What do you believe is the biggest determining factor for someone wanting to build some wealth?

I think this depends on how you look at the question as the responses are inter-linked. All of those outside influences you’ve described significantly affect mindset. So you could answer ‘mindset’ or you could answer ‘family background’ or ‘money’ or some other option that influences mindset. At the end of the day, if you don’t have the right attitude it’s unlikely you’ll succeed.

 

I would argue one of the most important is education that creates opportunity to earn (high) income and invest. Combine this with a mutual high income spouse and it multiplies the effect. Then add in a family tree where parents on each side have also done same and inheritances, trusts etc all can support high wealth and opportunity.

 

Education is quite important. Does education determine mindset, or is it vice versa, o is there no causal relationship?

 

people with the right mindset succeed against the odds.

i look at what you described completely differently. if everything is given to you on a silver platter, you never truly know what it takes to achieve something on your own. so when life throws you a curve ball, most of those people brought up shielded from normal life wouldn't know what to do with it.

you are also using a wrong comparison. the question we should be asking is, what separates the people born into those disadvantageous circumstances that go on and become successful, from the people that don't. and the answer just might be.... the mindset.

 

The reality is most people want a comfortable life without too much effort. Thats just the reality. Those who refuse to accept that will find a way to achieve more.

 

Education, particularly professions such as Medicine, Dentistry, Law, etc., would give you a license to mint money. Look at the highest earning groups. Some of these people could be very conservative (or ignorant) about money. So, either through brought up or other means, they need to know about financial education. Then they don't end up buying expensive toys but good quality investments, property or otherwise.

 

That's a good point. Education to earn a high income differs from education to make good investments.