A version of the article was publisheded August 18, 2010
“Always bear in mind that your own resolution to succeed is more important than any other.” Abraham Lincoln
Many researchers have stated that taking control of ones’ own life, maintaining a positive attitude, and being resilient in the face of setbacks are the keys to success. Who can argue with the long lasting contributions of Abraham Lincoln?
MAIN TOPIC: Do you have these qualities of the RICH?
When El Carino approached me with enthusiasm over a Money Magazine article, I KNEW IT HAD TO BE FABULOUS. Do You Have What It Takes To Be Wealthy? from the September, 2010 issue of Money lists the qualities of the RICHalong with empirical research.
Sound too good to be true? Just gain these qualities and you are on your way to the bank! Hold on, not so fast. No offense to El Carino, it is way too simplistic. Tell me what you think!
Wealthy Americans possess these attributes (according to Money Magazine):
- Optimistic; But not an over the top, Pollyanna attitude.
- Loaded parents; Wealthiest 20% of families have a 55% chance of staying in that bracket.
- Healthy; Chronic health problems are associated with financial problems.
- Intelligent: But not too much-don’t need to be MENSA smart! The top 2% of the population (IQ>130) have a tough time keeping their cash!
- Educated; College degree-gain $450K in lifetime wealth, graduate degree-gain $570,00K in lifetime wealth.
- Thin, tall, & attractive: Earn more (2 out of 3 isn’t too bad) .
- Only child; Maybe because they receive more parental attention.
- Married one time & stay married; the married are 93% wealthier than the unmarried. Divorce reduces wealth by 77%.
- Married-no kids; those without kids are wealthiest, next those with one offspring. Than one’s a no brainer, have you been to the mall with the kids recently?
- Persistent; these folks are the wealthiest.
- Non-Materialistic; the materialistic folks are the least wealthy.
- Exercisers & non smokers: not a huge surprise here.
- Entrepreneurial workers are the wealthiest.
- Frugal lifestyle: Correlates with wealth (Go personal finance bloggers!).
PRACTICAL APPLICATION; Take this Article with a Grain of Salt
Many of the wealthy traits reflect qualities totally out of your control; wealthy parents, birth order, intelligence, appearance, height, and gender. This is not helpful! If you can’t control these qualities, then what difference do they make? Furthermore, there was minimal data to indicate the actual percent that these qualities contribute to wealth. For example, if 10% of the wealthy are married with no kids, who cares. Plus, some might argue that kids (not teenagers) add to one’s overall wealth in life!
Isn’t it common sense that persistence is an attribute of the rich? No smoking and exercising indicate discipline, another obvious success trait! If you are relatively intelligent, you don’t have to be a rocket scientist to figure out that you will probably be richer than someone less brainy.
Although entertaining reading, the article didn’t offer any huge revelations!
My unscientific OPINION: Control what you can in life and forget about the rest. Set the goals that are important to you.
If you desire wealth, make a plan, break it down into manageable steps, persist in spite of obstacles, and be patient. Focus on the PROCESS, the outcome will follow. Although Money is one of my long term favorite magazines, skip this article. What do you think? Am I just being cranky or does Do You Have What It Takes To Be Wealthy? adds very little to the pool of knowledge related to wealth?
Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.
Set some personal success goals. Make them specific and quantifiable. For example, present 2 new ideas to the boss every other week, commit to saving 15% of your income, brain storm ways to earn extra cash.
Follow this action step and take control of your future, don’t leave it to your birth order!
Read More About Getting Rich
- Buy Like Buffet; Get Rich $10.00 at a Time
- Free from Broke; Get Rich Quick Ideas
- Tight Fisted Miser; What Have You Done to Get Rich?
- Consumerism Commentary; Get Rich By Thinking About Being Rich
- Frugal Zeitgeist; Top Ways to Get Rich
WHAT DO YOU THINK IT TAKES TO BE WEALTHY?
image credit: Anadelmann