The Secret to Building Wealth

According to Inc.com: if financial success is your goal, people who build wealth answer this question the same way. “What do you enjoy more: Making money, or spending it?”

The difference between financially successful people (millionaires) and financially super successful people (billionaires) boils down to the fact that the latter get pleasure making money than spending it.

Spending less than you make – or even spending significantly less than you make – is an obvious wealth-building strategy, but it can be difficult.  However, the benefits are enormous, as this enables you to save, invest, and build additional wealth over time.

Interestingly, according to a 2018 study, your personality plays a role in your ability to build wealth.  Rich people possess these five personality traits: extroverted, conscientious, emotionally stable, less neurotic, and more self-centered.  Do people accumulate wealth who are not wired this way?  Yes, but the vast majority of financially successful people have this personality makeup.

Jill, What Can I Do?  If financial success is your goal, ask yourself, “What do I enjoy more: Making money, or spending it?”  If earning is your thing, you are on the right track.  If spending is your thing, you can help yourself out by making sure you are in a job you love.  People who are more passionate about their job tend to earn more money, which can compensate for your desire to buy that new Tesla Roadster.