Getting rich can boil down to 6 wealth factors no matter your age or salary

Getting rich can boil down to 6 wealth factors no matter your age or salaryGetting rich can boil down to 6 wealth factors no matter your age or salaryAnyone can become rich if they know the right steps to take.But if you possess a certain tischset of characteristics, you may be more likely to become wealthy, according to Sarah Stanley Fallaw, director of research for the Affluent Market Institute. She co-authored The Next Millionaire Next Door Enduring Strategies for Building Wealth, in which she surveyed more than 600 millionaires in America.To identify characteristics most predictive of net worth, Stanley Fallaw conducted two studies that included a group of individuals with a net worth ranging from $100,000 to $1 million and a group of high- and ultra-high-net-worth individuals.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreShe found that six behaviors, which she called wealth factors, are related to net worth potential, regardless of age or incomeFrugality, or a commitment to saving, spending less, and sticking to a budgetConfidence in financial management, investing, and household leadershipResponsibility, which involves accepting your role in financial outcomes and believing that luck plays little rolePlanning, or umgebung goals for your financial futureFocus on seeing tasks through to their completion without being distractedSocial indifference, or not succumbing to social pressure to buy the latest thingFrugality came up several times during Stanley Fallaws research - many of the millionaires she interviewed stressed the freedom that comes with spending below their means. Being frugal was one of three key ways they achieved financial independence.Spending above your means, spending instead of saving for retirement, spending in anticipation of becoming wealthy makes you a slave to the paycheck, even with a stellar level of income, she wrote. To properly build wea lth, experts recommend saving 20% of your income and living off the remaining 80%.Having confidence, another key characteristic, will help you be frugal. In a Gen Y Planning blog post, financial planner Sophia Bera wrote, It takes confidence to live within your means.It also takes confidence to invest properly - instead of making investing decisions with your emotions, you should leave your investments alone and focus on a long-term investment plan, certified financial planner Shelly-Ann Eweka previously wrote for Business Insider.But you cant invest - or manage your own money - without accepting responsibility for the outcomes.Like Stanley Fallaw, Chris Hogan, author of Everyday Millionaires How Ordinary People Built Extraordinary Wealth - and How You Can Too, also found that many millionaires take on personal responsibility- and most also happen to be self-made, meaning they didnt acquire their wealth through luck.Millionaires dont count on anyone else to make them rich, and they dont blame anyone else if they fall short, Hogan wrote. They focus on things they can control and align their daily habits to the goals theyve set for themselves.He also found that theyre goal-oriented and hard workers, which enable them to plan financially and focus on seeing those plans through. Ninety-two percent of the millionaires he surveyed develop a long-term plan for their money, and 97% almost always achieve the goals they set for themselves.These behaviors make it easy for them to be socially indifferent. They resist the lifestyle creep, the tendency to spend more whenever one earns more. Essentially, they dont feel pressured to keep up with the Joneses.As Hogan puts it, they avoid distractions and the shiny object syndrome the general bevlkerung suffers from because millionaires arent focused on what might make them happy today theyre focused on their long-term wealth-building plan.This article first appeared on Business Insider.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong peopleGetting rich can boil down to 6 wealth factors no matter your age or salaryAnyone can become rich if they know the right steps to take.But if you possess a certain set of characteristics, you may be more likely to become wealthy, according to Sarah Stanley Fallaw, director of research for the Affluent Market Institute. She co-authored The Next Millionaire Next Door Enduring Strategies for Building Wealth, in which she surveyed more than 600 millionaires in America.To identify characteristics most predictive of net worth, Stanley Fallaw conducted two studies that included a group of individuals with a net worth ranging from $100,000 to $1 million and a group of high- and ultra-high -net-worth individuals.She found that six behaviors, which she called wealth factors, are related to net worth potential, regardless of age or incomeFrugality, or a commitment to saving, spending less, and sticking to a budgetConfidence in financial management, investing, and household leadershipResponsibility, which involves accepting your role in financial outcomes and believing that luck plays little rolePlanning, or setting goals for your financial futureFocus on seeing tasks through to their completion without being distractedSocial indifference, or not succumbing to social pressure to buy the latest thingFrugality came up several times during Stanley Fallaws research - many of the millionaires she interviewed stressed the freedom that comes with spending below their means. Being frugal was one of three key ways they achieved financial independence.Spending above your means, spending instead of saving for retirement, spending in anticipation of becoming wealthy makes you a sla ve to the paycheck, even with a stellar level of income, she wrote. To properly build wealth, experts recommend saving 20% of your income and living off the remaining 80%.Having confidence, another key characteristic, will help you be frugal. In a Gen Y Planning blog post, financial planner Sophia Bera wrote, It takes confidence to live within your means.It also takes confidence to invest properly - instead of making investing decisions with your emotions, you should leave your investments alone and focus on a long-term investment plan, certified financial planner Shelly-Ann Eweka previously wrote for Business Insider.But you cant invest - or manage your own money - without accepting responsibility for the outcomes.Like Stanley Fallaw, Chris Hogan, author of Everyday Millionaires How Ordinary People Built Extraordinary Wealth - and How You Can Too, also found that many millionaires take on personal responsibility- and most also happen to be self-made, meaning they didnt acquire their wealth through luck.Millionaires dont count on anyone else to make them rich, and they dont blame anyone else if they fall short, Hogan wrote. They focus on things they can control and align their daily habits to the goals theyve set for themselves.He also found that theyre goal-oriented and hard workers, which enable them to plan financially and focus on seeing those plans through. Ninety-two percent of the millionaires he surveyed develop a long-term plan for their money, and 97% almost always achieve the goals they set for themselves.These behaviors make it easy for them to be socially indifferent. They resist the lifestyle creep, the tendency to spend more whenever one earns more. Essentially, they dont feel pressured to keep up with the Joneses.As Hogan puts it, they avoid distractions and the shiny object syndrome the general population suffers from because millionaires arent focused on what might make them happy today theyre focused on their long-term wealth-building p lan.This article first appeared on Business Insider.