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Published on April 2nd, 2014 | by Pete

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The 5 Common Qualities of Wealthy Individuals

There are many ways in which people have become wealthy; there isn’t a prescribed route to take. However there are qualities that are common with wealthy people that have helped map their own individual routes.

They actively work on their finances

Very few people simply get rich without trying. Unless you want to just try your luck at the lottery and become an instant millionaire you are going to have to get active in your own finances. Make budgets, make financial goals, monitor your spending or if you’re not great at any of these things (which unfortunately we aren’t all) find a financial advisor like My Wealth Solutions and get them to do all the grunt work for you. If you want to accrue wealthy you have to get active.

They set goals

Wealthy people are for the most part successful people, and the one thing that all these people have in common is they set goals. They know what they want to aim for and they strive towards those goals. These need not be specifically financial goals – they tie into many facets of their lives – however since these people are driven, this generally translates back into their financial situation.

They know when to take a risk and when to not

You can sometimes get rich with that once-in-a-lifetime investment that was high-risk, but it’s more about knowing where to take the high risk or low risk options that sort out the wealthy from the rest. Wealthy people are savvy investors, taking risks when they can afford them and playing it safe when can’t take the chance. It’s this mixture of high and low risk investments that help the wealthy individuals continue to grow their wealth and not squander it on the next high risk venture. This doesn’t just necessarily mean playing the stock market, it means talking to financial planners and splitting their wealth across numerous ventures and investments, be they property, stocks or any number of other investment opportunities that each come with their own level of risk.

They know how to make their money work for them

Your money is being lazy in simple bank accounts or if you’re really paranoid – in your mattress. Money can make money quite simply and if you’re not utilizing or putting the wealth you have to work then you’re missing a simple and lucrative opportunity. All wealthy people put their money to work. High interest bank accounts, term deposits, blue chip stocks, property investment and negative gearing are all ways to make your wealth accrue its own wealth. If you have no idea what I’m talking about consult you financial planner, it is well worth it.

They get their raise

This doesn’t need to be a literal wage raise; it’s about wealthy people raising their own bar as well. Wealthy people get to where they are by working hard. Wealthy people work their way to the top, even if they’re entrepreneurs they get to the top of their game by blood sweat and tears. Everyone has competition either within the workplace or from other businesses and unless you’re raising your own bar to be in the competition you can’t win.

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One Response to The 5 Common Qualities of Wealthy Individuals

  1. These are essential qualities no doubt about it. Also, I would add in patience. Start an investment program that is diversified with no-load and index mutual funds with large, medium and small cap growth and value with some international exposure. That this program do its job over the course of time while adding dollars to it all the time (dollar cost averaging) and see the magic take place.

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