There are numerous ways to get wealthy. Whether it’s investing in stocks, real estate, bonds, or starting a successful company. However, this leaves out a crucial piece of the jigsaw. What about the personality needed to become wealthy? Are there some internal characteristics that increase your likelihood of being rich? Studies claim that being wealthy resides not just in what you do but also in who you are.
Do millionaires differ from the rest of us in terms of personality traits? Absolutely! The truth is your personality might help or harm your chances of becoming wealthy. Every rich person’s path to wealth may be unique, but there are certain commonalities among the world’s wealthiest people like their traits.
In this episode, we reveal the five characteristics from an academic case study that are typically seen in wealthy people. These unique characteristics helped the subjects attain financial freedom. Join our hosts, wealth manager Lee Michael Murphy, career advisor Sergio Patterson and attorney Matthew McElroy. Tune in to this week’s episode of The Free Retiree Show.
What you’ll learn in this episode:
[00:00:00] Lee Michael Murphy: Welcome to the free retirees show episode 1 28, the personality traits of wealthy people. I’m host wealth manager, Lee Murphy. I’m alongs, Silicon valleys. Favorite attorney Matthew what’s going on. And our interview coach. Career coach Sirio Patterson. What is up everyone?
[00:00:22] Lee Michael Murphy: So of you guys are regular centers. You guys know one of the main objectives of our show is to give you the tools to get to financial freedom. A lot of us, when we think about these tools, we think about saving strategies, generating income, getting great in your career. Great financial strategies, but probably one of the most underrated and valuable tools is your mindset.
[00:00:45] Lee Michael Murphy: Today. We’re gonna be looking at some studies from the world’s wealthiest people, and this is actually a study from the British journal psychology and what it does, it takes 130 of the wealthiest millionaires, and it compares them against the broader population to see what personality traits they have.
[00:01:03] Lee Michael Murphy: That have helped them become very wealthy. So there’s five of ’em and I think our listeners are gonna get a great deal, from these five tips. So guys, I’ll let you guys each get a guess on the personality trait before we get going. what would you each guess on the personality traits that these wealthy people have?
That’s a good question, but you wanna just like what we think
[00:01:27] Lee Michael Murphy: is the top one. Yeah. I’ll tell you. It’s not indecisiveness. That’s not, I was thinking somewhere around like
[00:01:32] Sergio Patterson: patients or
[00:01:34] Lee Michael Murphy: like patients. Okay. That’s Sur surgeon’s guess is patients. Okay, Matt, what’s your guess? Before we get into these.
I’m trying to look for the word. I know. I would say consistency. Ah, so I,
[00:01:43] Lee Michael Murphy: I just thought of that one. Okay. Okay. I’m looking at the list and unfortunately it looks like you guys are not super wealthy because, they’re not, none of are on there now. Makes it all makes sense. All right that’s not a news flash.
so let’s start with the number one. So number one, more extroverted, the ability to engage with others, build relationships, motivate and inspire are very important in achieving wealth. surprised by this one.
[00:02:16] Matt McElroy: To, I, a lot of, a lot of attorneys are sleazy car salesman like that.
It’s , I’ve seen that trait in it’s full blown effect. And I can see why
I think a lot of it has to do with, being open to like teamwork. as we said before on our podcast, investing a lot of the times can be a team sport, also building companies, right.
[00:02:31] Lee Michael Murphy: You gotta be a little bit more extroverted and get with the right people. So I think it, yeah, it makes sense. being a little bit more extroverted helps, not necessarily that you have to have. But I think it helps in the whole, building essential relationships. Right.
[00:02:43] Lee Michael Murphy: If you can build more solid relationships with, great people, it probably does work in your favor. any words on that one, Maddie?
[00:02:50] Matt McElroy: Yeah, no, I was just gonna say you could see how that’s true because it’s it’s a powerful. To be able to grab people’s intention and get them engaged and, motivate them and influence them.
[00:02:58] Matt McElroy: And so if you have the ability to do that, it would totally make sense why, cause I mean, what is that really? That’s like a, that’s like a boss, right? I mean it’s a manager or whatever. And if you’re able to do that, it just makes sense
[00:03:09] Sergio Patterson: Yeah. Yeah. I see that a lot in Silicon valley, extroverted or type a personalities, I’d assume like most of these like super wealthy people are probably also type.
[00:03:17] Sergio Patterson: Very competitive. Competitive comes up for me too. I think most these wealthy people.
[00:03:22] Matt McElroy: We look into attorneys, we like to look at Hey, did you know, do they have a sports background? You know what I mean? one then, it’s teamwork, competition, all the adversity, all those things.
[00:03:31] Matt McElroy: Right.
[00:03:31] Lee Michael Murphy: so tip number two, more conscientious. so people that have a desire to do good. also in the study, one thing I, when I was reading through the article, they said, who you marry actually has an impact happier. you can be happier and help you make more money, get more promotions if you’re married to the right person.
Hey guys, we all doing good. we got that going for us, but being more conscientious, right. That’s dangerous topic.
I like how you talk generally.
[00:03:56] Lee Michael Murphy: Yeah. It’s just, scoop that’s that one. So if you’re more conscientious, you’re probably gonna get that whole passion and purpose figured out,and.
[00:04:05] Lee Michael Murphy: When you have a purpose, generally that involves doing right by people and making the world better. So I think that goes hand in hand. I’d agree with that. we should give examples of how our wives help us,
[00:04:15] Lee Michael Murphy: Help us on our path. Is it what attorneys call like incriminating evidence?
[00:04:20] Matt McElroy: No they’re called admissions or whatever admissions of
[00:04:24] Sergio Patterson: also Lee.
[00:04:25] Sergio Patterson: In this sense, how are we defining wealthy? Is it like top?
[00:04:28] Lee Michael Murphy: ,the wealthiest millionaire, the wealthiest people in the us. I think it’s the us. What they did the study on. Got it. tip number three. This one’s an interesting one that I would’ve never thought of more emotionally stable.
[00:04:43] Lee Michael Murphy: So people that struggle in this category tend to make decisions that sabotage themselves
[00:04:49] Sergio Patterson: that’s spot on. We all know somebody that’s just a train wreck, always, gets in their own way. And. I hate to say, we all have that friend. That’s like always the victim.
[00:04:57] Sergio Patterson: Something’s always wrong because of X, Y, Z factor and not
[00:05:01] Lee Michael Murphy: ever taking accountability.
yeah, that stands out to
[00:05:04] Matt McElroy: I worked with an attorney once who, who put it pretty good. He said he’s tripping over his own.
[00:05:11] Sergio Patterson: No, but it really is
[00:05:12] Lee Michael Murphy: right. You’re in your own way. This is how apple definitely sends the explicit, like the logo to our podcast. Like you guys are this now. wait, are we explicit? Not yet. It’s amazing that we haven’t been, but, we’ve been dodging that, but, it’s coming
yeah, I would say the fear, fear and greed, right? Like people that tend to be a little bit emotionally unstable tend to be more fearful. They could be like super greedy. Just one I’ve seen is, doing what I do. and those are like the two killers in creating wealth, fear. Tends to cause the deer and the headlights, they just don’t feel comfortable of doing the things that move them forward.
[00:05:46] Lee Michael Murphy: Whether it’s like starting a business, whether it’s, investing in the market, whether it’s, moving forward and purchasing that real estate property, you the fear kind of gets to them and they just do nothing. And then it’s a hard. Hard Trek uphill financially, forever.
and then the other part’s being super greedy. I’ve seen, I think I’ve told you guys before I’ve had like clients that like, I’m gonna invest in this and this there’s nothing you can tell me it’s gonna work out. Great. and unfortunately, like I’ve had a large sample set of those that just did not go well.
[00:06:15] Lee Michael Murphy: Like they end up losing all their money and then, They feel bad about it because, they feel ashamed and,you get that vibe. Like they just don’t have that emotional stability and it causes them to go dramatically to one side or the other.
yeah, I would
[00:06:29] Matt McElroy: think a fear is like a huge thing that you see so much in what you do, right? I mean, you’re probably more, I would imagine sometimes a counselor than you are a financial advisor.
[00:06:38] Lee Michael Murphy: Yeah, no, it is. It’s like a lot of psychology and like I’ll tell you guys that the guy, the people that struggle the most, the ones that,I’ve been working with them for like almost 10 years and like they’re struggling.
[00:06:47] Lee Michael Murphy: It’s I think I would shift more to the fear than the greed. Actually, if I had to call one they’re, it’s, they’re pretty close, but the fear because people, are so scared to invest, they think I’m just gonna put all my money in cash. I’ll invest a tiny bit, but if you invest it, I don’t want it to move around.
[00:07:03] Lee Michael Murphy: I just want it to be really kind of stable. I’m like, so you want something a little bit better than cash you. That’s just not going to work out well. And they’re like, but yeah, but I just don’t, I just can’t do it. I’m like you have to do it. And so we go back and forth all into this, and there’s a handful of clients that I just can’t get to accept it.
and they do nothing and now inflation is kicking their butt. They have way less money than they did back, 10 years ago because it hasn’t grown because they’ve been too conservative. and then also, Things get rough, like right now, things are rough, right? you’re seeing a lot of,the stock market, different sectors real estate now seems to be going the other way.
[00:07:36] Lee Michael Murphy: Lot of as crypto, lot of asset classes are getting destroyed right now, and people are getting super fearful. And this is where, they’re gonna sell out, of maybe asset of asset classes. , that if they bought quality, we’ll come back, but the fear’s gotten to them so much.
[00:07:51] Lee Michael Murphy: They’re gonna make a devastating financial decision by selling these assets. so yeah. Lee, do you
[00:07:56] Sergio Patterson: ever have to, like fire clients.
[00:07:59] Matt McElroy: Yeah. So I was wondering is you’re not the right client for me.
[00:08:01] Lee Michael Murphy: no, it sounds
[00:08:02] Sergio Patterson: like how you were describing it. Like these people, you just, over years, they just don’t get it.
[00:08:06] Lee Michael Murphy: Do you? Yeah. Yeah. Does that happen? Yeah, absolutely. And,especially since I took over, part of my old companies,clients, they’re a bit older and I’ve noticed that, with a lot of older clients, they tend to have more fear about, investing in the market and there, I remember one guy who’d.
[00:08:22] Lee Michael Murphy: He would call in like on the daily, if , the market went down. Yeah. It wasn’t even, it was just getting crazy. And he’s I, well, and I would tell him like, Hey, over time, you’re gonna be fine. you just gotta ride this out a little bit. He’s oh, I like, I don’t. So I don’t have time.
I don’t even buy, yellow banana or I don’t buy green bananas anymore. Cuz I’m so old. And, he was justifying his fears emotionally, of why he needed more safety and all that stuff. yeah, but that happens and that guy I had to get rid of.
[00:08:46] Lee Michael Murphy: Tip number four, kind of the same, less neurotic. So when you’re nervous, anxious, you tend. Make mistakes or avoid opportunities. so I think, people that are wealthy tend to be less neurotic. thoughts on this one?
[00:09:00] Sergio Patterson: Neurotic is when I hear neurotic, that’s just like crazy, right? Like crazy anxious, nervous. goes back to that unstable right.
[00:09:07] Lee Michael Murphy: Kind of, yeah. So I think I kind of, got ahead of myself here on the other one. the neurotic is for the people that, get fear about the market going down, probably, they have more anxiousness.
but you know, part of becoming wealthy is being able to take a calculated risk. and when you are more neurotic, you’re gonna avoid financial career decisions that are gonna get you ahead. So I think that makes sense.
[00:09:28] Matt McElroy: Well, yeah, it’s it’s just, you’re kind of just too stressed out to see clearly.
[00:09:32] Matt McElroy: Yeah. You’re not seeing the forest of the trees kinda.
[00:09:33] Sergio Patterson: I feel like patience is kind of some of this stuff.
[00:09:36] Lee Michael Murphy: No, Sarge, it’s not on here. It’s not on here. You can’t. no, you can’t. You can’t be patient if
[00:09:40] Matt McElroy: you’re neurotic. Right. So I agree. Yeah, no, that’s true.
[00:09:43] Lee Michael Murphy: The opposite of neurotic.
we’re gonna give you a little point for that one because that you, a half, that your patient call is in there, right? Yeah. But that, no, you’re right though. if you’re neurotic, you don’t have patience. Right. So I, yeah. We’ll give you that. Or it’ll affect your. you know what I mean? Yeah.
absolutely. And then the last one, this was an interesting one. That’s not a good thing. so the answer between, the fifth tip is more self centered. I think a lot of us kind of have a negative connotation when it becomes to being self-centered. But according to the article, it says.
[00:10:16] Lee Michael Murphy: Humility, probably wasn’t these leaders first reflex, but they learned that em, admitting mistakes, being teachable and shining the spotlight on others, yields positive results far from the contradiction in terms humble narcissism, can prove to be a powerful leadership formula. So yeah, I guess, none of us wanna be.
[00:10:39] Lee Michael Murphy: Considered self-centered, but, it appears that it’s an important component of becoming wealthy.
[00:10:46] Sergio Patterson: I think that kind of makes sense. Something I’ve learned is if you never prioritize yourself in life or work like that just keeps getting worse and worse. Like at some point you have.
[00:10:54] Sergio Patterson: Figure out how to put yourself first. Cause it’s easy to put others first. Right? and I think I probably figured that out well later, too late in my career to put myself first and stop being like, oh yeah, let me like shine these other people at work. Yeah. But there are moments where you have to, I, I don’t know if that’s what it’s speaking to.
[00:11:10] Sergio Patterson: but that’s kind of what I’m
[00:11:11] Matt McElroy: I agree with you. Yeah, because I totally agree. It’s cuz your natural thing is when you’re, working and you wanna do a good job, you it’s like a people pleaser thing. Right. you wanna make sure that you’re doing everything right. And everybody’s liking the job that you’re doing.
[00:11:22] Matt McElroy: And it’s sometimes it’s not about that. You gotta do what’s best for you. Screw the screw. What other people think, depending on
[00:11:28] Lee Michael Murphy: fun your situation, I like this cuz it’s I think this is very honest, right? none of us wanna be known as self-centered, but you know, that’s one of the qualities, but like they said, you’d be self-centered, but you also are able to admit mistakes, be teachable, and be grateful to the others that are helping you and the process.
[00:11:45] Lee Michael Murphy: So you’re still self-centered but you’re not a total a-hole I guess. Well, look at
[00:11:50] Matt McElroy: it like this actually thinks about it. Like this, the company, they don’t give a shit. If they fire. You know what I mean? You’re replaceable, right? And that’s, you’ve been listening to search the company’s not making enough money.
[00:12:01] Matt McElroy: They’re gonna, they’re gonna lay you off and you’re shit about
[00:12:03] Sergio Patterson: your job. you finally realize,
[00:12:05] Lee Michael Murphy: because that was a se take right there.
[00:12:09] Matt McElroy: but I mean, that’s, the reality is the company is selfish and nobody says anything about the company when they’re selfish. So it’s like, why is it wrong for you to be selfish while you’re in that role?
[00:12:17] Sergio Patterson: It’s like what we’re seeing Lee like with, the NBA right now. Like everyone’s freaking out when players request trades or they want to go to different places. Yeah. But then these sports teams and owners will at any given moment. Oh, I wanna trade you. You’re getting old.
[00:12:29] Lee Michael Murphy: That’s right. Huh? You know
[00:12:30] Sergio Patterson: what I mean? I think to Matt’s point every, like at some point in your life, you have to figure out how to put yourself first, but you don’t have to be an asshole about it. Like just put yourself first and there are moments where it’s important,
[00:12:40] Lee Michael Murphy: Yeah. And apparently, know, what’s a good example.
[00:12:42] Lee Michael Murphy: It comes to building wealth. You gotta put yourself first.
[00:12:44] Matt McElroy: yeah, definitely. know, what’s a good example is, I don’t know if you guys watch it, but I wa I still watch the ultimate. I think it’s only, it’s still a show that’s still, I think they only stream on ESPN go to
[00:12:55] Sergio Patterson: UFC, or if they win it, they get like a shot or something.
[00:12:58] Sergio Patterson: Oh yeah. They get a
[00:12:59] Matt McElroy: contract and all that good stuff. Yeah. It’s kind of cool. And this, this year, or this season is like heavyweights and like flyweight women. And so it’s kind of an interesting dynamic or whatever, but there’s a lot of beef because these fighters are split in the.
[00:13:11] Matt McElroy: And their, red team, black team, and it’s kind of passed off. this is a team thing, but no, this is fighting. This is UFC. this is an individual sport. And so you see that a lot of these athletes builds interesting. Yeah. They build these bonds with each other and they’re like, oh, sh then they have to end up fighting each other at the end of the season, maybe.
[00:13:28] Matt McElroy: , you see them kind of struggle with that, that the thing that we’re talking about there is they have to be selfish and focused because at the end of the. they’re gonna possibly be opponents. So it’s you have to, look out for yourself like that.
it’s kinda interesting
[00:13:38] Lee Michael Murphy: to watch. Yeah. That’s a great point. That show is exactly what we’re talking about because you have to go through this, you’re on the same team, but at the end of the day, probably, if you both are doing well, there’s gonna be a point.
[00:13:52] Lee Michael Murphy: The friendship will get tested.
[00:13:53] Matt McElroy: well, and there’s only one contract supposedly, right? Yes. Sometimes people do really well. They’ll get a contract, but only one person’s getting that contract off the team.
[00:14:00] Lee Michael Murphy: Yeah. All right. Well, yeah, this is one of these hot takes. It’s like people might, I don’t wanna hear it, but yeah, Teamworks important.
[00:14:07] Lee Michael Murphy: But when it comes to the game of wealth building
[00:14:10] Sergio Patterson: don’t be a self-centered prick, but it’s more about prioritizing yourself and wellbeing and like your family and that sort of thing. Exactly. That’s how I’m
[00:14:18] Lee Michael Murphy: taking
[00:14:18] Matt McElroy: it.
[00:14:19] Matt McElroy: Nobody’s gonna, those other people are on your team. Aren’t gonna pay your bills. They’re not gonna pay your rent. It’s just not gonna happen. You have to look out for yourself. But then there’s a balance, like what you’re saying, it’s you gotta find.
[00:14:28] Matt McElroy: You gotta find that balance to where you’re not being an asshole.
[00:14:33] Lee Michael Murphy: well, thank you, listeners. Hope you enjoyed these five tips. try to apply ’em in your everyday life. And, you’ll, you’ll probably better off and you’ll be on that path to financial freedom and being one of these wealthy people that we’re reading about.
[00:14:44] Lee Michael Murphy: So you’ve been listening to the free retiree show so long for now.