5 Personality Traits of Self-Made Millionaires
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A new study reveals certain common personality traits in the world’s best money makers if you search for somewhere to begin.
Five personality traits are looked at as being linked to the super-wealthy in a study found in Humanities and Social Sciences Communications.
According to the researchers, one personality trait was found to be the most dominant in those who were self-made millionaires compared to people who inherited their wealth.
To conclude, scientists in this study calculated German residents’ net worth using data gathered from the German Socio-Economic Panel.
Among these residents were people put into the “very rich” category. For this study, the “very rich” has over €1 million net worth. On the contrary, people in the “not rich” category had a net worth of less than €800,000.
The researchers could eliminate the self-made of the super-rich by looking at how they obtained their assets by being self-employment, marriage, entrepreneurship, inheritance, or gifts.
It was then cross-examined with volunteer surveys that explored their personality traits and types.
The following are the Big Five traits for making serious money in this lifetime:
“Our research shows that the wealthy are higher in Openness, Risk tolerance, Conscientiousness, Extraversion, and they’re lower in Neuroticism,” the researcher concluded.
“These findings complement existing research on millionaires that looked at time use, happiness, and giving behaviour, and delivers a robust and consistent picture of certain personality traits that portray the rich.”
Volunteers that closely mirrored the five greatest traits generally came from the self-made group, then those who became wealthy came from a combination of self-made and inherited means.
The wealthy category with the least five traits were the ones who got their money from gifts and inheritance.
The study shows the correlation between the nature of wealth and personality traits, but it is separate from causation. This is verified in the fact that the self-made earners from the category of non-rich had also demonstrated to have the five-trait personality traits, proving various factors influence the rich beyond personality.
Instead, the scientists said that their findings are “expressive of a rare formation of personality traits that contribute to self-made millionaires’ financial success.”
