[AlexTWithBeard]

According to my observations, IQ correlates very well with the person being "smart" in a usual, common sense way.

100 would be an IQ of an average person.

130 is a rather smart person. Remember that guy in your class who could solve the problem in his head before it was written on the blackboard? That's probably him.

IQ of 85 is the lower limits for getting into the US army.

IQ of 70 is the official definition of being mentally retarded.

Does being smart correlate with economic success? Yes, up to some extent. Being too smart? Well, there's a chance most people around simply won't understand you, which is rarely good for career advancement.