Yes, it's possible that there are strong genetic predictors of household income, as a lot of people seem to want there to be for some reason, but when predicting the behavior of a child, their immediate circumstances are a much more parsimonious explanation for their behavior than some genetic factor strongly predicting both the circumstances and the behavior. I'm not saying that genetics being somewhat causally upstream of income is an inherently bad hypothesis, but this kind of correlation analysis doesn't support it as well as it does an environmental influence on time preference
There are zealots on both sides. Brilliant people are poor because they were never given an opportunity while rich nincompoops accumulate aristocratic power. At the same time, plenty of people are poor because they can’t make good decisions or have zero emotional self control while a few go from rags to riches. The problem is blended, and it shouldn’t be beyond reproach to question whether some factors are heritable, whether genetically or through cultural transfer.
