Tuesday, January 4, 2011

Predict Your Financial Success Using Your IQ and Your FICO Score! - BRAINTENANCE

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Predict Your FINANCIAL SUCCESS Using Your IQ and Your FICO Score! - BRAINTENANCE.

There is much talk nowadays about maintaining your "creditworthiness" and your "solvency." Understandably, almost none of the information which you are hearing is actually valid -- and if some part of it is valid, it will change within hours so as to be inapplicable.

The FICO credit score is based upon a "lose-lose" mystery algorithm where no matter what you do (apply for credit cards, pay on time, don't use credit, always use credit, have had no bankruptcies but have gotten a parking ticket, own a home, are a squatter in a crackhouse, cancel a loan, pay off a loan, etc.) it will all have (for whatever reason) a negative impact on your FICO consumer credit score. On a scale of 0 to 800 (the highest), most people score between 470 and 670, neither of which are even good. If you spend money contesting derrogatory comments on your credit report, or if you dispute and take issue with fraudulently or wrongly assesed amounts, I would bet that that process would lower your score as well. FICO, SCHMICO.

Your conventionally-determined (the MENSA MANIACS go to all of these conventions where these things are determined) Intelligence Quotient ("IQ") score merely measures how well you will perform in an academic environment when confronted with academic problems. While it is possitively correlated with intelligence, it is no measure of total, useful, functional intelligence. Yet, people like to rate your life's potential by it. An IQ of 100, for example makes you average; an IQ of 125 or more makes you "superior"; an IQ of 149 or greater makes you a "genius," even if you trip over your own untied shoelaces and forget to brush your teeth for fully two weeks before a job interview. You see, IQ is not a measurement of practical, emotional or genuinely adaptive intelligence -- a high IQ might be great if you're rotating blocks in certain sequences, or memorizing the first batch 30 numbers in the Fibonacci Series -- but it doesn't predict your ability to write a moving poem, design a beautiful building, or choose friends who won't steal your belongings one night and then gut you like a fish. MENSA, SCHMENZA.

I heard a rather whiney, horse-faced woman on a cable news program taking about the increasing problem of declining consumer credit eligibility in the United States.  Later, on my way home from the gym, I heard (on my quadrophonic Bose Sensoround authomotive speaker system) some gruff, military-sounding guy (an educator, they said) discussing that US children are doing progressively worse on IQ-type exams as compared to their counterparts and peers overseas...presumably where education is considered to be of importance, as opposed to in the US where the more money you have the smarter you must be. That last comment was a fine illustration of both faulty logic and a pitiful value system; our domestic economy was wrought of this brilliant type of thinking.

In a burst of brilliance, and realizing that two completely innaccurate, inapplicable or plain irrelevant premises (FICO and IQ) should somehow be combined to make one perfect theory [this like saying "two wrongs will always neutralize each other and make things right."], I have come up with a statistic to predict the probability of your personal financial solvency, and it may actually be as accurate as a broken watch, i.e., twice a day:

Here it is:

The likelihood of your being financially successful over the next year is equal to your FICO score divided by your IQ, with the result divided by 4 and then subsequently divided into 1.00. That's right. 

For example, if your FICO score is 800 and your IQ is 200 (which divides out nicely into 4), your probability of being financially successful would be 4 divided by 4, or 1.00, which divid into 1.00 equals 1.00 or 100%. Clap yourself on the back. Jolly good! Lucky you. Can you spare a dime?

On the other hand, if your FICO score were 700 and your IQ were 20 (making you about as bright as a Reese's Peanut Butter Cup), your probability of being financially successful would be 700/20, or 35, divided by 4 (which would equal 8.75). Divide 8.75 into 1.00, which would equal 0.11, or a probability of about 11%. Terribly sorry. Bad joss. Lose my telephone number.

What's that? You can see cases where this "statistic" wouldn't make any sense at all?

Then you've gotten my point.

Conclusion 1: Disregard anyone's statistical assessment of you and do the very best you can to be successful and happy.

Conclusion 2: There is no one statistic, or even a combination of statistics that is fully predictive 100% of the time. And that, by the way is not sarcastic -- it is the truth. Every statistic has its exceptions and predictive blind spots.

Conclusion 3: Conclusions 1 and 2, above, are not in their proper order. A quick workaround? Read Conclusion 2 first and Conclusion 1 secondly.


Douglas Castle

p.s. You may laugh, but there are many people who will start using the ridiculous formula above to predict the likelihood of someone's financial success. We Humans love to be able to simplify and gneralize about that which we don't truly understand. Every one of us is an individual, and each of us is a Wild Card.

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