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Things People Who Retire Rich Have in Common

By: Gregg Cohen, CEO, JWB Real Estate Companies
April 21, 2017
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Aside from those few who are born into wealth, the people who retire rich, with plenty of money in the bank, often credit hard work and persistence in pursuing their personal and financial goals.

They often share a cluster of behaviors that move them ahead of the curve in whatever it is they do, like:

Things People Who Retire Rich Have In Common

Not letting discouragement slow them.

Adversity is just a bump in the road, or a challenge to overcome. Before they move forward with a project or reaching a goal, they put together a plan of action. When the goal has been defined, the elements toward reaching it are easier to manage. Alternative courses of action are always there, determined people are quick to adopt a better approach.

Being involved with what they’re doing.

You’ve probably heard the stories about people who start at the bottom and work their ways to the top. While luck plays a part in their accomplishments, more often than not their rise is more attributable to being informed about what they’re doing than their timing.

As employees, they take an interest in the company well beyond what’s required for their jobs. As investors, they stay on top of the industry or sector in which they’re invested. Instead of chancing the swings in the market, they’ll rely on their knowledge to decide when to stay and when to leave.

The Employee Benefit Research Institute found that employees who avoided selling stocks in their 401k accounts during the recent Great Recession fared better because they were more informed. Instead of selling off, they put their money into savings.

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Knowing what works for them.

Coming by self-knowledge doesn’t happen on a schedule or by demand. But once identified, those who know what they’re strengths and weaknesses are can use those insights to their advantage.

They waste less time in activities that don’t suit them or for which they have no particular interest or talent. Some people who have accumulated wealth delegate its management to others who are more efficient at doing so than they are, particularly with regard to managing real estate investments and stock portfolios.

Communicating well.

Whether they’ve learned it through training or have an innate ability to reach out to others, the ability to communicate effectively helps people accomplish more in less time.

Taking risks.

Fear of taking a risk, especially with money, holds many people back. However, people who succeed have confidence in the decisions and actions they take.

They base this self-confidence in their past experiences and the foundations they build in knowledge about their areas of financial and employment interests. It takes time, information and practice to reach, and all three contribute to the ability to believe in oneself.

Adapting to change.

People who can weather the ups and downs of life often exhibit a mental flexibility that helps them embrace change. Instead of looking at challenges or adversity with a negative attitude, they’ll see the opportunities that new situations present.

Using creativity for problem-solving. Instead of being passive about their lives or situations, they actively look for solutions. They’ll readily apply a proven method, and if one’s not available or won’t work, they use their own resources to create one.

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