Factors That Contribute to Financial Success

At the 2017, Financial Planning Association (FPA) meeting, the final general session speaker was financial author and speaker Jean Chatzky. Her topic was “What the World’s Wealthiest, Most Successful People Do Differently.” Below is a description of six key success factors that were described in this presentation:

 

• Optimism/Happiness- People who score “8” on 1 to 10 scale have greater problem-solving ability, longer lifespans, and increased success. Chatzky advised “prioritize doing things instead of acquiring things.”

• Resilience- People are not born with resilience. Chatzky advised attendees to “Control the things that you can control” and “take action when you feel stuck.”
   
• Connectedness- Chatzky advised attendees to build their “social capital” by sharing information, resources, and contacts. In addition, strong relationships need to be built in person and not just online.
   
• Passion- People with passion view work as a calling, “want things more,” and work hard to achieve them.
   
• Good Financial Habits- An example is habitual savings. Automatic savings deposits make it easier to delay gratification and save for your “future self” 20 to 50 years from now. Our future selves are strangers.
   
• Gratitude- Grateful people five back to individuals, organizations, and communities. They are also less likely to be affected by depression. The antidote to materialism is charity inspired by gratitude.