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Anecdotally, I see many people with poor decision-making skills prosper because they were born into wealth, and conversely many who make the best decisions avai
by hairofadog 6y ago
Anecdotally, I see many people with poor decision-making skills prosper because they were born into wealth, and conversely many who make the best decisions available to them yet fail to thrive because of situational challenges (or, for example, the decision to become a schoolteacher in the US).
Bad decisions may (may) lead you to financial ruin, but financial ruin is not an indicator of bad decisions.
- sokoloff 6y agoI would expect the population-wide correlation between good decision-making and financial outcome to be positive. (Good decisions, all else equal, will tend towards better outcomes financially and I’d expect the converse would also hold.) How much influence that has I’m not as sure about, but I would be shocked if there were zero or negative correlation.
- tchalla 6y ago> (Good decisions, all else equal, will tend towards better outcomes financially and I’d expect the converse would also hold.) There's a study that does hint the converse is true. > Childhood poverty: Experiencing or growing up in poverty affects people’s lifelong decision-making style. People living in poverty make decisions focused on coping with present stressful circumstances, often at the expense of future goals. https://www.lse.ac.uk/PBS/Research/Research-archive/How-poverty-affects-peoples-decision-making-processes https://www.lse.ac.uk/PBS/Research/Research-archive/How-pove...