The Surest Way to Wealth
April 18th, 2007 by Bob Bly
Which of the following is most likely to make you rich?
1. What you know.
2. Who you know.
3. How hard you work.
In Russia, they believe it’s #2.
A recent poll showed that 45% of Russians think “having influential connections” is the key to becoming wealthy.
Only 32% picked “hard work.”
How would you have voted? And why?
P.S. Among Russians over 60, “stealing” was the top-rated path to wealth.
Source: The Week, 4/27/07, p. 9.
This entry was posted on Wednesday, April 18th, 2007 at 6:24 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
April 18th, 2007 at 6:58 am
I agree with Russia. You can know a lot and work hard — but who you know gets you there much faster.
April 18th, 2007 at 7:17 am
Knowledge and work ethic are endearing attributes… but they’ll never make you rich. Not until you find a venue where you can capitalize on them – through connections and who you know – will you ever reap the rewards.
April 18th, 2007 at 8:58 am
I’m not sure I agree with Kelly and Timothy. In the early years of my copywriting/consulting career I learned lots and worked damned hard. I didn’t know anybody. Yet, I was successful. It’s only recently that I’ve gotten to know some influencial people.
I think you need all three. But if I had to choose only two, it would be working smart (#3 & #1)
April 18th, 2007 at 12:11 pm
I vote for #1 – what you know. It’s not enough, but without it, who you know doesn’t make any difference, you have nothing to offer.
And working harder isn’t the secret to wealth. I don’t believe wealthy people work any harder than many who toil in cubicals day after day.
I believe working smarter is a closer secret to wealth. Which is related to what you know.
April 18th, 2007 at 10:08 pm
Hi Bob,
I think all the three play a role and they have their place in the hierarchy.
Let’s take me as an example. A hypothetical one, I may add.
I am a copywriter. In training. I work hard at my skill.
Now that you know me, you refer me to your clients because you are kinda busy. Or you like to help me. 😉
Because I work hard, I deliver profit pulling copy. Your client is impressed and you are happy that you made the right decision.
So my take is hard work on what you know coupled with who you know is the surest way to wealth.
Sincerely,
Edward Santosh
PS: I’d love this hypothetical experience turn into reality, I may add. 🙂
April 19th, 2007 at 11:52 am
I think it’s definitely What You Know, with Who You Know in a close second.
We all know lots of people who work way hard and are flat broke and people who work part time who are millionaires. It’s all about working in the right areas.
April 20th, 2007 at 7:18 am
>1. What you know.
>2. Who you know.
>3. How hard you work.
The truth is there is not just one ingredient that is the “secret” to making you rich. Knowledge is required, how hard you work is a significant factor, contacts help considerably.
Funnily enough I ended up making a lot of money in an area that I knew absolutely nothing about when I started!
If I had to pick one factor that seperates potential millionaires from Joe Average I would say “know thyself”.
April 21st, 2007 at 9:52 pm
I think it’s ultimately who knows what you know. That’s powerful.
April 22nd, 2007 at 8:29 am
Brett: do you mean: who knows that YOU know what you know?
May 17th, 2007 at 1:15 pm
Well, I’m Russian and I agree about things here. Fortunately, things are tend to change. I myself believe in #1.
May 23rd, 2007 at 10:51 pm
A slight variation on Brett’s idea…
I think of it this way. It’s not “who you know”, it’s WHO KNOWS YOU. Interestingly enough, if you don’t know anything and don’t work, you may not be worth remembering.
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When considering the factors that contribute to wealth accumulation, it’s essential to weigh various perspectives and cultural contexts. The question posed by Bob Bly prompts us to contemplate whether knowledge, social connections, or hard work is the primary driver of financial success. Let’s explore each option in detail:
What you know: Knowledge, expertise, and skills are undoubtedly valuable assets in achieving wealth. Individuals with specialized knowledge or talents often find themselves in positions where they can capitalize on their abilities to create innovative solutions, products, or services. Continuous learning and adaptation to market demands can lead to substantial financial gains over time. However, the extent to which knowledge alone can guarantee wealth may vary depending on the field of expertise, market conditions, and other external factors.
Who you know: Social connections, networking, and influential relationships play a significant role in many professional environments. Access to opportunities, resources, mentorship, and strategic alliances can significantly impact one’s trajectory towards wealth. In some cultures, particularly in societies with hierarchical structures or strong social networks like Russia, the value of personal connections in advancing one’s financial standing may be highly emphasized. Networking allows individuals to leverage the strengths and resources of others, opening doors to lucrative prospects that might otherwise remain inaccessible.
How hard you work: The notion of hard work as a pathway to wealth is deeply ingrained in the ethos of many societies, particularly in Western cultures. Diligence, perseverance, and dedication to one’s craft or career are often regarded as fundamental principles for achieving success. Hard work can lead to opportunities for advancement, promotions, increased income, and entrepreneurial success. However, the correlation between effort and financial reward may not always be linear or guaranteed, as external factors such as economic conditions, market saturation, and systemic barriers can influence outcomes.
In the context of the poll results from Russia, where a significant portion of respondents prioritized influential connections over hard work, cultural norms and historical contexts likely shape perceptions of wealth attainment. Societies with legacies of patronage systems or where nepotism and favoritism are prevalent may place greater emphasis on social connections as a means of gaining advantages in wealth accumulation.
When asked to vote on the most critical factor for becoming rich, individuals may consider their personal experiences, cultural influences, and observations of others’ successes. Ultimately, the interplay of knowledge, social networks, and hard work can vary widely depending on individual circumstances and the broader socio-economic context. While each factor carries its significance, a combination of all three elements often maximizes the likelihood of achieving sustained financial prosperity.
It’s worth noting the concerning finding that among older Russians, “stealing” was considered a viable path to wealth. This highlights systemic issues such as corruption, lack of opportunity, and ethical lapses within certain societal structures, underscoring the complexity of wealth attainment and the importance of ethical considerations in the pursuit of prosperity.
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I like what you’re saying! For me, getting rich comes down to two things: what you know and how much effort you put in. Learning lots and working hard can really pay off. Making connections is helpful too, but it’s not everything. And remember, it’s important to be fair and honest on your way to success.
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The poll shows many Russians believe connections, not hard work, lead to wealth, likely reflecting the socio-political climate. I’d choose hard work for its sustainability. The older generation’s view that “stealing” is key points to systemic distrust.
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According to the given poll, many Russians seem to understand that the influence matters more than meritocracy, which would be quite reasonable given the socio-political realities. I would go for hard work because nothing comes easy in life, if you want to see results that last. That is why the older generation’s view that ‘stealing’ is key points to systemic distrust among the parties engaged in performance. You know, you are kind of on to something here, I am starting to like it! For me, getting rich comes down to two things: They should make the learner embrace what they know and effort they have employed. It literally shows how learning lots and working hard can really pay off. Connections are nice to have as well, but they’re not all there is to it. Now, I want to remind you that it is always good to be rational and truthful on your way to success.
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It’s interesting how perspectives differ across cultures; I believe a balance of all three factors is key, but hard work and building the right connections can really amplify what you know.
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