Wednesday, June 30

Personality Traits of the Wealthy

"Wealth consists not in having great possessions," the Stoic philosopher Epictetus once said, "but in having few wants." Sounds wise.

But that doesn't keep people from wanting to be rich. Even though we all define wealth and success differently, most of us factor at least some degree of wealth into our success equations. (If nothing else, money creates choices.)

So how, if financial success is your goal, can you get rich? Science says the answer lies not just in what you do, but also in who you are. According to a 2018 study published in British Journal of Psychology, rich people are definitely different.

Especially where personality traits are concerned.
For example:
  1. Rich people tend to be extroverted. No surprise there. Since no one achieves anything worthwhile on their own, the ability to engage with others, to build relationships, to motivate and inspire, and to genuinely connect is definitely important. (Just keep in mind introverts can also be extremely successful.)
  2. Rich people tend to be more conscientious. Also not a surprise. Making smart decisions. Delaying gratification, and focusing on long-term goals. Doing what you need to do instead of only what you want to do. Even marrying well, but not in the way you might think: Research shows that people whose partners are conscientious tend to earn more promotions, make more money, and feel more satisfied with their work. (As Jim Rohn says, we tend to be the average of the people we spend the most time with.)
  3. Rich people tend to be more emotionally stable. Making emotional decisions? Definitely a recipe for slowing progress toward long-term goals.
  4. Rich people tend to be less neurotic. When you're quick to respond in a negative way, with anxiety, moodiness, worry, or fear -- what psychologists call "negative arousal" -- it's much harder to be successful.
  5. Rich people tend to be more self-centered. While that sounds like a bad thing, there is this: As Adam Grant says, humble narcissists have very high expectations for their own success -- but they also understand that great achievements are almost always the result of collective efforts. That makes for a winning combination: Believing you can achieve big things helps you get started; knowing you need other people to make it happen helps you finish.  TO READ MORE, CLICK HERE...

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