Book Review- The Wealth Elite: A Groundbreaking Study Of The Psychology Of The Super Rich, By Rainer

Book Review- The Wealth Elite: A Groundbreaking Study of the Psychology of the Super Rich, by Rainer Zitelmann Notes

I came across this book because I was looking for psychology books. I found the first of the book rather boring and too textbook-y. The second part is much better.

The author interviewed like 45 millionaire - billionaires. These were his findings.

48% stated that real estate was an ‘important’ source of their wealth, and one in ten described real estate as the ‘most important’ aspect of their personal wealth-building. And a total of 20% described stock market gains as an ‘important’ factor in wealth-building, although in this case only 2.4% stated that this was the ‘most important’ factor in building their wealth.

‘Creative intelligence’ is key to financial success. The following is a comparison between the percentage of entrepreneurs (and in brackets the percentage of attorneys) who agreed that the following factors played a decisive role in their financial success: seeing opportunities others do not see: 42 (19); finding a profitable niche: 35 (14).

The role of habitus

* Intimate knowledge of required codes of dress and etiquette

* Broad-based general education

* An entrepreneurial attitude, including an optimistic outlook on life

* Supreme self-assurance in appearance and manner.

He identifies a key quality that is essential for any prospective appointee to the executive board or senior management of a major company: habitual similarities to those who already occupy such positions.

Skillset of Entrepreneurs

* The ‘conqueror’. The entrepreneur has to have the ability to make plans and a strong will to carry them out.

* The ‘organizer’. The entrepreneur has to have the ability to bring large numbers of people together into a happy, successful creative force.

* The ‘trader’. What Sombart describes as a ‘trader’, we would more likely call a talented salesperson today. The entrepreneur has to “confer with another, and, by making the best of your own case and demonstrating the weakness of his, get him to adopt what you propose. Negotiation is but an intellectual sparring match.”

Entrepreneurial success personality traits

* Commitment

* Creativity

* A high degree of extroversion

* Low levels of agreeableness

Entrepreneurial success personality traits

* Orientation towards action after suffering disappointments (the entrepreneur remains able to act, even after failure)

* Internal locus of control (the conviction “I hold my destiny in my own two hands”)

* Optimism (the expectation that the future holds positive things in store)

* Self-efficacy (the expectation that tasks can be performed successfully, even in difficult circumstances).

constant power struggles with their teachers in order to ascertain who would emerge the stronger from such confrontations.

Secret of selling

* Empathy

* Didactics

* Expert knowledge

* Networking.

Conscientiousness is the dominant personality trait. Extroversion is also very common among the interviewees. Openness to Experience is very common

A high tolerance to frustration is one of the most characteristic personality traits of this group.

exceptionally high levels of mental stability.

primarily characterize entrepreneurs as being prepared to swim against the current and make their decisions irrespective of majority opinion.

“No, I never did that (lost my temper). I never get loud. But I can be resolute and say: “That is unacceptable.” And then you either have to go your separate ways or make a decision that the other party might not like. It’s the same in negotiations. I was always described by other people as a bit of a toughie.”

Having the courage to stand against majority opinion is probably a prerequisite for making successful investments, as this is what makes it possible to buy cheap and sell high.

Many of the interviewees spoke about their ability to switch off and direct their focus, even in the event of major problems. The interviewees consistently referred to their ability to focus on solutions, rather than torturing themselves with problems.

At least in the initial phases of wealth creation, most of the interviewees rated their own risk profiles as very high. This changes during the stabilization phase, when risk profiles decrease. In this phase, the hypothesis of moderate risk does apply.

Conscientiousness was the interviewees’ most dominant personality trait. It is important to remember that the Big Five theory’s definition of conscientiousness does not just include qualities such as duty, precision, and thoroughness, but also emphasizes diligence, discipline, ambition, and stamina.

More Posts from Smartmouthleila and Others

2 years ago

2023 Goals

I will be taking a page out of the book, The 12 Week Year, and divide my year into quarters. I will be setting daily goals that I will be tracking with a habit tracker. I will also be setting monthly goals and doing a monthly challenge each month. For January, I will be doing a digital detox.

1. Improve my mental and physical health. I’ve made a big decision to stop focusing on weight loss. I’ve always been prone to being a little heavier than most, but I believe I carry it well and that’s just the way my body is. I just want to be healthier, and if I lose weight as a result of that, then so be it. I just want to love the body I’m in and make peace with the way I look. I think it’ll do wonders for my mental health. To accomplish this goal, I will:

- mediate 5-15 minutes a day

- exercise 5 days a week at Burn Boot Camp (start with 2 and work my way up)

- drink 2-3 bottles of water a day

- cook healthy meals at home

- journal regularly

- pray regularly

- take vitamins and medication everyday

2. Clear up skin. I think it would do a lot for my appearance to have clear, healthy looking skin. I’ve purchased a package of chemical peels and I’m on my second one of three. I will continue to get chemical peels every 5-6 weeks until I reach my desired result. I also have a skincare routine recommended by my dermatologist, so I have been following that. The big challenge will be to stop picking at my skin. I know that’s holding me back in accomplishing my skincare goals. I know my anxiety plays into my skin-picking, so I will get that under control through the previous goal.

3. Transition to freelance writing. I am currently working at a corporate job in the finance industry. Although the pay is good and my team is great, I don’t like it. It stresses me out a lot and I don’t think I can do it long term. I envision myself as a business owner with a more flexible schedule. I’ve always loved writing and I would like to make it my career. Charging what I’m worth and creating a schedule that works for me would be a dream. First, I need to pick a niche I would like to write it, find clients on Upwork so that I can build my portfolio, and then make a website to draw in client. Once I have a solid portfolio and have built up my skills, I will start cold-emailing people that I want to work with. Hopefully I’ll be able to leave my job by mid-year. I will leave once I am making the same amount freelancing per hour that I am making per hour at my job.

4. Save $$$. I have a savings goal in mind, but I won’t share it here. I aim to save 70% of my income from my primary job and 100% of my income from my side job(s). I am blessed to live at home which makes this possible. I would like to move out in 2024, so this year is about laying down the financial groundwork to make that possible.

5. Read 30 books. I already have a running list of books to read on my Good Reads, so it will just be about finding the time to read. I tend to burn through fiction books pretty quickly, but non-fiction tends to take me longer. Hopefully my digital detox in January will give me lots of time to read.

Very excited for this year! What are your goals? Do we have any similar ones?

1 year ago

Longing for a life well lived.

2 years ago

Femme Fatale Playbook: Unleash Your Dark Feminine Energy

Cultivate your sense of self: Let go of your people-pleasing tendencies. Discover your values, likes, dislikes, goals, and dreams. What are your most genuine desires? What gives you energy? Who and what ignites a fire inside you? Write down your list of core values and 'rules for life.' You deserve a personal manifesto.

Build your cult of personality: How do you want your authentic self portrayed to the masses, your inner circle, partners in business, or pleasure? Which aspects of your personality do you want to be associated with your personal brand? How do you dress, smell, and carry yourself? How do you do your hair, nails, and makeup – what's your 'signature' look? What industry, professional, and social circles/activities do you want to be associated with? What hobbies, favorite meals, music, and destinations, should be synonymous with your name? Over time, these aspects of other people's lives with be synonymous with you. Elevate yourself with this allure of living through association. It encourages others to perceive you as equally relatable and unattainable.

Refine your wardrobe, speech, and habits: Streamline the external and internal aspects of your personal brand. This attention to detail demonstrates that you value yourself, your appearance, and your presence with others.

Set goals: Professional, financial, health, relationships, self-development, creativity, and pleasure. How do you want these areas of your life to look? What activities can you engage in to feel fulfilled, successful, and desirable in each category?

Construct routines, habits, and systems that serve you: Cultivate a ritual for every aspect of your life and time of day. Set a morning routine, night routine, diet and workout plan, workflow and schedule, budget and investment plan, relationship and sexual expectations to help you achieve your goals.

Indulge daily: Drink your favorite coffee in the morning, invest in high-quality skincare and pajamas, have that glass of wine after work, listen to music that speaks to your soul, draw, sing, dance, write, create a vision board – find ways to make your soul feel alive every day.

Set Boundaries: Protect your peace at all costs. Your life is for you. Decide what behaviors, people, and circumstances you will accept. Know when to compromise and when to walk away. Your life is for you.

Seduce yourself daily: Write and say affirmations, admire yourself in the mirror, and engage in activities that make you feel more confident (in your body and mind). The perception of an alluring personality starts with the habits you practice alone.

You become magnetic once you make peace with and work daily to live as your true self.

2 years ago

On Education

I firmly believe that education is the very best and most accessible social leveller. Those who are educated are those who will go far and fast, and, despite our rapidly increasing international access to education, a truly educated perspective remains immensely valued. To my mind, there are two types of education, formal and independent, and both are equally invaluable and utterly necessary in our present day and age.

Many girls here go on a great deal about the value of formal education and they’re absolutely right to do so. Simply holding a degree as a woman earns you an enormous amount of respect amongst certain types and, to speak frankly, it’s rapidly becoming a necessity in our world now to hold a Bachelor’s degree at the very least. I vehemently disagree with those who say that a university degree is unnecessary, rather it’s more necessary than ever these days; a degree from an institution with a good name behind it will open doors you never knew existed, I’m continuously surprised by the power my C.V. holds by itself and the opportunities which have opened up to me because of where I’ve studied. The university experience gives you a holistic skillset and understanding that you’ll never be able to replicate elsewhere in its entirety—you need to be educated and you need to hone those skills in forming your own arguments and opinions, you need to be able to read a great deal within a short space of time and meet strict deadlines, and you need to know how to socialise with a wide variety of people from all walks of life.

With that said, you also need to be able to educate yourself and teach yourself new skills, simply going to university will do nothing for you if you can’t also learn new things in your own time and keep everything in motion. It’s important to be constantly learning about the world around you, making your own observations and drawing your own conclusions, and it’s important that you have knowledge and skills outside of your formal specialisations, too—you must be well-rounded. I think that anyone who is looking to go anywhere needs to have a basic and broad knowledge of history, of science, of current affairs and business, of literature and art; you need to speak foreign languages and understand human psychology, you need to be able to play a few card games and know how to properly discuss sports. You can’t just laugh along nervously when those around you mention, say, Willy Brandt or the Opium Wars, you need to actually have a handle on what’s going on and be able to contribute intelligently in order to be taken seriously by anyone at all.

2 years ago

Femme Fatale Guide: Habits To Become Your Best Self In 2023

Some habits, routine ideas, and mindset shifts to help make 2023 your best year yet. Hope this helps and inspires you to reach your goals for the next 12 months. Remember to work hard and take care of yourself. Once you put your mind to it, the sky is the limit! xx

Make Your Meals Plant-Based & Produce-Focused: Center your meals around a variety of vegetables, fruits, plant proteins, potatoes, and unprocessed plant-based fats (avocado, nuts, seeds) and minimal whole grains.

Get Creative With Stress Eating Substitutions: Discover healthy swaps for your meals and snacks to ensure what you're eating without sacrificing your goals. Some simple substitutes include mixing in cauliflower rice into your whole grain rice to add nutrients/volume while slashing the calories, using half an avocado with lemon as a salad dressing over spoonfuls of olive oil, swapping meat for lentils in a chill, soups, or stir fry, choosing frozen grapes or whipped bananas with berries over candy or ice cream for a sweet treat, etc. Remember: Spices and seasoning are your best friends.

Be Mindful of Your Beverage Consumption: Consuming enough water is essential. However, if you get bored with water, add some herbal and black tea, black coffee, or fruit-filled water into the mix. Cinnamon, vanilla, and apple or peach teas are great options to satisfy cravings and prevent mindless snacking (not a substitute for food – eat if you're genuinely hungry). For the winter season, try using some pure cocoa powder with hot water, vanilla extract, and a tablespoon or two of plant-based milk for a healthy hot cocoa drink.

Prioritize Long Walks: Carve out 1-2 hours of your day to get 10-12K steps in at least 5 days a week. Go outside if possible or jump on a treadmill/walking pad to get in some movement while watching TV, talking on the phone, or catching up on some emails.

Find A Simple Resistance Workout You Love: Yoga, pilates, or an at-home weight-training or body-weight exercise you can do at home. Browse different YouTube videos for 10-30 minute workouts to try or sign up for a class in your local area to make it a more social experience (and force yourself to take accountability to show up in the first place).

Create Short & Long "Bookend" Routines: Create a simple routine for the beginning and end of the task-filled portion of your day. For most of us, these routines would be done in the morning and evening/at night before and after work, school, or doing chores/errands. Let go of the rigid idea that these routines need to be done at certain times of the day. Set yourself up to win and tailor them to your schedule. Consider these short routines (like drinking a cup of coffee/tea, reading, meditation, journaling, a walk, or a short dancing session) your warm-up and cool-down sessions of the day. Having these rituals to look forward to will give you the energy and motivation to do what you need to get done each day.

Practice This 10-10-10 Mindfulness Practice: Make time for at least 10 pages of reading, 10 minutes of meditation, and 10 minutes of journaling daily (This can include shadow work) either in the morning or nighttime to clear and reset your mindset for the day.

Take An Hour To Plan Out Your Week: It's most convenient to do this power hour on a weekend (I typically reserve an hour before dinner on Sunday for weekly planning). Write out all of your main work tasks, schedule any due date reminders (for work, bills, chores, and other life necessities), must-do errands, emails and calls or appointments to make, etc.). I like using the Productivity Planner from Intelligent Change and my Reminders app/Google calendar via iCloud to sync deadlines and times to schedule messages/tasks/bills, so everything will be in front of me at the correct time throughout the week.

Prioritize 1-3 Tasks Daily: You might need to choose one large project to work on in small chunks or select a "Big 3" for the day, depending on how complex, lengthy, and time-consuming your projects/errands or appointments are for the day. Using this method allows you to be efficient, streamline your life, and feel productive without overwhelming yourself on the regular (the fastest route to burnout).

Make A Life Admin Schedule (and Stick To It): Choose days (and times if possible) of the week to update certain spreadsheets, batch reply to less urgent messages, clean your house, do laundry, grocery shop, etc. Scheduling these tasks ahead of time eliminates half of the battle for following through on what you need to do. Eventually, you will make these tasks into habitual routines that your brain will allow you to execute effortlessly as though you're in autopilot mode.

Mind Your "Circle of Influence": Do an intake on the 5-10 people you speak to the most or value in your life. If you're an employee, it is probably best to not include your boss or coworkers in this consideration list, as you need to work amicably with them regardless of your personal feelings. Look how you feel during your interactions with your friends, family, intimate partner, or an adjacent love interest. Consider how they speak to you, about themselves, and the topics your conversations are focused around. See if they align with the person you want to be and your goals. Evaluate how close you want to be and what parts of your life you think would be the most beneficial for you and the relationship going into 2023.

Set Boundaries: Understand your expectations, non-negotiables, and limits in every area of your life. Communicate these principles to others clearly, so they know when they are overstepping. Don't tolerate disrespect, but also don't expect others to be mind-readers. If someone knows that they're crossing your boundaries, it is easy to draw the line in the sand and walk away without the guilt or shame that can arise when conflicts originate from a lack of healthy communication.

Incorporate One Creative Practice Into Your Week: Reinvigorate your mind by engaging in at least one hour of creative activity per week. Try drawing, creative writing, poetry, singing, dancing, painting, pottery, jewelry making, graphic design, photography, etc. Even taking a foreign language course or creating a Pinterest inspiration/mood board or organizing your home/closets in an aesthetically-pleasing way counts. Figure out what creative outlet(s) you find satisfying. Prioritize scheduling this practice into your schedule weekly.

Refine Your Signature Look: Edit your wardrobe, try out a new haircut, or change up your makeup routine, nail color, or signature scent. Consider how you can close any gaps between your authentic personal style and how you present yourself on a day-to-day basis. Create an inspiration board if needed to help yourself define your unique aesthetic and gradually work towards embodying your ideal look.

Keep A "Praise" Archive: Create a record of all of the messages you receive highlighting your achievements, milestones, recognitions, or compliments. Compile a folder that acts as your "praise" archive for every area of your life. Create a folder in your work email inbox to save all of your professional achievements, praise, and positive contributions. Do the same for your personal email. Create a folder in your photo album of screenshotted texts. Keep a running list on your "Notes" app of any compliments you receive on your conversational contributions, actions, attire, personality, smile, etc. Hyping yourself up to connect to your highest self.

Create A "Siren" Kit: Take note of all of the clothing, scents, songs, cosmetics, phrases, people, and other aspects of your environment that empower you to feel your sexiest. Keep all of these items/songs/texts together to make it simple to set the mood before engaging in some indulgent action or revisit when you need a boost of confidence throughout your week.

Do A Financial Audit: Create an income/expenses spreadsheet to understand your current spending behavior and budgeting plan going forward. Set up your 2023 financial goals and projections, including target amounts for income, savings, and investments.

Give Yourself A Weekly "Treat": Find a healthy indulgence that you can strategically incorporate into your week. This "treat" can be a massage or nail appointment, permission to watch a movie or a couple episodes of a TV show, a serving of your favorite dessert or a glass of wine, etc. Life is meant to be enjoyed. Consider regular indulgence as an act of self-care not as a sign of weakness or self-destruction. Embracing pleasure does not require guilt or external permission.

Happy New Year, loves! Cheers to an abundant 2023 xx

1 year ago

Listening to crime podcasts is crazy cause why do I know so much about disposing of bodies

1 year ago

I agree 100 percent, they need to pay because all she did was give them exactly what they wanted and it's still not enough. They literally just want to consume her whole and it's getting on my nerves.

jiwon is literally innocent in all of this...

her dad is the only good person in her life and he died

her best friend... has been plotting her downfall from the jump. a true OP... like she was TAKING A NAP ON THE BUS nd sis sat down next to her... stole her wallet and then pretended to find it and come to her rescue.

jiwon needs to hook up with my girl from the glory cus the revenge needs to be even more dramatic. we gotta stop pulling punches. put them hoes in the ground

2 years ago

We need to bring back murdering multi millionaires for their money.

1 year ago

Cannot believe no matter how many times I watch the hunger games it still manages to make me so.

THE HUNGER GAMES: THE BALLAD OF SONGBIRDS AND SNAKES (2023) Dir. Francis Lawrence THE HUNGER GAMES (2012)
THE HUNGER GAMES: THE BALLAD OF SONGBIRDS AND SNAKES (2023) Dir. Francis Lawrence THE HUNGER GAMES (2012)
THE HUNGER GAMES: THE BALLAD OF SONGBIRDS AND SNAKES (2023) Dir. Francis Lawrence THE HUNGER GAMES (2012)

THE HUNGER GAMES: THE BALLAD OF SONGBIRDS AND SNAKES (2023) dir. Francis Lawrence THE HUNGER GAMES (2012) dir. Gary Ross THE HUNGER GAMES: CATCHING FIRE (2013) dir. Francis Lawrence

(insp.)

7 months ago

That was a story straight from Wattpad and you cannot tell me otherwise.


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