There are so many different paths you can take to become financially free. In other words, not all wealth builders take the same path. Some are interested in stocks. Others prefer real estate investing. But true wealth builders have some characteristics in common. If you’re looking to build wealth and become financially free, these are some characteristics you should work on building into your personality!
Whenever I look into social investing opportunities, I look for some of these characteristics in the people running the operation. I want to know that they are serious and can stick it out for the long road ahead. While you’re reading, ask yourself: How many of these describe me?
5 Characteristics All Wealth Builders Have in Common
1. A Spirit of Entrepreneurialism
People who have successfully made it by investing in a business or starting a business often have higher net worths. Why? Because people who have a spirit of entrepreneurialism aren’t going to sit quietly. Instead, they’re going to dream and starting new things. That kind of acceleration is what builds wealth!
It’s like I always say: most people in America know how to earn money but they don’t know how to make money. You open up all sorts of doors when you cross the bridge into making money the entrepreneurial way.
2. An Inner Drive
A lot of wealthy individuals have high energy because they are driven by their passions. They are often “visionaries” who err on the side of too busy rather than lazy. (Although I’m not promoting burn-out!)
It’s more common for these people to struggle to rest than it is for them to overwork themselves. If you don’t have an inner drive, then it’s time to take a look at your personality and your life. What inspires you? What gets you dreaming? Where is your joy being found?
Also, consider that this characteristic has some issues of its own. Like I said, you don’t want to burn-out down the road. So, it’s important for people that have a natural inner drive to schedule restful vacations and breaks from the everyday grind.
3. Careful Risk-Taking
Now, it’s important to remember that there’s a difference between risk taking and insanity. Wealth builders commonly share the ability to make choices when it comes to whether or not risks should be taken. If this is your weak point, don’t be afraid to ask for help! Everyone has to start somewhere – seek out professional help or financial advising. Take a wealthy friend out to a six-course dinner and keep him talking through all six courses. Listening to people who successfully and unsuccessfully took risks can encourage you to wisely take risks.
And of course you always need to be a resilient learner. Failure is in your future somewhere – and that’s okay! Most people who have built wealth had to lose some first. The path to building wealth is full of potholes. But taking risk is almost always necessary to building wealth.
4. A Motivating Confidence
A firm self-belief and innovative approach to achieving goals is a key contributing factor in building wealth. Attitude is powerful and wealthy people often display a confident one. Not only do you need to have the confidence to go in and ask for loans (whether for business or real estate or otherwise) to start building wealth, but you have to have the confidence to run with your decisions once they’re made.
Of course you need to spend time making the decision carefully, but once it’s made, you confidently commit!
5. A Frugal Lifestyle
Wealthy people are often the ones who know how to live modestly and avoid flashy lifestyles. They are the people who know that achieving wealth is only half the battle. That’s why so many people who win lotteries end up broke – they don’t know how to maintain their lifestyle and keep their wealth. Knowing how to live within your means can make a drastic difference both in how you build your wealth and how you keep your wealth.
Establishing a budget, planning ahead, and setting wise goals are three great ways to maintain a frugal lifestyle.
Now, before you get discouraged, I want you to know that of course not every wealthy person has all of these characteristics. But those who build their wealth and keep their wealth often have these characteristics embedded in their personality, or they are working to get better in these areas. So, do you see yourself in this list? Share with me in the comments!
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