Author Topic: Mustachians vs CNN readers  (Read 5584 times)

Ottawa

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Mustachians vs CNN readers
« on: June 11, 2014, 09:19:15 AM »
Just saw...and took this poll on CNN: http://money.cnn.com/interactive/luxury/rich-quiz/?hpt=hp_t3

Looks like I won't be rich...at least based on the average response by over 90,000 poll takers.  Except that I would take a wild guess to say that I am more wealthy than 95% of the poll takers!  What gives?

Can anyone spot what is missing from the question set?  This question to be answered by beginner Mustchians only....  :-)


EricL

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Re: Mustachians vs CNN readers
« Reply #1 on: June 11, 2014, 09:38:03 AM »
There's a clue in the link to a page "7 traits the rich have in common" featuring Oprah and Sir Richard Branson.  The poll is oriented toward determining if you're a workaholic entrapeneur like them who found one or more niches and leveraged so risk to exploit them them.  It does not take Mustachianism into account.  Lets face it: being frugal is never going to be glamorous.  But it works.


Ottawa

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Re: Mustachians vs CNN readers
« Reply #2 on: June 11, 2014, 09:51:22 AM »
There's a clue in the link to a page "7 traits the rich have in common" featuring Oprah and Sir Richard Branson.  The poll is oriented toward determining if you're a workaholic entrapeneur like them who found one or more niches and leveraged so risk to exploit them them.  It does not take Mustachianism into account.  Lets face it: being frugal is never going to be glamorous.  But it works.

Here is a question.  Are people like Oprah and Branson just random 'success' stories?  Or do people believe that they can get there using a similarly described route of hard work etc etc.? 

I would first consider...how many hard working entrepreneurial people fail or fall short of their expectations to be like these 'model success stories'? 

I would then suggest that people who become very rich do so by complete accident.  They are merely outliers on the bell curve.  There is no recipe to get there...hindsight bias is largely at play when folks give the 'recipe' for success. 

Luck12

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Re: Mustachians vs CNN readers
« Reply #3 on: June 11, 2014, 10:11:01 AM »
Lot of overconfidence and unrealistic thinking.  84% think anything is possible.  Yeah right, I'll work on my basketball skills 24/7 and become the next LBJ. 

odput

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Re: Mustachians vs CNN readers
« Reply #4 on: June 11, 2014, 10:36:34 AM »
Lot of overconfidence and unrealistic thinking.  84% think anything is possible.  Yeah right, I'll work on my basketball skills 24/7 and become the next LBJ.

I thought that was a misleading question due to it being yes or no...in the most literal interpretations of the words, if anyone answers yes then they are a damn moron.  Things like Physics, Thermodynamics, and Chemistry generally get in the way of that.  However, in a more liberal interpretation, the anything is possible mentality is just another euphemism for optimism, which is an important characteristic of someone who is trying to get ahead.

Personally, I answered that one "yes" even though I know no matter how fast I flap my arms I will never be able to fly

norvilion

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Re: Mustachians vs CNN readers
« Reply #5 on: June 11, 2014, 10:58:22 AM »
Personally, I answered that one "yes" even though I know no matter how fast I flap my arms I will never be able to fly

Flap your arms really fast? Optimism is great and all but you have to do your research if you want to accomplish anything. Obviously to fly you just have to throw yourself at the ground and miss!

CarDude

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Re: Mustachians vs CNN readers
« Reply #6 on: June 11, 2014, 11:03:16 AM »
There's a clue in the link to a page "7 traits the rich have in common" featuring Oprah and Sir Richard Branson.  The poll is oriented toward determining if you're a workaholic entrapeneur like them who found one or more niches and leveraged so risk to exploit them them.  It does not take Mustachianism into account.  Lets face it: being frugal is never going to be glamorous.  But it works.

Here is a question.  Are people like Oprah and Branson just random 'success' stories?  Or do people believe that they can get there using a similarly described route of hard work etc etc.? 

I would first consider...how many hard working entrepreneurial people fail or fall short of their expectations to be like these 'model success stories'? 

I would then suggest that people who become very rich do so by complete accident.  They are merely outliers on the bell curve.  There is no recipe to get there...hindsight bias is largely at play when folks give the 'recipe' for success.

It's mostly luck at the supersuccess level, unless you believe that the majority of people who work really really really (insert appropriate number of 'reallies') hard end up as famous as Oprah. And considering that Oprah's the 189th wealthiest person in the US, you'd also be arguing that there are only 188 people who have worked harder than her in the last several decades. I can't even continue this thought exercise because it's too ridiculous to keep typing.

However, there's a large number of people who believe that success is chiefly due to work ethic, and are more than willing to discount innummerable advantages they and other successful people have had in order to maintain the belief system that people who aren't well off simply haven't worked hard enough.

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Re: Mustachians vs CNN readers
« Reply #7 on: June 11, 2014, 11:09:20 AM »
Lot of overconfidence and unrealistic thinking.  84% think anything is possible.  Yeah right, I'll work on my basketball skills 24/7 and become the next LBJ.

How do basketball skills help you be President?

Luck12

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Re: Mustachians vs CNN readers
« Reply #8 on: June 11, 2014, 11:21:19 AM »
However, in a more liberal interpretation, the anything is possible mentality is just another euphemism for optimism, which is an important characteristic of someone who is trying to get ahead.

I look at it differently:  Most Americans don't save as much as they should partly because they are too optimistic and overconfident.  They think the good times will roll on forever so why save up?  Money will magically appear in their hands one way or another when they need it.  OTOH, I've always thought I was lucky to make the high salary I make so I better use it judiciously as it may end tomorrow. 

EricL

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Re: Mustachians vs CNN readers
« Reply #9 on: June 11, 2014, 12:55:24 PM »
There's a clue in the link to a page "7 traits the rich have in common" featuring Oprah and Sir Richard Branson.  The poll is oriented toward determining if you're a workaholic entrapeneur like them who found one or more niches and leveraged so risk to exploit them them.  It does not take Mustachianism into account.  Lets face it: being frugal is never going to be glamorous.  But it works.

Here is a question.  Are people like Oprah and Branson just random 'success' stories?  Or do people believe that they can get there using a similarly described route of hard work etc etc.? 

I would first consider...how many hard working entrepreneurial people fail or fall short of their expectations to be like these 'model success stories'? 

I would then suggest that people who become very rich do so by complete accident.  They are merely outliers on the bell curve.  There is no recipe to get there...hindsight bias is largely at play when folks give the 'recipe' for success.

It's mostly luck at the supersuccess level, unless you believe that the majority of people who work really really really (insert appropriate number of 'reallies') hard end up as famous as Oprah. And considering that Oprah's the 189th wealthiest person in the US, you'd also be arguing that there are only 188 people who have worked harder than her in the last several decades. I can't even continue this thought exercise because it's too ridiculous to keep typing.

However, there's a large number of people who believe that success is chiefly due to work ethic, and are more than willing to discount innummerable advantages they and other successful people have had in order to maintain the belief system that people who aren't well off simply haven't worked hard enough.

A great work ethic is a wonderful thing to have.  But to make any money from it you have to pair it with a lucrative job/career.  After all, slaves had great work ethics too - at least when watched by the dude with the whip.  The definition of insanity where you do the same thing over and over again expecting a different result brings this quality into sharp relief. 

On the reverse side, I'm reading a book titled #GirlBoss about a young woman with ADD who never graduated from high school, bounced from McJob to McJob as the typical slacker employee.  Instead of continuing down that path to becoming a fat McJob loser or a scrawny drug addict she chanced on a way to combine EBay with her interest in vintage clothing.  In a few months she combined scavenging hunts in estate sales and thrift shops with sorting, marketing, modeling, and shipping the stuff on EBay while living with her mom.  While she describes this as the "Sad Bunny" phase because at home she worked from her bed in an old pink bathrobe and often a towel over her head that vaguely resembled rabbit ears.  Except it wasn't so sad.  While her mom was nagging her she should go back to school, she was on fire.  She was too busy to spend money for anything but product and her tiny business was eventually pulling in $2500 a week.  She paid friends to model her stuff with hamburgers.  Splurging for daily Starbucks was her only dumb move.  But since it was her ONLY splurge it hardly hurt her.  Flash forward 8 years and some kindly investors later it's a $100 million dollar business.  This is not an unusual story.  The thing it has in common with others like it is a person found something they could do, do well, liked to do, and it happened to pay.  The realization it was hard work usually came after the fact.

NickW

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Re: Mustachians vs CNN readers
« Reply #10 on: June 11, 2014, 01:54:18 PM »
Lot of overconfidence and unrealistic thinking.  84% think anything is possible.  Yeah right, I'll work on my basketball skills 24/7 and become the next LBJ.

I thought that was a misleading question due to it being yes or no...in the most literal interpretations of the words, if anyone answers yes then they are a damn moron.  Things like Physics, Thermodynamics, and Chemistry generally get in the way of that.  However, in a more liberal interpretation, the anything is possible mentality is just another euphemism for optimism, which is an important characteristic of someone who is trying to get ahead.

Personally, I answered that one "yes" even though I know no matter how fast I flap my arms I will never be able to fly
That question is open for interpretation for sure. In scientific terms, sure we can't do "anything", but in philosophical terms, that's completely open to debate. I'd say the implication behind the question was in terms of achieving anything, rather than actually doing anything. And then really the anything probably was meant to mean wealth/success. But this is all just my interpretation of what they might have meant. These sort of online quizes are pseudo science or pop psychology type stuff at best; not at all backed by anything meaningful, and usually written quite poorly.

All that being said, in my opinion this quiz doesn't apply to Mustachians because the CNN definition of "rich" is different than ours. To them "rich" means able to spend bucket loads of money on things like private jets, vacation homes that you never use, expensive cars, and live in servants.

arebelspy

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Re: Mustachians vs CNN readers
« Reply #11 on: June 11, 2014, 07:52:58 PM »
I answered:

Quote
Is 8 hours of work a half-day for you?
No.

Quote
Can you function on 4 hours of sleep?
No.

Quote
Would you maintain your current lifestyle if you had more money?
Yes.

Quote
Does this phrase describe you? ďAnything is possible and there is nothing I canít doĒ
Yes.

Quote
You have a solid business plan. Would you borrow from your 401(k) to start a company?
Yes.

Quote
Would you prefer to bring in a business partner than go it alone?
No.

Quote
Do you spread your investments around rather than bet the farm on one thing?
No.

And got:
Quote
Maybe.
Top 1% or top 25%? Looks like you could go either way.

Here's the linked article after for those that want to skip the "quiz": http://money.cnn.com/2014/06/01/luxury/rich-personality-traits/index.html
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