Rich people are more likely to be mean, similar to the character of Ebenezer Scrooge in Charles Dickens' A Christmas Carol, according to a new study, that found those from poorer backgrounds are more likely to be kind, like Tiny Tim and his family.
Millionaires, especially self-made millionaires whose wealth wasn't inherited, have five particular personality traits, according to new research. The five personality traits that are particularly standout are: risk-taking, emotional stability, openness, extraversion and conscientiousness.
Children growing up in wealthy families may seem to have it all, but having it all may come at a high cost. Wealthier children tend to be more distressed than lower-income kids, and are at high risk for anxiety, depression, substance abuse, eating disorders, cheating, and stealing.
The research between salary and happiness suggests similar insights. Even those on the Forbes 100 wealthiest were only slightly happier than the average Americans, according to a study by Ed Diener of the University of Illinois.
We've been finding across dozens of studies and thousands of participants across this country that as a person's level of wealth increases, their feelings of compassion and empathy go down.
These high-status and wealthy people were indeed more extraverted, conscientious, emotionally stable (low in neuroticism), and were also more open to new experiences, narcissistic, and high in an internal locus of control.
Their findings indicated that, on average, those with higher incomes spent more time alone and less time interacting with others. Those with greater incomes also spent less time with their families and more time with friends when they did socialize.
People born into higher social classes are more overconfident and have "an exaggerated belief" that they will perform better at certain tasks than others, a perception not shared by their lower-class counterparts, a new study published Monday in the prestigious Journal of Personality and Social Psychology found.
Most people fall into one of two groups, the researchers found. Most people's happiness rises linearly with income, while about 30% of people are the "happiest," experiencing accelerating well-being once their earnings rise above $100,000.
In addition to those well-documented costs, it turns out that the poor not only experience more stress than the rich on a daily basis, but it is also more likely to be “bad” stress, which can have long-term effects on the ability to plan for and invest in the future.
ENTJ, ISTJ, and INTJ categories have the most billionaires.
Traits With the Highest Earning Potential
Based on the above four dimensions, extroverts, sensors, thinkers, and judgers tend to be the most financially successful. Diving into specific personality characteristics, certain traits are more closely correlated with higher income.
Millionaires are creative visionaries with a positive attitude. In other words, wealthy people have big dreams, and they believe they will come true. As such, wealth seekers should set lofty goals and not be afraid of uncharted territory.
Rich mindset seeks to build relationships based on trust, liking, shared values, and mutual respect. People with the rich mindset help others and cultivate relationships with no expectation of anything in return.
Wealth is often defined in terms of net worth. Net worth is a measurement of the difference between your assets and liabilities. Generally, a liquid net worth of $1 million would make you a high net worth (HNW) individual. To reach very high net worth status, you'd need a net worth of $5 million to $10 million.
Rich people also have stress and face difficulties. But their situations are very different. Rich people's stress is often linked to career advancement. It is short-term stress that helps lead them to a long-term goal.
It can be a common misconception to think that, in order to be happy, you have to be successful and wealthy. Indeed, money is a fundamental part of life that is needed to pay for the necessities but in modern day society it can be easy for us to assume that the more of it we have the happier we will be.
In a new Proceedings of the National Academy of Sciences paper, the trio shows that, on average, larger incomes are associated with ever-increasing levels of happiness.
Millionaires also tend to be frugal, conscientious, and resilient — all traits that help amplify their wealth-building actions. While some of the behaviors above may also ring true for non-millionaires, millionaires often exhibit them at a stronger level and with more consistency.
You can have depression regardless of how much money you have or make. Although money makes some aspects of life easier, there are other factors that play into mental health and well-being. The wealthy can get depressed the same way people living in poverty can experience depression.
Wealthy people own their thinking, own their actions, and own the results they produce. Successful people don't blame others and they aren't concerned about who gets the credit. Rather, they are focused on what they are accomplishing and the impact it will have, whether on their own or with collaborators.
Researchers have pooled data on the relationship between money and emotions from more than 1.6 million people across 162 countries and found that wealthier people feel more positive “self-regard emotions” such as confidence, pride and determination.
The rich are often quieter than the poor because they have less to worry about. Money can buy you food, shelter, and security. It can also buy you freedom from want and fear. When you have enough money, you don't have to worry about where your next meal is coming from or whether you'll be able to pay your rent.
They are intimidated by affluence because of their lack of confidence. It's all one big insecurity. You know that your current place in society is lower than theirs, and that holds some kind of power over you subconsciously. You might think you're not good enough or that you're never going to be like them.