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May 29, 2007
Podcast for 5/29/07: Interview with Jay Zagorsky
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Kim interviews Jay Zagorsky, a researcher at The Ohio State University, about his research finding no correlation between intelligence and building wealth.
MP3 Download: Hi (128k) | Lo (24k)
Length: 10:58
Notes:
2:26 Jay Zagorsky explains where the data for his research came from. The Ohio State Center of Human Resource Research runs a longitudinal survey -- they track people from the time they're teenagers until they die. This group started in 1979.
4:10 Zagorsky says there's a strong relationship between intelligence and income, but not between intelligence and net worth. There was a non-linear relationship between financial difficulty and intelligence.
5:55 People who were least in financial difficulty had an I.Q. of about 115 -- slightly higher than average.
6:26 Zagorsky says this research finds that anyone can rule the financial world; I.Q. has no impact.
6:55 Zagorsky describes the difference between this study and others. This study looked particularly at Baby Boomers, while others haven't.
8:15 Intelligence didn't seem to have an impact in any particular areas of financial distress. In other words, there was no evidence linking higher IQ's to, say, missing credit card payments.
8:42 This research didn't account for various risk factors or people's desire for gratification. I need to have it now vs. I'm willing to defer my satisfaction until the future.
9:33 Zagorsky says he wants to examine the drive to become wealthy and the ability to delay gratification.
Resources:
Ohio State - Center for Human Resource Research
Kim Snider, Kim Snider Financial Communications, Chronim Investments and/or Snider Advisors make no representation that the information and opinions expressed are accurate, complete or current. The opinions expressed should not be construed as financial, legal, tax, or other advice and are provided for informational purposes only. Call 866-952-0100 to request the Snider Investment Method™ Owner's Manual, which includes a description of the Snider Investment Method, investment objectives, risks, suitability and other information. Please read and consider carefully before investing. All investments are subject to risk including possible loss of principal.
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Kim Snider is an author, speaker and host of Financial Success Coaching, Saturdays at noon, on KRLD Newsradio 1080, Dallas - Fort Worth. This blog is primarily devoted to empowering individual investors with information to help them be good stewards of their money. Above all, it is about achieving true financial success. Kim's book, How To Be the Family CFO: Four Simple Steps to Put Your Financial House in Order is in bookstores now. Order yours from Amazon or other fine booksellers today.
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