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Do Wealthy People Really Have ‘Rich Genes’?

Do Wealthy People Really Have ‘Rich Genes’?

What is it that the rich have that the rest of us don’t? Is coming from a wealthy family a pre-requisite? What kind of role does education play? Or does the accumulation of wealth happen because of certain personality traits?

One controversial theory is that some people actually have ‘rich genes,’ and that those who are rich were born to be. While this may sound far-fetched, there are still some who believe that ‘rich genes’ exist. So exactly what role do genes play, and what can we do to increase our chances of becoming wealthy? When Australian newspaper, the Herald Sun, last year reported the alleged findings of a study on the relationship between wealth and genetics, it certainly caused a lot of controversy. The Australian government’s top policy research report titled Deep and Persistent Disadvantage in Australia, was quoted by the newspaper, saying: “Rich kids do better at school while poor children struggle due to genetic ‘inherited abilities.’”

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What Do Rich People Think About Rich Genes?

This quote turned out to be a misrepresentation of what the report actually concluded (i.e. that environment played the biggest role). In the meantime, however, the argument gathered support, mostly among the wealthy. Whereas those of the lower social classes tended to believe that they didn’t deserve to be disadvantaged. This is hardly surprising when you consider another study by Kraus and Keltner from the University of California, Berkeley, which showed that individuals who perceived themselves as higher in social class rank tended to believe that differences in social standing can be explained by natural or inherent factors, rather than the social-situation context.

In What Degree Do The Genes Affect Our Wealth?

But before we dismiss the idea of rich genes completely, we should consider that some studies suggest that income, educational attainment, and occupational status are at least partially determined by genetics. Researchers at Edinbrough University, for example, claim that genes determine how persistent we are and how much self-control we have, both of which play a large role in success.

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What Else Determine Our Wealth?

A more recent study by CNN Money, in which wealth psychologists such as James Gottfurcht, who runs Los Angeles-based Psychology of Money Consultants, participated reveals that certain personality traits are responsible for the creation of high net worth individuals. Not surprisingly, nearly all individuals with a net worth of over $5 million were entrepreneurs. The ability to go into business for yourself rather than rely on the security of a salary was something nearly all of these people had in common. And according to the study, that requires certain personality and behavioral traits. These include high-energy levels and the ability to work up to 70-80 hours a week. These people often reported sleeping less than others, and frequently took working holidays. Vision and self-confidence were other traits that were essential to accumulating vast amounts of wealth.

Kristen Armstrong, a strategic wealth coach at Ascent Private Capital Management described many of her clients as “force of nature” people, who “have a really great ability to envision possible futures … [and] an amazing ability to focus their efforts and energy once they see a possibility.” High net worth individuals also tend to be tolerant of certain levels of risk. They understand that risk is an essential part of profit, but they are never impulsive and tend to take a long-term view of risk.

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Despite a number of narcissists in the group, psychologists reported that many of the super-wealthy are surprisingly modest and don’t choose to change their lifestyle to suit their increased wealth, choosing instead to invest their money back into their businesses. The good news is that many of these traits can be learned. Wealth psychologists believe that it is sour deep sub-conscious beliefs about money that determine how much money we have.

If you want to improve your own financial situation, look for a life coach who specializes in wealth and money mindsets, and ask them to give you a few pointers. If you are a struggling business person, or budding entrepreneur, look around for someone successful to mentor you. Most of all believe in yourself, and remember that you don’t need to be born with ‘rich genes’ to be wealthy.

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Featured photo credit: rich genes via madisonmovie.files.wordpress.com

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Last Updated on August 15, 2018

30 Fun Things You Can Do This Summer Without Spending Much

30 Fun Things You Can Do This Summer Without Spending Much

Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

Video Summary

1. Visit a strawberry festival

Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

2. Have a picnic

Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

3. Camp in your back yard

    The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

    4. Take long walks

    Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

    5. Break a world record

    Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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    6. Go on a bike ride

    The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

    7. Join a gym class

      The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

      8. Find a new hobby

      The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

      9. Join a sports team

      Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

      10. Make a slip ‘n slide

        Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

        11. Make a treasure hunt for your kids

        Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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        12. Visit a free festival

        Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

        13. Visit the zoo

          Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

          14. Take a road trip

          Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

          15. Play ultimate frisbee in the park

            Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

            16. Make your own ice cream

            Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

            17. Invite your neighbors over for a BBQ

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              When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

              18. Get a summer job

              For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

              19. Attend a charity event

              Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

              20. Visit a national park

              National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

              21. Visit your local comedy club

                Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                22. Make your own hammock

                  Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                  23. Read in your new hammock

                  Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                  24. Watch a movie outside

                  Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                  25. Take a hike

                    Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                    26. Learn how to fly a kite

                    As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                    27. Work out at the park

                    American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                    28. Take your dog to the beach

                      One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                      29. Make a summer smoothie

                      Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                      30. Attend a free yoga session at the beach

                      No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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