Which Factors Have the Greatest Effect on Your Wealth?
Which Factors Have the Greatest Effect on Your Wealth?
Who doesn’t want to be wealthy? They say money doesn’t buy happiness but it sure doesn’t hurt. However, the gap between wanting to be wealthy and actually becoming wealthy is quite vast for most people. But why is that? Why are so many people unsuccessful at achieving wealth? The answer might lay in six simple wealth factors that play the biggest role in becoming wealthy.
The Key Factors to Wealth
If you spoke with the world’s richest people and asked them what makes the biggest difference in their success, you’d likely get numerous different answers. But at the same time, you’d also notice several commonalities in their responses. And it’s these common factors that really have the greatest impact in whether or not people become wealthy. So what are these wealth factors? Let’s take a closer look.
According to research from Sarah Stanley Fallaw, director of research for the Affluent Market Institute, these six factors play the biggest role in determining a person’s wealth. The good news is anyone can become wealthy if they’re willing to put in the work. Stanley Fallaw surveyed more than 600 millionaires in America for herstudy called: “The Next Millionaire Next Door: EnduringStrategies for Building Wealth.”Here’s what she found.
1. Frugality–
wealthy people don’t waste their money. They are committed to saving more and spending less. They create a budget and they stick to it.
2. Confidence–
wealthy people are confident in their ability to manage their finances, including their investments. They also manage their household finances and they’re confident in their leadership at home.
3. Responsibility–
wealthy people take responsibility for their own wealth. They don’t think things happen by chance. In fact, they don’t think things “happen to them.” They determine their own financial outcomes and they don’t adhere to the principle or mindset of luck.
4. Planning–
wealthy people plan. They plan for their financial goals and future. They know where they want to be and they create a plan to get there.
5. Focus–
speaking of goals and plans, wealthy people have extreme focus. Once they’ve created a goal and a plan to achieve it, they don’t stop until they get there. They do what it takes to see their plan through to completion, without getting distracted.
6. Social Indifference–
wealthy people don’t care what society thinks. In other words, they don’t give into peer pressure or societal norms that go against their own plans. Succumbing to social pressure is not in their playbook. Even when the world says you have to have this and you must buy the latest and greatest thing, wealthy people make decisions based on their goals and plans.
Anyone Can Become Wealthy
According to the study, these six factors have the greatest influence on a person’s wealth, no matter a person’s age or income. That means anyone can become wealthy if they apply these wealth factors to their own situation. So, are you ready to become wealthy, or wealthier? Start by determining which of these factors you need to implement or improve on in your own life.
We hope you found this article about “Which Factors Have the Greatest Effect on Your Wealth?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or website www.GROCO.com.
To receive our free newsletter, contact us here.
Subscribe our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Believe it or Not, So Far the IRS Is Refunding More Money This Year
It’s a rarity that anyone ever has anything good to say about the IRS; just as it’s a rarity that the federal tax agency has good news for taxpayers. However, according to recent reports, the IRS does have some very good news to share in regards to tax returns so far in 2015. While earlier…
IRS Guilty of Questionable Hiring and Rehiring Practices
How confident are you that the IRS is going to handle your tax return properly? Even if you’ve already filed, this latest news could affect you. According to new reports, the IRS apparently used some questionable hiring practices as it prepared to begin reviewing the roughly 150 million individual tax returns it expected to receive…
Tax Season Got You Down? Blame Obamacare
What do you hate the most about taxes? Is it the simple fact that you have to file them? Is it the fear of being chosen for an audit? Is it all the confusing changes on tax laws and policies that drive you nuts? There are a lot of reasons people hate dealing with taxes,…
Have a Tax Issue With the IRS? You Could Always Take Them to Court
What would you do if the IRS makes a decision you don’t agree with? For example, let’s say you file a tax return and send it in expecting to receive a refund of $1,500. However, a few weeks later, instead of receiving your refund, you get a letter in the mail informing you that you…