Ever so often Google send a visiter to my post on The Importance of work. This was in response to a post by Joanne Jacobs on the achievement gap in education.
One of the points I made two years ago was success in life depends both on what skills and talents we start with and how we use them. I likened this to investing:
"A couple years after my wife and I got married we spent did some research into investing, trying to improve our financial education. One point has stuck with me over the years. When trying to build a nest egg there are two very important factors. The first is related to the size of how much is invested. Someone who puts aside 10% of their income will, all other things being equal, have a better end result than someone who only saves 5%. But the second important factor is the growth rate of the investments. If the person saving the 10% puts all of his money in the bank and gets a low rate of return, after 40 years he won't have that much more money. In contrast if the person who saves 5% is wise and looks for investments with growth potential, like stocks, then over time he will get several times the return on his money, and by 40 years later will have a much bigger nest eggs, several times bigger."
Joanne Jacobs posts today on the same topic in Learners try harder. She references an article in Scientific American. In The Secret to Raising Smart Kids Carold S. Dweck writes about her findings in study successful students. She says it is important not to tell your children that they are smart.
"... our studies show that teaching people to have a “growth mind-set,” which encourages a focus on effort rather than on intelligence or talent, helps make them into high achievers in school and in life."
As parents we want to help our children recognize that hard work is an important part of success.
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