Want to get RICH? What does the science say.

Discussion in 'Investor Psychology & Mindset' started by Sackie, 21st Dec, 2021.

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  1. Sackie

    Sackie Well-Known Member

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  2. kierank

    kierank Well-Known Member

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    The same can be said for poor people ;).

    The good news is that one can go from poor to rich but (typically) it takes a lot of effort/work and a lot of time.

    The sad news is that one can go from rich to poor and it can happen quite easily and quite fast.
     
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  3. Sackie

    Sackie Well-Known Member

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    Agree. Indeed imho, most worthwhile pursuits in life require effort and work over time.
     
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  4. Piston_Broke

    Piston_Broke Well-Known Member

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    1. Is that like when people want to ban or block opposing opinions or anything that does'nt fit or questions their paradigms.

    There's still hope for me then

    BTW the definition of rich in the study was over 1m euro and the traits were self reported meaning that it's like readin tinder profiles
     
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  5. Sackie

    Sackie Well-Known Member

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    Take what resonates, discard the rest. Same with PC.
     
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  6. MTR

    MTR Well-Known Member

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    Interesting…personality traits

    Rich people tend to be more emotionally stable and less neurotic…..what about the trollers :p
     
  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Psychologists may well dispute and endlessly discuss what "rich" means. It may mean fulfilment to one person and wealth to another. Some people see themselves as welathy with no debt, others with $100K and others are never satisfied. Some people hate being wealthy and other crave it and are never satisifed as they realise that its more than meets their needs. eg Buffett, Gates etc

    After reading Elon Musks biography I question if he cares about wealth. He sees wealth as a way to achieve his ambitions and ideas. He has spent and lost his Paypal fortune more than once. He is borderline spectrum and focussed on end goals and process to get there. Numbers are important only as something that allow him to borrow, buy or commit to doing something and influence others. He doesnt really want or own a house. He drives a car for need but prefers people to pick him up as he is busy - and de-prioritises things like travel anyway. He sleeps in his office for convenience. He doesnt care how much he spends on a plan but if someone argues and opposes a plan they are gone that moment. He pays people generously for them to make these things occur. He sees blowing up rockets as a learning experience not a cost. Bezos sees what he does purely as business and in competion with everyone.
     
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  8. spoon

    spoon Well-Known Member

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    This! Most extremely rich people often said they were not doing it for the money but fulfilling a passion. It just happened that the passion, when done successfully, makes everyone pay them money, sometimes a lot. Often time they don't give up or sell off even if the venture is already multi-billions.
     
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  9. sash

    sash Well-Known Member

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    Rich people have more trolls on their proverbial........ article has some points I agree and some I don't.:rolleyes:
     
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  10. Beano

    Beano Well-Known Member

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    I was quite surprised the bar was €1m .I imagine someone rich would be well over €100 million.
     

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