What's the difference between those who are financially successful and those who live paycheck to paycheck? It isn't just old-fashioned luck.
There are particular traits that separate a lot of the wealthy from the rest of society — traits that supply them the necessary edge to tackle mediocrity and stay at the top of their game while everyone else complains about money.
In behavioral science, frugality is defined as “the tendency to acquire goods and services in a restrained manner, and resourceful use of already owned economic goods and services to achieve a longer term goal.” The rich know that investing in an “image” is not a wise investment. They never live beyond their means and don't require material goods to flaunt their worth.
Keeping up with the Joneses is a silly game to play – there will always be someone out there who is more successful than you are. Mark Zuckerburg drives a $30,000 Acura and Michele Obama often wears Target. Keeping money in the bank can make other investments more achievable.
When you're constantly negative or adopt the mindset that you're undeserving of wealth or success, you close yourself off to opportunity and attract even more negativity into your life. The wealthy know that being positive and making the best of every situation enables you to solve problems more effectively and not be sidetracked by small setbacks. More money does not lead to more happiness, but being a positive, happy person can certainly only help you on your road to success.
The wealthy are able to accept that failure is a part of success and many embrace failures as lessons that push them to the top. Shifting focus from being upset about the things you're unable to control, to being proactive about the things you can control is a trait of successful people. Many will tell you that the big “aha” moment or closing deal happened after many others would have given up.
Thomas Edison famously said, “I haven't failed, I've just found 10,000 ways that won't work.” The wealthy know that being adaptable and never giving up is a big reason behind their successes.
4. Social Connections
A big asset that the wealthy have is their relationships. They are pros at socializing because they know that you never know how the person they just met may impact their lives down the road.
Making time for people and doing them favors help to build connections that could potentially help to advance your own career some day. Plus, spending time with other successful, like-minded people is a great way to stay motivated and get inspired.
Passion is that thing that the wealthy possess that pushes them toward believing in the impossible. It is the drive and love of what they do that make them the best at their trade, and in turn, the most financially successful. When you don't love your job, you will likely not be as good at your job and your pay will likely reflect the quality of your work.
When you're inspired and passionate, you will create new opportunities that generally come with great pretty great payoffs. Steve Jobs was a perfect example of this — he may have been crazy, but he was definitely passionate.
The wealthy listen to their gut instincts when it comes to making decisions. Instead of rationalizing things, if something feels right, they go for it. Even if everyone tells them it won't work, the super successful people know to follow their intuitions. This goes hand-in-hand with being fearless and not doubting yourself, which is the trait that keeps some people in mediocre, low-paying jobs.
Sure, luck may play a part for how some people gain financial success, but most people get to where they are in life as a result of hard work, dedication and gratitude for those who helped along the way. These aren't traits with which you're born — you can nurture them to help them grow. See what happens.
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