This, if it is a trait, is an extremely common one. All changing requires is a basic ability to distinguish, and the memory to implement that change. Perhaps change is harder for some than others, but very rarely is it impossible.
@ Ross
It’s not black and white, as you paint it. If two people were applying for the same job, the person who worked harder at a cheaper college lose the job to the person who went to a more expensive college. But the person who got the job(who is not therefore evil) may make the company more efficient and thus can maintain profits while reduce prices for others, thus allowing others to get what they want. The problems lie more in the social conventions of capitalism than in selfish individuals.
There are two solutions to these ills–one is communism, and the other (which I think is more intelligent) is liberalism. Communism is difficult to accept because you can choose your work, but you cannot choose your income level. Social welfare programs could give hardworking individuals the leg up they need to get what they want, but if they don’t make use of it, it won’t matter. In terms of foreign affairs, there’s only so much humanitarian aid we can provide and still sustain our economy.

[...] was a guest post I wrote for Get Rich Slowly on April 6, 2008. Promote your personal finance articles on PF BuzzThe personal finance social [...]

[...] from 1,108 to 1,317. I believe this was largely due to the guest post I wrote for Get Rich Slowly: Seven Traits of Successful People. If you are not a subscriber yet, subscribe now…it’s [...]

There is little doubt that knowing what you want and being willing to do whatever it takes to get it is an advantage. But do theses seven traits increase chances of success more than wealthy and/or connected parents? More than being self-absorbed, predatory, ruthless and larcenous? More than being white, rich and good-looking?

Without hard work and the “seven traits”, your chances of success are limited.

Not if you have the right parents. My objection is not that this is bad advice for playing the hand you are dealt, but to the implication that these are the traits that make people successful. They aren’t, no matter how hard some people wish they are.

[...] This guest post at Get Rich Slowly is very timely with everything going on in my life right now (14 July). I love the second trait, “Successful people don’t just think, they act.” I am certainly not afraid to act. Although my recent failure will take a considerable time to recover from, it won’t prevent me from acting again. [...]

Early failures in an endeavor are learning experiences and some who do not possess certain traits may be inclined to give up, while others who do possess them forge ahead and learn not to make the same mistake, while others are savvy enough to learn from the mistakes of others. Nothing guarantees success, even those traits listed above, but having them will, in all likelihood, increase those chances.

No matter what determines success and the best path to achieve it, nothing is an absolute no matter the circumstance.

The only thing we can control is our belief that we can do it; without that we can be sure of nothing but failure.

The rest is really just details.

@Ross
I went outside to pull weeds for an hour, and thinking over our conversation here, I’m sure I sound like I’m trying to argue with you. I’m not. I’m just trying to hash out ideas. I appreciate your viewpoint, though some of your arguments confuse me. I don’t agree with your premise, but I appreciate it, and can see where you’re coming from.

I agree with this statement to a point — almost any American citizen has more freedom and opportunities to get an education, change jobs, move to a new location, access information, or start a business than citizens of almost any other country. In fact, I seem to remember a quote by Warren Buffett about “winning the Ovarian Lottery” in crediting his luck with being born in a country at a time where he was likely to get a reasonable education, survive childhood, and figure out a way to make money. That doesn’t mean he didn’t take risks and work hard to earn his success.

However, Ross’ examples of how luck wins over all isn’t about the typical American success story, but only examples where heredity helped, and says that THAT’s the typical case. Really? Show me your data.

@JD: I’m not sure you could find as many “successful Cambodians” or “successful Sri Lankans” by most measures as “successful Americans”. It goes back to the economic mobility that JD talks about, which isn’t really available in many countries — freedom, safety, education, and economic opportunities aren’t widely available. I wouldn’t be surprised if many “success stories” there wouldn’t give credit to a foreign education or microlending organization to provide opportunities.

I’m a believer that I’ve been darn lucky, but I don’t sit on my butt waiting for some new form of luck to hand me success. In fact, beyond a certain age, most of my “luck” has come from being prepared, taking calculated risks, going against convention, and – yes – working hard.

Perhaps. Perhaps not. I consider myself well-read, not just in personal finance and success, but in many areas. There’s always more to learn, however.

If you want to argue that the starting point doesn’t matter in determining where you end up, that’s fine. I don’t think there is any evidence to support that.

The starting point does matter. Again, see my recent entry on economic mobility and The American Dream. Those who start off poor are more likely to be poor. Those who start off wealthy are more likely to be wealthy. However, this not always true. In fact, most people born into either extreme tend to move up or down.

But wealthy people are often less than virtuous.

I don’t understand this. What are you basing this on? What evidence do you have that wealthy people are any less virtuous than the poor? Are the poor virtuous simply because they’re poor? What standard of virtue are you using? I would say that “most people are often less than virtuous”, but I don’t really believe it. I believe that most people do the best they can with the information they have. The key is to get more people better information, to help them make better choices.

Any successful American owes most of that success to the country they were born in.

Again, this argument confuses me. A successful Cambodian owes her success to the country she was born in. A successful Sri Lankan owes his success to the country he was born in. Success is relative. It sounds as if you have some absolute measure(s) of success that you believe cannot be achieved without certain advantages or without “cheating”. I don’t believe this. Each person defines her own success, and her actions and attitude have a larger role in achieving this than anything else.

RE: Michael Jordan

If you really believe that luck had more to do with his success than hard work, then we’re simply on different pages. We’re not going to see eye-to-eye on this. I continue to believe that success comes from effort. I see it in my own life, and I see it in the lives of others. Yes, there are absolutely elements of chance involved, but without the effort, nobody I know could be successful.

To summarize my beliefs:

Hard work and the “seven traits” Pinyo listed above do not guarantee success, but they increase its odds significantly. Without hard work and the “seven traits”, your chances of success are limited. Luck plays a role, but it’s secondary, and generally related to other factors.

That luck and opportunity is unequally distributed? OK.

That successful people don’t work hard? No, you didn’t say that.

That working hard won’t lead to success? Sure, if you mean working hard at something with no advancement prospects or learning potential will probably not lead to much “success”. Researching and taking advantage of all available opportunities and working hard in a field that interests you and doing a good job probably will. Maintaining your relationships and pursuing your passions probably will.

That truly successful people are all lucky? Not necessarily.

That success is not just about money. Well, duh.

general comments:
i was also one of those who thought the virtue of hard work and honesty would bring me success. i learned the hard way that is not true. many other things, especially networking, come into play.

this post had great timing- grad school itself requires many baby steps, and i keep forgetting that and getting really frustrated.

Yes. I have no doubt about it. Its also what separated him from the rest of the players in the NBA. That doesn’t mean he didn’t work hard or develop his talent. He did. But there are plenty of others who worked just as hard and never made their high school’s varsity.

I don’t doubt that most millionaires have parents who weren’t. Being a millionaire means you have $40,000 each year for your retirement withdrawing the standard 4 per cent of liquid assets. That assumes none of those millionaires’ assets are in their homes, which is obviously not the case.

In other words, the authors are using a standard for comfortable middle class, not “wealthy”. Which means they have an ax to grind.

this doesn’t mesh with anything I’ve ever read

I suspect that says more about your choice of reading matter, than it does about the comment I made. There is no money to be made telling people that they had the wrong parents or suggesting that largely your station is life is determined at birth and getting beyond that is mostly a matter of luck or larceny.

“it’s not the starting point that matters, but the journey itself.”

This is a cliche, not an obvious truth. If its really only the “journey itself” that matters, then the end point of that journey doesn’t matter either. And if you want to argue that the starting point doesn’t matter in determining where you end up, that’s fine. I don’t think there is any evidence to support that.

’m not sure financial and material success are a virtue or a vice.

I didn’t say they were. But wealthy people are often less than virtuous. Remember Christ and the camel’s nose? He was making a comment on the reality of wealth, you usually have to choose wealth or virtue.

Most of us here are lucky, compared to 95% of the rest of our neighbors on the planet.

Bingo. Any successful American owes most of that success to the country they were born in. And a big part of the relative “success” of native-born Americans is also based on who their parents were. That doesn’t mean hard work won’t get you ahead, it just won’t usually move you all that far. Coal miners work hard, farm workers work hard, meat packers work hard …

“I think you need to make a more realistic evaluation of what success means, and who you should be comparing yourself to.”

I’m not making any comparisons for myself – I set my own standards for success. They mostly aren’t financial.

I do agree that luck never hurts, but since we don’t have any control over that, we should focus on the things that we *do* have control over.

I agree. But I think we also need to be careful not to take material success as evidence of moral virtue or hard work or making the “right” decisions. It sometimes reflects those things, but more often not.

Also, here’s a post from a few weeks ago about economic mobility and The American Dream.

I have a notecard in my office that summarizes this philosophy. All it says is: Fall down seven times, get up eight. That’s not luck, but it does lead to success.

I do agree that luck never hurts, but since we don’t have any control over that, we should focus on the things that we *do* have control over.

Um. No. I’ve never met anyone like that. I’ve met people who are very successful in certain areas of their lives, usually after several failed attempts.

One comment on this: I have noticed that some regional cultures are more forgiving of failure than others. In California, failure is a rite of passage. In Wisconsin, it’s a stigma. So, sometimes moving on isn’t as easy when people around you are judgmental and have long memories. I grew up in WI, adapted the attitude of California during 15 years there, and now ignore the local culture now that I’m back in Wisconsin. I’d hate to be a public figure here, though.

@Ross: Some people are lucky. Most of us here are lucky, compared to 95% of the rest of our neighbors on the planet. I think you need to make a more realistic evaluation of what success means, and who you should be comparing yourself to.

Success doesn’t just mean being elected president, making $Ms/yr, or becoming a golf champion. Some of us want to enjoy our careers and avocations, have the respect of our colleagues and the affections of our friends and family. Success is doing something new, taking a risk, accomplishing a goal, living the way we want to.

What is your definition of success, and why are you comparing yourself to the top 2% of the US “haves”?

You also write: “Financial and material success are not evidence of virtue, but evidence to the contrary.” Again, I think this is a strange claim. I’m not sure financial and material success are a virtue or a vice. They just are what they are. Those people I know who have achieved financial success are usually successful in all aspects of their lives. The most financially successful person I know is one of the highest-quality people I know. He hasn’t done anything larcenous. My father worked long and hard to build a successful business. Ultimately, he succeeded. He didn’t do anything illegal or immoral. He just worked hard.

“Is a homeless person never a success?” What do you think? What do you think most homeless people think?

If you don’t believe the above-listed traits are indicators of success, what do you believe can help lead to success? Just luck? What is luck? Do you really believe that luck is what separates Michael Jordan from the average guy in the gym? Personally, I believe that luck is no accident.

Yes, there are elements of chance in all of our lives. But I continue to believe — based on all that I’ve seen and read — that each of us has more control over our destiny than the random forces of the universe. We each define success for ourselves, and we’re the ones who create it. (Or fail to do so, as the case may be.)