Do You Have the Right Personality to Become Rich?

Rich Habits
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One of the most revolutionary and groundbreaking discoveries I made in my five-year Rich Habits Study, was the fact that there are Four Paths to Wealth. I cover these paths in more detail in my new book, Effort-Less Wealth, but below here’s a snapshot:

  1. Saver/Investor Path
  2. Big Company Climber Path
  3. Virtuoso Path
  4. Dreamer/Entrepreneur Path

Why is the discovery of these Four Paths to Wealth so revolutionary?

Everyone inherits certain genes from their parents. Also, everyone is raised in different environments – we are all raised in different households, in different neighborhoods, go to different schools, etc.

As a result, everyone’s personality is different.

Each one of the Four Path’s to Wealth, I learned, requires a specific Personality Profile. If you pursue a Path to Wealth that is not in alignment with your unique personality, becoming wealthy will be impossible.

If, however, you pursue a Path to Wealth that is in alignment with your unique personality, becoming wealthy is virtually guaranteed.

Saver-Investor Personality Traits

  • Risk Averse – Saver-Investors have a low risk tolerance. They are unwilling to take risks they deem to be too great.
  • Seek Work-Life Balance – Saver-Investors are unwilling to work excessive work hours. They prefer a balanced approach to their lives. They desire to spend their free time with family and friends. They derive their happiness from people, not things. They stick with one, two or three employers their entire lives.
  • Disciplined – Saver-Investors have a financial plan that they follow and they stick to it. They are disciplined in saving and investing their money over many years. Many use budgets to help them stick to the savings and investment plan. They begin their savings and investment plan early in life, usually in their mid to late 20’s.
  • Frugal – Saver-Investors spend their money wisely. They seek the best product or service at the lowest price. They avoid Want Spending, Emotionally-Driven Spontaneous Spending, Supersizing Their Life, Peer Pressure Spending and Lifestyle Creep.
  • Modest Standard of Living – Their standard of living is modest, allowing them to save and invest 20% or more of their net income. Their homes, cars and vacation spending are modest. They are uninterested in accumulating things or buying expensive things. Things have little meaning or value to them. They place a higher value on their time than on things – they prefer to spend their non-work time with family and friends.
  • Debt Averse – Saver-Investors avoid accumulating debt. They pay off their mortgages early. They avoid using credit cards or accumulating any credit card debt. They buy high- quality used cars for cash or with the small car loans, which they pay off early.
  • Low Stress Tolerance – Saver-Investors are averse to stress. They seek out jobs that have a low degree of stress. They are happy being a cog in the wheel where they work, and therefore are not interested in seeking positions that carry with it burdensome responsibilities or additional stress. They are happy just doing their job and receiving a paycheck for the work they perform.

Big Company Climber Personality Traits

  • Embrace Formal Education – Big Company Climbers have, at a minimum, a college degree. Some have advanced degrees, such as MBAs, specific Graduate Degrees and some even have PhDs. Embrace Self-Education – Big Company Climbers devote thirty minutes or more every day to self-education. They read industry-related periodicals, blogs and books. They are students of their industry and the field they work in.
  • Political – Big Company Climbers are very political within their company and industry. Their political savvy enables them to climb the ladder within their company or industry. They built strategic alliances with higher-up Influencers within their company and industry, in the hopes that those relationships will pay dividends in the form of promotions or senior executive job offers. They are able to withstand the political back-stabbing that is common in many large organizations. They devote part of every day to building and maintaining their relationships with their Influencers.
  • Strong Work Ethic – Big Company Climbers are willing to work oppressive work hours in an effort to climb the company ladder. They are willing to travel often on company business, which takes them away from family and friends. They prioritize work over family and friends. Work comes first for Big Company Climbers.
  • High Stress Tolerance – Big Company Climbers have an innate or learned ability to handle high degrees of stress.
  • High Risk Tolerance – Big Company Climbers are willing to take risks in an effort to climb the company ladder. They will take on high level projects and increased responsibilities in an effort to elevate their status within their company. They are willing to take the risk of the downsides of these projects/responsibilities – failing to meet expectations of others within the organization.  They devote their work lives to one organization, knowing that their future wealth depends on the success of that organization. If the company struggles, fails, or is acquired by a competitor, they suffer. They put all of their eggs in one basket – the company they work for.
  • Outgoing and Sociable – They enjoy working in teams and with people. They are gregarious and outgoing individuals. They enjoy socializing with others. They draw their energy from the people they work with. They enjoy speaking and presenting to both small and large groups.
  • Competitive – Big Company climbers thrive in competitive environments. They very much enjoy competing with others. They have a winner-takes-all mindset.

Knowledge-Based Virtuoso Personality Traits

  • Embrace Formal Education – Like the Big Company Climbers, Knowledge-Based Virtuosos have, at a minimum, a college degree. Most have one or more advanced degrees, such as Master’s Degrees, PhDs. 
  • Embrace Self-Education – Virtuosos devote an hour or more, every day, to self-education. They read industry-related periodicals, blogs and books. They are students of their industry and the field they work in.
  • Low Stress Tolerance – Knowledge-Based Virtuosos have a low stress tolerance. They prefer calm, peace and quiet in order to perform at their best.
  • Introverted – Most Virtuosos are happiest when working alone or in isolation. They do not enjoy socializing, as they see it as a time-waster. They do not enjoy speaking to small or large groups, but often must engage in this activity as others seek out their knowledge and expertise.
  • Strong Concentration and Focus – Knowledge Based Virtuosos have innate or developed strong powers of concentration and focus. They can devote many hours at a time to concentrated study and analysis. They have very disciplined minds.
  • Non-Competitive – Most Knowledge-Based Virtuosos do not enjoy competition very much. 

Skill-Based Virtuoso Personality Traits

  • Embrace Formal Education – Certain Skill-Based Virtuosos, such as Surgeons, Engineers and Scientists typically have advanced degrees. Most have one or more advanced degrees, such as Master’s Degrees, PhDs. 
  • Embrace Daily Practice – Skill-Based Virtuosos practice their craft a minimum of three to four hours a day. They engage in two distinct types of practice:
  • Deliberate Practice – Practicing their skills or subsets of their skills repeatedly in order to improve or maintain such skills.
  • Analytical Practice – Practicing under the watchful eyes of a coach or mentor who provides detailed feedback regarding their performance.
  • High Stress Tolerance – Because their success is dependent upon their performance, Skill-Based Virtuosos have an innate or highly developed high tolerance for stress. In fact, many Skill-Based virtuosos thrive under stress, meaning their performance improves when they are under stress.
  • Innate Talent – Many Skill-Based Virtuosos were born with one or more unique innate talents, which they discovered early in life and to which they devoted their lives to perfecting, through daily practice. The most successful Skill-Based Virtuosos have complimentary talents that they use in their profession.
  • Strong Concentration and Focus – Skill-Based Virtuosos are able to practice for long hours at a stretch due to their strong powers of concentration and focus. They have very disciplined minds. 
  • Highly Competitive – Skill-Based Virtuosos thrive in competitive environments. They have a winner-takes-all mindset.
  • Creative – Skill-Based Virtuosos are creative. This enables them to develop new or unique skills.

Dreamer-Entrepreneur Personality Traits

  • High Risk Tolerance – Entrepreneurs are willing to take risks most would run away from. They develop this fearlessness by taking calculated risks, which are well thought-out risks. They also develop this risk fearlessness after having successfully survived previous risks taken. Overcoming risk not only gives them valuable knowledge and insight as to what works and what doesn’t work, it also boosts their self-confidence. 
  • Highly Competitive – Entrepreneurs thrive in competitive environments. They have a winner-takes-all mindset.
  • High Stress Tolerance – Entrepreneurs have an either innate or highly developed ability to shoulder great stress. 
  • Strong Work Ethic – Entrepreneurs are willing to work oppressive work hours in an effort to succeed in realizing their dreams. They are willing to travel often on company business, which takes them away from family and friends. They prioritize work over family and friends. Work comes first for Entrepreneurs.
  • Good Multi-Taskers – They have an either innate or highly developed ability to juggle many things at one time. They are very good at switching from one task to another, almost seamlessly.
  • Creative – Entrepreneurs are highly creative. This creativity allows them to solve numerous problems and overcome many obstacles.

TCORLEY

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