership. I'll post a link to the press release if anyone wishes, but anyone can easily google it themselves.
The Federal Reserve then had to buy $2 trillion worth of those Fannie and Freddie MBS to prevent the credit crisis from precipitating a full-blown global crash. But they did so with CREATED money. QE. Not money that actually existed. And it can never be reversed, still having $1.64 trillion outstanding in mortgage debt obligations 10 years later.
They'll roll off as they mature, paid or not. We'll never know because the Federal Reserve doesn't have to recognize or state losses. They just reduce/erase the line item on their H.4.1 Meanwhile, the $US was devalued by that $2 trillion in QE that can't be reined back in.
Proof that $2 trillion in QE was created to bail out Fannie and Freddie. The Federal Reserve STILL has $1.71 trillion worth of Fannie and Freddie MBS on its H.4.1.
Oh, and just for grins... Tens of thousands of mortgage borrowers, if not more, will get their homes for free as this all continues to play out and their mortgage debt just rolls off the Federal Reserve's H.4.1, unpaid...
The driver was the use of the "CDO".... variable rates was a tool used to lure people in... often the script claims that it was mainly people who should not have gotten a mortgage, but it was also people who had mortgages, but were allowed to "trade up" to levels they otherwise would not have been able to do. Poor Job Market, Stagnated Wages and many other variables played into this. Including the scheme of "trying to rely on "equity draw down" as a means to feed money into the economy, to give the pretense that the economy was "moving", when in essence, it was over valuing homes and stripping way the fictional valuation equity.... which had no real relation to the "economy's base performance", as Industry was being gobbled up by mergers and acquisitions, outsourcing was in overdrive, and importation had gone off the charts based on historical models that once stood to support stability. 'Speculation" went into the zone of crazy, Add in the game of CDS (Credit Default Swaps).... and its a recipe for grand scale disaster.
Millionaire is generally defined as anyone whose net worth is at least $1 million. There can frequently be a BIG difference between what one holds in assets and what one's net worth actually is.
Case in point... The owner of a $1.5 million home on which a $950,000 mortgage is still outstanding. The net worth of that asset is $550,000, not $1.5 million.
Yes.
I used the wrong word here.
I don't consider anything I don't own outright as an asset but the correct word is net worth.
So...people with a net worth of $1 million.
Which is a crapload of people and hardly an exclusive club.
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