Editor’s Note: Here at Wealthy Retirement, we like to look “beyond wealth.”
As much as we like to dig into the numbers, we know living the retirement of your dreams takes more than just a bank account balance with multiple commas.
So today, Assistant Managing Editor Mable Buchanan uncovers what having the right mindset can mean for your overall wealth.
She also shares details on a very special virtual event that I’m particularly excited about…
– Rachel Gearhart, Associate Franchise Publisher
Social distancing has many of us picking up some very strange hobbies…
From baking sourdough bread to trimming our own hair to gardening fever, it’s begun to feel like we’ll do just about anything to pass the time.
But a willingness to try new hobbies may actually suggest that you’re more likely to be wealthy.
Let me explain…
No doubt you’ve heard of some of the most popular personality quizzes. The Myers-Briggs Type Indicator is a common one, as is the Keirsey Temperament Sorter.
But the most scientific of the bunch is the Big Five. (You can take the test for free online. Just click HERE.)
The Big Five Personality Test assesses five different traits on a spectrum rather than sorting respondents into more arbitrary “types.”
These traits are agreeableness, conscientiousness, extroversion, neuroticism and openness to experience…
And their correlations with wealth suggest that it pays to know yourself.
Mind Over (Financial) Matters
A recent article in Forbes suggested that the Big Five test is good for predicting more than just our dating and parenting choices or performance in school.
A group of economic and psychological experts teamed up in Germany to conduct a special study, profiling some of the world’s wealthiest people to find commonalities.
They found the following trends in the Big Five results of the “super-rich”:
- High emotional stability with low neuroticism
- High levels of extroversion
- Lower levels of agreeableness
- High levels of conscientiousness
- High levels of openness to new experiences.
Some of these trends aren’t surprising…
After all, conscientiousness leads to good work ethic. Emotional stability helps prevent panic-selling, and extroversion helps entrepreneurs build a network.
Lower levels of agreeableness (within reason) foster strong negotiation.
But there’s one Big Five metric that many of us are feeling starved for right now: new experiences.
Seek Your Fortune
Admittedly, having new experiences doesn’t involve just sourdough starter and gardening gloves.
New experiences can also involve traveling, meeting new people or learning a new skill.
But in an environment where these things aren’t just difficult, but dangerous, we’ve got you covered…
Wealthy Retirement‘s publisher, The Oxford Club, is hosting a unique seminar series dedicated to helping everyday investors find new experiences and strategies to build wealth and find happiness in retirement.
And you don’t need to don a hazmat suit to attend…
The Oxford Club’s 2020 Private Wealth Seminar in Park City, Utah, will be livestreamed on Monday, July 27, and Tuesday, July 28. The seminar will feature experts like Chief Income Strategist Marc Lichtenfeld, as well as Chief Investment Strategist Alexander Green from our sister e-letter Liberty Through Wealth.
During this event, Marc, Alex and other analysts will present their recommendations and predictions for what’s to come.
You won’t want to miss it…
After all, since the beginning of the pandemic in March, Marc has helped readers capture gains as high as 147% on Myovant Sciences (NYSE: MYOV)… 124% on Vertex Pharmaceuticals (Nasdaq: VRTX)… and even 236% on Teladoc Health (NYSE: TDOC).
And Alex’s recommendations outperformed the S&P 500 by more than 37% through the dot-com bust… by more than 90% during the financial crisis… and by more than 68% during the pandemic sell-off.
Marc and Alex have proven time and time again that when uncertainty sets in…
They can be counted on to show you the best ways to fast-track your way to financial freedom.
It’s perfect if you’re looking for some new experiences and hoping to build your wealth in the process.