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December 25th, 2013

"The rich are way more likely to prioritize their own self-interests above the…

By Ron Nakamoto

"The rich are way more likely to prioritize their own self-interests above the interests of other people" – Paul Piff

The TED Talk video below featuring U.C. Berkeley psychologist Paul Piff reveals some potentially disturbing effects of wealth.  

A more detailed exploration of this topic was published in a New York Magazine article http://nymag.com/news/features/money-brain-2012-7/ .  In addition to Piff's work, Stanford psychologist Hazel Markus is also cited.  

"The American Dream is really two dreams. There’s the Horatio Alger myth, in which a person with grit, ingenuity, and hard work succeeds and prospers. And there’s the firehouse dinner, the Fourth of July picnic, the common green, in which everyone gives a little so the group can get a lot. Markus’s work seems to suggest the emergence of a dream apartheid, wherein the upper class continues to chase a vision of personal success and everyone else lingers at a potluck complaining that the system is broken. (Research shows that the rich tend to blame individuals for their own failure and likewise credit themselves for their own success, whereas those in the lower classes find explanations for inequality in circumstances and events outside their control.)"

The video and the article do not delve into possible solutions.  Of course, my own bias is that the Empowered Wealth Mindset and Powerful Planning Process can go a long way towards shifting the way people think and behave when it comes to money and wealth.

#empoweredwealth

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Paul Piff: Does money make you mean? | Video on TED.com
It’s amazing what a rigged game of Monopoly can reveal. In this entertaining but sobering talk, social psychologist Paul Piff shares his research into how people behave when they feel wealthy. (Hint: badly.) But while the problem of inequality is a complex and daunting challenge, there’s good news too. (Filmed at TEDxMarin.)

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