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What if you knew the secret to building wealth? For many, asking that question alone is part of the problem. That’s because it’s less of a secret, and more of a discipline of small habits and behaviors we are programmed to ignore. Whether it’s how easy we get distracted or our propensity to keep up with the Joneses, understanding our thought patterns around these topics is informative and can lead to trans-formative long-term behavior change.
Join us for this episode, as we discuss the specific researched backed factors it takes for each of us to increase our wealth. The mindsets, habits and predispositions we all experience that set us up to build (or not build) our wealth.
What You’ll Learn in This Episode
- 6 Research-Based Wealth Factors that predict your ability to build wealth
- How using these wealth building behaviors can double your savings rate
- How your wealth building behaviors can be improved
- Tactics that can help you fight against weak wealth building areas
- 7 common characteristics of the wealthy
- Mike and Chad’s reveal of their own scores
- How wide disparities in a category could create friction in a relationship
- One of Chad’s favorite 80’s movies that relates to this topic (loosely)
Facts and Links Mentioned In the Show
- Kitces – Predicting Wealth Building Behavior With DataPoints Assessment Tools
- DataPoints – Building Wealth Assessment
- The Millionaire Mind – Book
- Episode 43 – What Behavioral Economics Means to You
- The Millionaire Next Door – Book
- Lessons From the Millionaire Next Door
- Connect with Chad:
- csmith@financialsymmetry.com
- @CSmithRaleigh on Twitter
- Connect with Mike:
