What will make you rich?

Stolen straight from the SMH - the six factors or traits which will determine whether you will be 'rich' regardless of your income.

Linky

 

I have all of those six traits in abundance BUT I don’t consider myself rich .

 

Probably 5. Dont see the sense in frugality

 

That's 'cos you're a cheap skate

 

Aside from the poll, the original book is very good reading. Basically a lot of discussion around an extensive survey of millionaires. Most is quite predictable but does provide solid evidence for some good financial fundamentals.

 

I took Frugality as meaning Delayed Gratification.

 

I voted no,you can always marry into money..

 

Social advantage is curiously missing....

Although not strictly necessary, it does contribute greatly to your "net worth potential".

 

guys its 2019.

• Social indifference, or not succumbing to social pressure to buy the latest thing

This is the no.1 point for you to be rich

HYPE BEAST..

 

OLD Chinese saying. Small wealth comes from frugality. Big wealth comes from fate.

 

The thing about these sorts of lists that have been devised after studying successful people is they suffer heavily from survivorship bias. How many "not-millionaires" did the authors study to determine how of those people had all 6 traits?

Yes, having those 6 traits will likely assist you to become wealthy. I'd even hazard a guess it would be difficult, baring some fortunate circumstance such as winning the lottery, to become wealthy without most or all of those 6 traits.

However, having those 6 traits will not ensure you become wealthy.

 

The author studied 600 millionaires? Yeah, sure...

 

Ah geez

I don’t even remember the 6 traits despite reading the article twice
Let me go read it again before I vote

 

Agreed with that.
Social pressure with the lads at work to buy a European luxury sports car or sports sedan to set you back at least $80,000-200,000 on a lease.

It truly is lifestyle creep.

‘
1."Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

 

What will make you rich?

Having a heap more money available than others have.

Simple really.

 

Or in assets that you can liquidate.

 

What is 'rich'? I don't really know and I don't really care. As long as I have enough income for one more property investment then I will be happy. Otherwise I will just sell the one I love least like I did last time

I already know which one but it needs to grow up a bit before I kick it to the curb

 

I think the traits listed are a solid foundation but not the end of the story. Those traits will make you comfortable but real wealth comes from ongoing education, ongoing commitment to put that education into action, persistence and often (but not always) owning a business

 

Daddy.

 

wifey, hubby,