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6 Traits you need if you want to become wealthy - featured image
By Michael Yardney

6 Traits you need if you want to become wealthy

If you’ve been reading my blogs you’ll know I write a lot about what makes people successful.What makes people successful

For the last 25 years I’ve been studying why only a minority are able to achieve their dreams and attain financial freedom.

And of course, luck only has a small part to play.

Sure you’re more likely to be successful if you are given a good start in life.

But most of us in Australia have been given the tools to make a real go at life.

We don’t need to spend all day wondering how we’re going to feed our families that night or walk for miles for clean drinking water like in other parts of the world

This means we’re lucky. 

Lucky enough to have the time to create, to invent, to invest and to work towards a goal that has nothing to do with the basics of survival.

And yet, so few reach the mountaintop.

Many men and women are content to just coast along, getting by, rather than living to their fullest potential.

They lack that all-important psychology of success.

You need a few important character traits to be successful.

Here are some that will make a real difference:

1. Determination

Don’t be fooled by the softly spoken successful business person, entrepreneur or investor.

Underneath every leader, is a mountain of determination and persistence.

These are the people who didn’t listen to ‘no’, kept pushing when the road became steep and never lost slight of their end goal.

2. Independence

Very few people get rich from working for someone else. Independence

In order to become truly financially independent, you need to take (educated) risks.

These are people who are comfortable working for themselves.

In fact, they prefer it because they realise the only thing stopping them from reaching the highest level is themselves, and that is something they are happy to bank on.

Others have a full time regular job and build a property investment business on the side that leads to their financial freedom

3. Creativity in buckets

What happens when you’re stumped by a particular problem?

Do you give up or try and find a way around it?

Successful people will not only take roadblocks in their stride, but, most importantly, they will think up creative solutions to problems.

Entrepreneurs are also good at coming up with fresh ideas.

This is their bread and butter, and they usually also have great instincts and can tell the difference between one of their great ideas and one that is more pie in the sky.

4. Organisational skills

Just because successful people are innovators, doesn’t mean they are incapable of handling the more humdrum tasks. Organisational skills

In fact, the two go hand in hand.

There are a lot of ideas in people’s sheds gathering dust or scribbled down in notepads at the back of people’s drawers — and never acted upon.

Successful people are self-responsible and they follow through on ideas and commitments.

They are adept at taking the idea to completion stage and to do this they need to be both organised and efficient.

Mad scientists need not apply — unless they are also mad organisers, too.

5. Self-possession

The great innovators don’t care what the majority think.

It takes a fair whack of courage to stand out in the crowd and they don’t let other people’s sniping (or jealousy) put them off their game.

They are self-possessed, in other words.

They follow through with their ambitions and plans even if they don’t make sense to other people — which they sometimes won’t.

6. Honesty

By honesty I don’t just mean with other people (although this is important too).

The most successful investors are also honest with themselves.Honesty

They take the time to reflect on their past decisions.

Could they have handled a situation better?

Where did they go right or wrong?

What should they do next time?

This ensures they learn and grow.

The above list may seem a little intimidating and difficult to attain, but the good news is these traits can be worked on.

Very few investors started out with all of these character traits already fully developed.

Like growing their property businesses, they were forced to call on these hidden reserves to meet the various challenges.

Which means with a bit of effort you can too.

About Michael Yardney Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.
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