Personality of People With Money

Have You Ever Wondered About the Personality of People With Money?

Personality of People With MoneyWe are in no way are against money, but found this study VERY interesting, as it examined the personality of people with money vs. people who don’t have money.

It’s a 7 year long study, so it’s not something Paul Piff from the University of California, Irvine just whipped up in a month or two.

We did find it unsettling that many people in the audience of this Ted Talk laughed often when the speaker pointed out how unethical the people with money behaved.

This article should be read along side the other article we wrote up in researching billionaires and their personalities.

Here is a brief list of what Paul Piff found:

  1. When people were playing Monopoly and were given more money and chances to roll the dice more, they became more rude, showed off, became louder, took more snacks, etc. After the game was over, they also exaggerated full responsibility for all the properties and money they accumulated even though they knew they had had the advantage over the other players.
  2. When people were given $10 and were told they could give some of it to an anonymous person or keep it, most of the people with more money kept it.
  3. When playing a game, the people who were rich cheated a lot more than the people who weren’t rich.
  4. When people drove average cars, they stopped for the pedestrian who needed to cross the road. The more expensive the car was, the less they stopped and of course therefor broke the law.
  5. When told the jar of candy was for the children doing a study in the next room, the rich people took more of the candy than the poor people.

Because the top 20% of the population within the US own 90% of the wealth and the gap between the rich and the poor has widened so much since 1993, the American Dream is much harder to come by for people who don’t already have money. There is an obvious sign of inequality that wasn’t there even 25-35 years ago.

Overall Paul Piff and his team noticed that:

  1. The more money rich people have, the more they are wiling to go after what they want to achieve it, all at the detriment of others.
  2. As they make more money, their feelings of compassion and empathy go down.
  3. Their self interests always come first, and as they make more money, they feel they deserve more.
  4. It’s not just the individual person who is affected by the inequality of the huge gap between the rich and everyone else, but it also affects society as a whole.¬†Social mobility, economic growth, community life, social trust, life expectancy, educational performance, physical health all go down when there is this much inequality.
  5. Obesity, drugs, teenage births, violence, imprisonment and punishment all go up when there is this huge economic inequality between the rich and everyone else.And these studies weren’t just done in the US, but worldwide.
  6. While it may seem hopeless, they found that even small changes like reminding the rich that cooperation and community helps. After reminding them, they saw they become just as egalitarian as poor or average people.
  7. They showed a short video to the rich about children raised in poverty, and this caused them to want to help someone in need at the study lab.
  8. Some of the 1% are now giving away half of their money to charity.
  9. Many of the very wealthy are participating in helping others who are not wealthy.Here are two such organizations:a) This is for the youth of the wealthy and privileged.
    b) This organization is a network of business leaders, high-income individuals and partners working together to promote shared prosperity and fair taxation.

While many studies along these lines are being done worldwide, it should be noted that two countries don’t have to take part in these studies, as everyone in Denmark and Norway live very well.

 

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