Ten Traits That Make You Filthy-Rich

[w¡n9Nµ7 §£@¥€r 123]

by Jeffrey Strain

Tuesday, February 5, 2008

provided byTheStreet.com

Saving money isn't all about whether or not you know how to score screaming bargains.

It has more to do with your attitude toward money.

Just think of those who don't fit the filthy-rich stereotype. People like Warren Buffett.

As explained in the book The Millionaire Next Door by Thomas J. Stanley and William D. Danko, personal finance has as much to do with people's traits as it does with money. Many millionaires, in fact, have frugal ways.

Understanding how personal traits can influence your finances is an essential ingredient for building wealth.

Here are 10 key traits:

1. Patience

Patience is one of the most important traits when it comes to saving money.

This means waiting until the first wave of product hype has passed, keeping a car for an extra few years before getting another one and waiting until something you want fits into your budget instead of putting it on credit.

Patience is often the difference between creating savings and being in debt. Having the patience to wait until you find a good deal is a cornerstone of good finances.

2. Satisfaction

When you're satisfied, there is no reason to spend money on nonessentials. The sole purpose of commercials is to make you believe that buying a product or service will make you happier, wealthier, better looking or improve whatever isn't bringing you satisfaction.

People spend because they want to capture the excitement shown in advertisements. When you are satisfied with what you have and your life (not trying to live like those on TV), your finances will be in a lot better shape.

3. Organization

Being organized can make you more productive and ensure that all the many issues pertaining to personal finances are addressed.

It means not paying late fees, not buying two of everything, knowing deadlines that can affect your finances and getting more done in less time. All these can greatly benefit your finances.

4. Discipline

You need the discipline to continue to save money for specific, long-term goals every month.

Personal finance isn't a way to get rich quick, but is a disciplined execution of your lifetime plans.

5. Reflectiveness

It's important to be able to look at your financial decisions and reflect on their results.

You're going to make financial mistakes. Everyone does.

The key is to learn from those mistakes so you don't make them again, or recognize if you keep repeating them.

6. Creativity

The economy and our earnings don't always match our expectations.

Unexpected developments wreak havoc to elaborate financial plans. When this happens, changes are needed to deal with the new circumstances. Creativity is essential to accomplish this.

Creativity allows you to make something last longer rather than purchasing it when you don't have the money. It means juggling money to stay out of debt rather than simply paying with a credit card. It means finding a cheaper alternative when money is tight.

In these ways, creativity plays a large role in keeping finances in order.

7. Curiosity

Having curiosity helps you learn, study and improve yourself.

The curiosity of wanting to know more, to take the time to study and then take what is learned and put into practice is an important process that is driven by curiosity.

8. Risk-Taking

To build wealth, one needs to be willing to take risks. This doesn't mean uncalculated risks. It means weighing all the options and taking calculated risks when appropriate.

The stock market has risks involved, but over the long term, history shows that it provides good returns on money that is invested wisely. Those who fear risk altogether end up saving money in accounts that likely lose money to inflation in the long run.

9. Goal-Oriented

The importance of setting and working toward goals is obvious. If you don't know where you are going, it's difficult to get there. It helps your personal finances immensely if you have money goals and are motivated to reach the goals that you have set for yourself.

Those who lack goals don't have a road map to take them to the financial destination they want.

10. Hard- and Smart-Working

Creating wealth and staying out of debt rarely comes about without a lot of hard work.

Many people might hope that the lottery will solve all their financial problems. The true path to financial freedom, however, is to work hard to earn money while educating yourself to continue to have more value and increase your salary.

You may not possess all of the above traits. But knowing them can help you make changes so that you nourish the ones that you have and obtain the ones you're missing.

Ultimately they will help you with your personal finances and create a plan to accumulate the wealth you desire.

http://finance.yahoo.com/banking-budgeting...You-Filthy-Rich

[Hilarious Clinton 452]

I have 11

[DeadPoolX 9]

Shouldn't this be a poll where you can check off more than one option at a time?

[w¡n9Nµ7 §£@¥€r 123]

The question is how many, not which.

[Ban Hammer 13,344]

#11 - inherit.

[Nessa 23]

1. Patience - 0 patience

2. Satisfaction - i'm satisfied with what I have, not with my entire life.

3. Organization - totally

4. Discipline - nopes

5. Reflectiveness - hubby does the reflection.

6. Creativity - I'd say yes to that

7. Curiosity - Yes

8. Risk-Taking - I guess so.

9. Goal-Oriented - Yes

10. Hard- and Smart-Working - Sure

[almaty 19]

5... that is why i am in human services

[sereia 0]

i'd say currently i have 7 of them,....ask me a few years ago and it was maybe 4....and ask me a few years from now and it might be 10. i hope!

[Jenn! 918]

Not looking too good for me. I have the brains, but I seriously lack the motivation.

[Trompe le Monde 1,107]

what happens if you have all 10 traits but fritter away all the hours of your working day on internet messageboards?

[Jenn! 918]

what happens if you have all 10 traits but fritter away all the hours of your working day on internet messageboards?

I'd say that you've falsely given yourself credit for #4 then!

[Alex+R 0]

This implies you have disposable income with which to be responsible, etc.

Someday!

[w¡n9Nµ7 §£@¥€r 123]

Interesting, I voted '4' which makes me the one the least desirable traits of the seven who have voted so far.

[~krakatoa~ 27]

Just about 8. (And a half)

Edited February 9, 2008 by krakatoa

[Jasman0717 9]

Damn, why aren't I filthy rich