3 Traits of Successful People
Recently, researchers at U.S. Trust surveyed 684 wealthy individuals. This group consisted of people who had anywhere from $3 to $10 million in investable assets. Yeah, that’s a lot of money. They wanted to know about their backgrounds, and how they built and are sustaining their wealth, and how they’re using it. And guess what – they each had a number of characteristics in common. Here’s the winning trifecta of what they found.
Family Values Matter
Family values and their own upbringing gave them a huge advantage early on. Their families taught them the importance of academic achievement, financial discipline, family loyalty and a sense of civic duty. About 80 percent of them said their parents were strict disciplinarians, but they also encouraged them to pursue their own interests and talents. And they were brought up with the idea that mistakes and failures in life were the best ways to teach a person how to succeed.
Have an Investment Strategy
The researchers found that having a financial strategy in place was one of the key components that wealthy people had in common. Most of the people they interviewed had very similar ideas when it came to investing and building their wealth. More than 80 percent of them said that investing to reach long-term goals was far more important than funding any short-term needs. Just under half of them reported having investments in tangible assets, like investment real estate or timber properties – assets that may produce income and grow over time with legacy value. For them, it’s not about owning simply stocks, bonds and cash, but taking a look at alternative investments as well.
Make a Contribution to Society
The survey by U.S. Trust indicated that nearly three-quarters of wealthy individuals made regular financial contributions to nonprofit groups and causes. Another 61 percent said they actively volunteer their time, their skills, and their services to nonprofit organizations, and they do so for a variety of reasons. Many believe that the wealthy have a moral obligation to help others who are less fortunate. Others said they felt a sense of gratitude for what they had and wanted to give back, while still others expressed a strong desire and ability to improve the world.
There’s wisdom in the old saying that “success occurs when preparation meets opportunity,” and opportunity comes in many shapes and sizes. At Lucia Capital Group, we emphasize a strategy first philosophy to investing, which helps you be prepared for whenever opportunity presents itself.