10 Traits that Make You Filthy Rich

Ten Traits That Make You Filthy-Rich, by Jeffrey Strain Friday, February 1, 2008
provided byTheStreet.com
Saving money isn't all about whether or not you know how to scorescreaming bargains.It has more to do with your attitude toward money.Just think of those who don't fit the filthy-rich stereotype. Peoplelike Warren Buffett.More From TheStreet.com:•
10 Free Ways to Boost Your Financial Power• Credit Unions Give Banks a Run for Their Money• How to Pick a 'Concierge' Health PlanAs explained in the book The Millionaire Next Door by Thomas J.Stanley and William D. Danko, personal finance has as much to do withpeople's traits as it does with money. Many millionaires, in fact,have frugal ways.Understanding how personal traits can influence your finances is anessential ingredient for building wealth.Here are 10 key traits:
1. PatiencePatience is one of the most important traits when it comes to savingmoney.This means waiting until the first wave of product hype has passed,keeping a car for an extra few years before getting another one andwaiting until something you want fits into your budget instead ofputting it on credit.Patience is often the difference between creating savings and being indebt. Having the patience to wait until you find a good deal is acornerstone of good finances.
2. SatisfactionWhen you're satisfied, there is no reason to spend money onnonessentials. The sole purpose of commercials is to make you believethat buying a product or service will make you happier, wealthier,better looking or improve whatever isn't bringing you satisfaction.People spend because they want to capture the excitement shown inadvertisements. When you are satisfied with what you have and yourlife (not trying to live like those on TV), your finances will be in alot better shape.
3. OrganizationBeing organized can make you more productive and ensure that all themany issues pertaining to personal finances are addressed.It means not paying late fees, not buying two of everything, knowingdeadlines that can affect your finances and getting more done in lesstime. All these can greatly benefit your finances.
4. DisciplineYou need the discipline to continue to save money for specific,long-term goals every month.Personal finance isn't a way to get rich quick, but is a disciplinedexecution of your lifetime plans.
5. ReflectivenessIt's important to be able to look at your financial decisions andreflect on their results.You're going to make financial mistakes. Everyone does.The key is to learn from those mistakes so you don't make them again,or recognize if you keep repeating them.
6. CreativityThe economy and our earnings don't always match our expectations.Unexpected developments wreak havoc to elaborate financial plans. Whenthis happens, changes are needed to deal with the new circumstances.Creativity is essential to accomplish this.Creativity allows you to make something last longer rather thanpurchasing it when you don't have the money. It means juggling moneyto stay out of debt rather than simply paying with a credit card. Itmeans finding a cheaper alternative when money is tight.In these ways, creativity plays a large role in keeping finances in order.
7. CuriosityHaving curiosity helps you learn, study and improve yourself.The curiosity of wanting to know more, to take the time to study andthen take what is learned and put into practice is an importantprocess that is driven by curiosity.
8. Risk-TakingTo build wealth, one needs to be willing to take risks. This doesn'tmean uncalculated risks. It means weighing all the options and takingcalculated risks when appropriate.The stock market has risks involved, but over the long term, historyshows that it provides good returns on money that is invested wisely.Those who fear risk altogether end up saving money in accounts thatlikely lose money to inflation in the long run.
9. Goal-OrientedThe importance of setting and working toward goals is obvious. If youdon't know where you are going, it's difficult to get there. It helpsyour personal finances immensely if you have money goals and aremotivated to reach the goals that you have set for yourself. Those who lack goals don't have a road map to take them to the financial destination they want.
10. Hard- and Smart-Working:Creating wealth and staying out of debt rarely comes about without alot of hard work.Many people might hope that the lottery will solve all their financialproblems. The true path to financial freedom, however, is to work hardto earn money while educating yourself to continue to have more valueand increase your salary.You may not possess all of the above traits. But knowing them can helpyou make changes so that you nourish the ones that you have and obtainthe ones you're missing.Ultimately they will help you with your personal finances and create aplan to accumulate the wealth you desire.Copyrighted, TheStreet.Com. All rights reserved