The theme this week on the Retirement Quick Tips Podcast is: 5 personality traits of self-made millionaires. These five traits when combined together can help predict those of us who will have a higher net worth.
Today’s self-made millionaire trait is: High openness.
According to verywellmind.com, “People who tend to be high in the trait of openness are more willing to embrace new things, fresh ideas, and novel experiences. They are open-minded and approach new things with curiosity and tend to seek out novelty. They tend to pursue new adventures, experiences, and creative endeavors. They are also very good at thinking about and making connections between different concepts and ideas.
People who are low on openness, on the other hand, tend to prefer routines, traditions, and familiarity. They approach new things with great caution and prefer consistency. Individuals who are very low on the trait of openness are often seen as being rigid and close-minded. They may find it difficult to cope with changes.”
With this definition in mind, it’s easy to see why the trait of openness is associated with millionaires.
Rigidness and great caution are not great traits for successful investors or accumulators. People who are low in openness don’t want any uncertainties and often are fearful of new opportunities that may help them grow wealth or advance their career. They stick with what is familiar to them, which is why it’s so difficult for those with low openness to become self-made millionaires.
Like the other personality traits, openness is measured across a spectrum, and while it’s not likely that we can leap across to the other end of the spectrum, if you find yourself low in openness, there are ways you can cultivate openness that in turn can help improve your likelihood of building your net worth.
- Invite someone with a different opinion that you to have a conversation. Listen to them and try to see things from their point of view. How much better off would we all be if we could better understand why those who are different from us think and act and see the world the way they do.
- Traveling more and experiencing the people and culture of the place you’re traveling to.
- Trying something new - it doesn’t have to be skydiving (no thank you!), but if you’re me and you’re kind of middle of the road on openness, maybe i could benefit from wearing a little lipstick now and then.
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.
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