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if you find the text useful (third file in the list):
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This text explains why wealth requires luck and why the only way to
get rich is to get lucky. Because luck is beyond anyone's control, 99%
of people won't become wealthy no matter how hard they try. For ex-
ample, a moderate and limited correlation exists between IQ and in-
come, but there is no correlation between IQ and net worth. These
data suggest that wealth is either a result of pure luck or has to do
with mental abilities unrelated to IQ (for instance, an entrepreneurial
talent). The latter explanation also involves luck because a person can
neither learn nor earn a talent. The correlation between hard work
and income is weak and limited. Higher net worth correlates with
fewer hours worked per year.
For this reason, it's a bad idea to prepay for advice on how to get rich
because this kind of advice is always useless. If you knew how to
make a million dollars easily and quickly, would you let somebody
else have this pile of money in exchange for 20 bucks? Careful analy-
sis shows that for someone who has an excellent business idea, it is
much more profitable to hire you as an employee than to sell you the
info on how to start the biz. Therefore, it's unwise to pay in advance
for the information on how to start a successful business. The text
also discusses several other disadvantageous ways to invest your
money.
if you find the text useful (third file in the list):
kdp.amazon.com/community/thread.jspa?...
This text explains why wealth requires luck and why the only way to
get rich is to get lucky. Because luck is beyond anyone's control, 99%
of people won't become wealthy no matter how hard they try. For ex-
ample, a moderate and limited correlation exists between IQ and in-
come, but there is no correlation between IQ and net worth. These
data suggest that wealth is either a result of pure luck or has to do
with mental abilities unrelated to IQ (for instance, an entrepreneurial
talent). The latter explanation also involves luck because a person can
neither learn nor earn a talent. The correlation between hard work
and income is weak and limited. Higher net worth correlates with
fewer hours worked per year.
For this reason, it's a bad idea to prepay for advice on how to get rich
because this kind of advice is always useless. If you knew how to
make a million dollars easily and quickly, would you let somebody
else have this pile of money in exchange for 20 bucks? Careful analy-
sis shows that for someone who has an excellent business idea, it is
much more profitable to hire you as an employee than to sell you the
info on how to start the biz. Therefore, it's unwise to pay in advance
for the information on how to start a successful business. The text
also discusses several other disadvantageous ways to invest your
money.
24 pages, Kindle Edition
First published May 29, 2013
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