5 Traits We Can All Learn From The Wealthy

Dr. Thomas Stanley of Georgia State University wrote a book back in 1998 called "The Millionaire Next Door," which presented 20 years' worth of research into the character traits of wealthy individuals.

According to a CNBC report written by Curtis Hearn, a wealth manager and partner at JPH Advisory Group, nearly 20 years after publication, none of the core findings in Dr. Stanley's book have changed.

"The truth is that while there are many paths to creating income, the essential qualities needed to convert that income into real wealth are pretty much the same from person to person," Hearn wrote.

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With that said, Hearn offered five traits that are nearly universally applied among the wealthiest Americans.

The Big 5

1. Invest In Themselves: Wealthy individuals view themselves and their careers as an investment and dedicate resources to maximize their "return" in the future.

2. Automate Savings: Saving money on a regular and consistent basis without needing to think about the process provides a "steady progress" toward achieving financial goals.

3. Accept Free Money: There is technically no such thing as "free money," but when a company offers a match on any amount invested in a 401(k) or stock options at a discount the wealthy pounce on the notion and don't leave cash on the table.

4. Stop Spending: Perhaps the most obvious trait is one that needs to be repeated. Live below your means. Bigger lifestyles imply you need to save more but end up saving less.

5. Listen To The Pros: Wealthy doctors, lawyers and other professionals aren't experts in investments in finance. Wealthy people tend to be experts in their own field and recognize the importance of seeking out experts in other fields, be it car mechanics or even financial advisers.

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