The 5 Common Personality Traits Shared By Self-Made Millionaires
Everyone knows the Myers & Briggs’ personality types, and (God forbid) the Zodiac signs, but there’s one personality structure everyone should know, especially if they want to be decent businessmen. It’s the Big Five personality traits, a theory that goes way back to the ‘80s but might just have a proven combination for aspiring millionaires.
According to a study from the Socio-Economic Panel (SOEP) at the German Institute for Economic Research and the University of Munster, self-made millionaires tend to share these five personality traits: risk-tolerance, emotional stability, openness, extraversion, and conscientiousness.
The Big Five traits operate on the following spectrums: open vs. closed, conscientious vs. spontaneous, extroverted vs. introverted, agreeable vs. hostile, and neurotic vs. stable. And according to the German study, there’s a winning combination for financial success.
“This is the first study to describe the personality of millionaires using robust data,” said professor and co-author Mitja Back from University of Munster. “Since the rich wield particular influence over societal decision-making processes, and since personality has a determining influence on the way people think and behave, the investigation of millionaires’ personality traits is of great social relevance.”
Over 20,000 individuals were tested and analyzed, and the researchers discovered that the traits risk tolerance, emotional stability, and extraversion were notably strong in self-made millionaires. Meanwhile, those who came from generational wealth tended to possess lower levels of these traits.
The traits were strong in all social classes among respondents who believed themselves to be self-made and financially independent. The researchers concluded that these personality traits could be a strong factor in future financial health.
“Taken together, the results suggest that personality is a relevant factor in wealth accumulation,” said researcher and study co-author Johannes König.
As they say, mind over matter. If financial stability is your end goal, it might be time to rewire your brain toward these five winning personality traits.