Stanley’s characteristics and behaviors provide excellent food for thought for anyone wanting to improve their financial position, and overall, I think Dr. That statistic may change if you study the top of the wealth pyramid, but the point is that even if people weren’t born into money, they still have the opportunity to build wealth!ĭr.
Stanley made the point several times in his writing that 80% of America's millionaires were first-generation rich-they did not inherit their wealth. It's important to keep in mind one other finding: Dr. Those UAWs then do not have the option to consistently save and invest their income for the future. Stanley typically found that UAWs exhibit the opposite characteristics of PAWs. He emphasized his findings that UAWs often "act rich" and live outside their means, even falling into debt to live such a lifestyle. The really brilliant millionaires are those who selected a vocation that they love-one that has few competitors but generates high profits." ( Millionaire Mind, 21).ĭr.
If you are creative enough to select the ideal vocation, you can win, win big-time.
Stanley's opinion of "the right occupation?" Stanley writes, "After studying millionaires for more than twenty years, I have concluded that if you make one major decision correctly, you can become economically productive. Number seven, in particular, could be viewed as quite subjective. Stanley identified them as behaviors and attributes that were common among those who had achieved a high level of wealth compared to their peer group. They are proficient in targeting market opportunities.Īlthough these traits do not guarantee wealth, Dr. Their adult children are economically self-sufficient.
Their parents did not provide economic outpatient care. They believe that financial independence is more important than displaying high social status. They allocate their time, energy, and money efficiently, in ways conducive to building wealth. Stanley's research identified seven characteristics of PAWs:
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