Welcome to a new week here on the Retirement Quick Tips podcast!
I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.
The theme this week on the podcast is: 5 Personality Traits of Self-Made Millionaires
A recent study from Germany took an in-depth look at the unique traits that characterize the wealthy - or those with a net worth of 1 million Euros or more. Drawing from a large sample size of over 23,000 individuals, 1125 of whom were millionaires, they split the millionaires into groups of self-made and inheritors of wealth and measured them on the big 5 personality traits along with their risk tolerance. Their findings pointed strongly to a couple of conclusions:
- Self-made millionaires differ significantly from inheritors of wealth in their personalities and risk tolerance, which indicates that personality is a driver of wealth, and not the other way around.
- The millionaires are more risk tolerant, open, extraverted, and conscientious, but less neurotic then the general population. In other words, millionaires differ from the rest of the population by their unique personality profile.
My own conclusions from reading the study is that these findings are like a recipe for predicting the accumulation of wealth. While having these traits is not a guarantee that you’ll be wealthy, the more of them you possess and the stronger they are, the higher the likelihood is that you’ll build and keep your wealth.
So this week, we’ll explore each of these traits individually - defining what each trait means, why the trait is an important predictor of wealth accumulation, how to tell if you possess this trait, and how you can cultivate this trait more in your own life if you want to build more wealth.
That’s it for today. Thanks for listening! Come on back tomorrow when I’ll talk about the importance of a higher tolerance for risk on predicting your wealth.
My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance