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Do You Have to be Smart to be Rich

Discussion in 'Investor Psychology' started by MTR, 30th Aug, 2015.

  1. MTR

    MTR Well-Known Member Premium Member

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    I thought this was a fascinating read (research/written M Yardney)

    http://propertyupdate.com.au/go-c-s...litzRss&utm_campaign=michaelsblogrecentpostso

    Personally I don't believe you have to be the sharpest tool in the shed.

    I think its all about persistence and keep improving your skills/learning.

    I am sure some investors are happy to plod along but imagine if they opened their minds, stepped further outside their comfort zone what could be achieved.

    MTR:)
     
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  2. Bayview

    Bayview Well-Known Member

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    Actually; yes - you need to be smart to be rich.

    Not academically smart - universities are full of 50 year old broke professional students and Lecturers, etc.

    There are also lots of folks who are very educated, earn very good incomes, and have no assets but lots of toys and debt.

    But you need to be smart enough to work out what is required....smart enough to realise that you need to be financially educated, smart to realise you need to be disciplined, smart enough to realise you need to sacrifice a few things and do the harder yards, smart enough to take action on all of the above.

    I know lots of folks who are intelligent, but do nothing in the direction of becoming rich, other than their work, and then they are not smart with their financial and lifestyle decisions after they receive their weekly pay.

    The smart ones are those who realise they are doing the wrong thing, and then make the necessary changes.

    Everyone here on this forum is smart.

    Everyone here is already of the mindset of taking steps to get rich. Some might be a bit slower to get off the mark, others make mistakes, but we are all moving in the direction mentally to get there.
     
  3. KayTea

    KayTea Well-Known Member

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    Couldn't have said it better myself, @Bayview :)
     
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  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I see a lot of dumb people that are rich. But I guess they could be richer if they had more knowledge.
     
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  5. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    I don't think you need to be smart, just not stupid.
    Courage, resilience, tenacity and persistence are more important attributes than above average intellect.
     
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  6. alexm

    alexm Well-Known Member

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    @Bayview, this is one of the most intelligent and profound posts i've ever read. Rings many bells for me.
     
  7. Chomp

    Chomp Well-Known Member

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    There are different types of intelligence as well. My parents are intellectuals but people skills and being practical are definitely not one of their strong points.
    I think we all have an average so if you are above average in one area you will be below average in others. Common sense is huge plus.
     
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  8. Hodor

    Hodor Well-Known Member

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    I hope not, planning on persistence to get me financially free.
     
  9. Scott No Mates

    Scott No Mates Well-Known Member

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    Too true Jess. Even the dumb/less intelligent can be rich but holding onto your wealth is another matter. That said, I have seen plenty of rich, intelligent people go broke too.
     
  10. Biz

    Biz Well-Known Member

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    I'm street smart, book dumb, consistant, persistent {and stain resistant}.
     
    Last edited by a moderator: 31st Aug, 2015
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  11. Brian84

    Brian84 Well-Known Member

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    I am not the smartest when it comes to theory tests and stuff like that but I'm having a go.

    My carpentry teacher at school said I would never be a carpenter but I really wanted to be one because I enjoyed it, now I own a construction company and another company as well and I now get paid more than him. I feel it comes down to if you want something bad enough you will achieve it.

    I feel that school just isnt for everyone. So no I don't think you have to be smart to be rich. I know I will get there one day.

    A lot of people in my year at school had perfect grades and go on to do year 12 then when school is finished they do nothing with their lives.

    What was the question again lol.
     
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  12. Scott No Mates

    Scott No Mates Well-Known Member

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    Popular all round @Biz
     
    Last edited by a moderator: 31st Aug, 2015
  13. Azazel

    Azazel Well-Known Member

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  14. Sonamic

    Sonamic Well-Known Member

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    I just think you have to have supreme dedication, drive, and strength of will to become wealthy. Along the way you pick up the "smarts" to learn how to not only build that wealth, but maintain it ongoing.
    Can smart people do it faster? Perhaps. Perhaps not.
    Being an active member on this site allows you to feed at the teet of the PC hive of knowledge. In both absorbing, and the passing on of knowledge from lessons learnt, there is something for everyone. Regardless of your IQ score.
     
  15. Azazel

    Azazel Well-Known Member

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    Definitely agree, the quickest way to learn the general concepts is to jump in and ask questions. Then read plenty of books and other sources to focus on the areas that interest you and the specifics.
     
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  16. JDP1

    JDP1 Well-Known Member

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    The best way to get rich is to marry rich...so yes, that surely does require smarts :)
     
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  17. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    If you're not smart, you can get smart.
    If you're not rich, you can get rich.
    Things don't just happen, you have to go get them.
     
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  18. MTR

    MTR Well-Known Member Premium Member

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    Omg, love this, my thought exactly
     
  19. Leo2413

    Leo2413 Well-Known Member Premium Member

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    I believe to build an average portfolio say a few mil average intelligence is enough. Once you have higher aspirations then you gotta learn to be business smart. Business smart is vital to massive success. Imo.
     
    Last edited: 31st Aug, 2015
  20. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    All you need to be is smart enough to know what you need to know, then disciplined enough to do it.

    I can't remember where I heard it first but I like this:

    "Most of the A students work for C students".
     
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