Common Traits of Millionaires and Financially Secure Individuals

Financial change requires the understanding of past financial behaviors to figure out what needs to be changed. The development of positive financial behaviors will allow change to happen. This new approach to life and financial planning means there is a need to have models of success. It is generally not good to only place the focus on negative financial behaviors. That is the old way of approaching tax and financial matters. Instead let us shift our focus to positive models of success. Based on the work of Thomas Stanley’s "The Millionaire Mind", I have selected a set of positive behavior patterns of wealthy and successful individuals.

An analysis of the personality traits of millionaires and financially successful individuals is more than relevant during the tax and financial planning process. It is required. In order to achieve tax resolution and financial freedom you need to be able to identify some of the most common characteristics of people who have already accomplished success. You also need to strive to possess these qualities.

As you read these traits ask yourself if you possess these qualities. Be honest with yourself as you assess your internal resources. On a personal level I try to ask myself these same questions any time that I am faced with a major life decision.

If there are a few areas that are in need of improvement write them down and make a list of ways that you would like to improve. Keep in mind that you are not expected to currently possess all of these traits. However, the closer that you can get to 100% of these traits the easier your journey may be. Here are three of my favorites that were highlighted in "Tax Resolution and Financial Freedom".

1. Integrity

“Integrity is doing the right thing, even if nobody is watching.” - Author Unknown

Successful people never sacrifice their integrity and are always honest with themselves and others. If you behave with a high degree of personal integrity you have a greater likelihood of financial success. Most importantly, you will live a life of strong resolve and consistency. There are many wealthy individuals in this country who have amassed large sums of wealth through corruption and deception. The acquisition of wealth without integrity is not a sign of success. True financial success requires high standards of integrity through good and bad times.

2. Courage

“Promise me you'll always remember: You're braver than you believe, and stronger than you seem, and smarter than you think.” - A.A. Milne

“Courage is resistance to fear, mastery of fear - not absence of fear” - Mark Twain

Change requires personal sacrifice. To live like nobody else with a sense of financial freedom requires the courage to take risks and live like nobody else until you reach your goals. Often successful people are risk-takers, but more importantly they are courageous. They tap into the courage that lives deep inside them and use it to break ground, try new things and put themselves out in front. When making a commitment to learn new strategies and techniques you are taking risks.
It takes courage to admit failure and pick oneself off the ground and try again at anything in life. Courage is also needed to change one’s approach to taxes and finances. Some of the most successful people in this world have failed time and time again only to get up again and display the courage needed to accept the next challenge in life.

3. Willingness to Act

“Faith means belief in something concerning which doubt is still theoretically possible; and as the test of belief is willingness to act, one may say that faith is the readiness to act in a cause the prosperous issue of which is not certified to us in advance.” - William James

Knowing and doing are two separate things. The key ingredients of tax and financial freedom include three parts behavioral change and one part knowledge and expertise. Knowing what to do during the tax resolution process is important. Having the willingness to act on this knowledge is more important.

Successful people are willing to dig in, do the work and learn new things. They are simply willing to do whatever it takes to create the life they want. TAKING ACTION is a core theme throughout the Tax Resolution and Financial Freedom Process. Be willing to take the steps needed to improve your financial life.

-Scott Spann
LifeSpan Financial Planning, LLC
(843) 469-3505