Distinct Characteristics that Separate Professionally Wealthy Individuals from the Common Crowd, as Revealed in a Study
In a groundbreaking study, published in the prestigious British Journal of Psychology, researchers have identified specific personality traits that are associated with financial success. The study, which delves into the Big Five personality traits, sheds light on the role of conscientiousness, extraversion, openness, and even narcissism in achieving financial prosperity.
Conscientiousness, a core trait linked to financial success, involves being diligent, responsible, and careful, combined with self-discipline and goal-orientation. These qualities help individuals pursue and achieve their financial goals effectively. A study published in Frontiers in Psychology further supports this, stating that conscientious individuals are more successful, not only objectively in terms of income and wealth, but also subjectively [1].
Extraversion and openness are also key traits exhibited by financially successful people. Extraversion, a personality trait characterized by those who are motivated by social stimuli and draw energy from being around others, aids in networking, building relationships, and taking on higher-paying jobs. Openness, on the other hand, encourages openness to new experiences and ideas, which can lead to lucrative opportunities [1].
Interestingly, the study also found that within a certain range, narcissism - a sense of self-centeredness that encompasses a hunger for appreciation and a desire to be the center of attention - correlates with financial success. This could be due to the drive and ambition that narcissism can foster, potentially leading to increased confidence and success [1].
Psychosocial rehabilitation specialist Kendra Cherry, MSEd, explains that people high in openness tend to be more open-minded and willing to embrace new ideas and novel experiences. Meanwhile, Jeff Haden, who covered the study for Inc., notes that these personality traits can be adopted and can lead to financial success.
It's important to note that having an internal locus of control is essential for entrepreneurs, as it allows them to learn from experiences of success and failure. This belief in one's ability to control events that impact their life is crucial for those aiming to achieve financial success [2].
Emotional stability, the opposite of neuroticism, is also a key factor. Neuroticism, a personality trait involving negative emotions, poor self-regulation, trouble dealing with stress, a strong reaction to perceived threats, and the tendency to complain, is counterproductive to financial success [3].
In contrast, emotional stability, which allows individuals to handle stress effectively and maintain a positive outlook, is conducive to financial success.
Mary-Faith Martinez, a writer who covers news, psychology, lifestyle, and human interest topics, provides insights into these findings, highlighting the importance of understanding the role of personality traits in financial success.
[1] Study published in Frontiers in Psychology [2] Study published in the British Journal of Psychology [3] New fact about Emotional Stability
- Conscientiousness, a trait linked to financial success, encompasses diligence, responsibility, and care, as well as self-discipline and goal-orientation, enabling individuals to make strides towards their financial goals.
- Besides conscientiousness, extraversion and openness are characteristics exhibited by financially successful people, with extraversion providing an advantage in networking, building relationships, and pursuing higher-paying jobs, while openness opens up opportunities for new experiences and ideas.
- In addition to these personality traits, emotional stability is crucial for financial success, as it equips individuals with the ability to effectively manage stress and maintain a positive outlook.
