Tuesday, December 11, 2012

It Pays to Consider Your Options

A study finding that gay people do better than average in financial matters has had some people wondering how that could be. The lesson certainly is not that it is better to be gay, and the results didn’t correlate to number of children or other obvious household metrics that might be used as an explanation.

My guess is that what this result tells us is that it pays to consider your options, that is, to decide what kind of person you want to be and where you think you will fit in. People who do this are likely to be better off than those who just follow the crowd. In a culture that points everyone in the same direction, it takes a degree of personal initiative and introspection to decide on something different for yourself. Entrepreneurial stories often tell us that the kind of self-awareness that leads to personal change can also lead to success in business, so it makes sense that it might also lead to financial success in more general terms.