Introduction

” Wealth is the product of man’s capacity to think” Ayn Rand

The purpose of this blog is to shed light on some of the characteristics that foster financial gain and the accumulation of wealth.

In that regard, we will attempt to address the following questions:

  • How do people achieve financial success?
  • What are the characteristics of people who have been successful in pursuit of their financial goals?

As a professional recruiter for many years, I had the opportunity to speak and get to know countless candidates. These individuals were among the best and the  brightest in their fields, and they all shared a common desire – to achieve financial success.

The process involved in wealth accumulation directly impacts our personal development.

Definition of Wealth

Webster’s Dictionary defines wealth as “abundance of valuable material possessions or resources.”

How do People Achieve Financial Success?

  • Have a Financial Blueprint  – Have a plan as well as specific and clearly defined goals in order to accumulate wealth. A plan with goals provides direction.
  • Live Within Your Means  -To create wealth, you must make more than you spend. It doesn’t matter how much money you make if you spend more. Stay out of debt to the extent possible.
  • Pursue an Education  – Be aware of job trends so when you apply for a trade school, college or graduate school (either initially or for the purpose of career retraining) you major in growth areas for the future such as technology and business.
  • Be Prepared – When you decide to embark on a particular career, learn as much as you can by reading, listening to audios, viewing videos, going to seminars and speaking with more seasoned people in your area of expertise.
  • Network –  In today’s world with social networks such as LinkedIn, Facebook, Twitter, Google+ and Pinterest, take advantage of these networks to further your business and personal interests. The contacts that you establish on these social networks can be invaluable.
  • Residual Income – Try to develop additional income streams so as not to depend on only one source of income.
  • Start Your Own Business – Instead of working for someone consider working for yourself. With many jobs being lost today, many people are starting their own business.
  • Internet and Technology – Going forward you must become as proficient in technology as possible. Technology is shaping our world in major ways and will continue to do so in the future.

What are the Characteristics of People who are Successful in Achieving their Financial Goals?

  • Mental Commitment –  People who accumulate wealth make a mental commitment that they are going to be wealthy. Having a positive and focused mental outlook is key to success. As Warren Buffett once said ” I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”
  • Passion  – People who accumulate wealth really love what they do and have a real passion for their work.
  • Goal Oriented – People who accumulate wealth are goal oriented. They set major goals to advance and grow their business and they break these goals  down into smaller goals. As things change, they need to modify their goals.
  • Problem Solver – People who accumulate wealth are very good problem solvers. They can identify and fix existing problems and are able to recognize when there is a need that is not being addressed in the marketplace and how to fill it.
  • Patience – People who accumulate wealth have a long term perspective. They don’t expect it to happen overnight.

Summation

Achieving our financial goals has a direct impact on our personal development.

Individuals who are most effective in doing so possess self-discipline – see some of my related posts including: Motivation, and The 4 Keys To Time Management.

About the author: Bob

Bob is a businessman, athlete, and entrepreneur who is passionate about helping people progress personally through better self-awareness.

1 Comment

  1. Good, concise article. No “fluff” here. Just good advice that is timeless and time tested.

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