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7 Traits The Rich Have In Common

By Jeanne Sahadi of CNNMoney.com:

Amassing wealth without a trust fund is no easy feat. There isn't a magic recipe for making millions, but certain ingredients can help.

Hard work, education, smart investing, frugality, risk taking, and plain ol' luck were some of the main factors ultra-high-net-worth investors used to describe themselves when surveyed by the Spectrem Group.

CNNMoney decided to dig a little deeper. We asked several wealth experts if they noticed any similar traits or attitudes among their clients with a net worth of at least $5 million.

Here's what surfaced:

Entrepreneurial: Going into business is a common path among the wealthy. While there are plenty of doctors, lawyers and corporate executives in the $5 million-plus group surveyed by Spectrem, those who go on to become business owners tend to build an even higher net worth.

Always on the clock: The 40-hour work week is like a part-time schedule for many, especially those who have built businesses. A 60- to 80-hour work week is more the norm, as are workingvacations, according to certified financial planner Doug Flynn of Flynn Zito Capital Management.

High energy: Many high-net-worth individuals have a lot of energy, don't need much sleep, and enjoy generally upbeat attitudes, according to psychologist James Gottfurcht, who runs Los Angeles-based Psychology of Money Consultants.

The super wealthy also tend to be visionaries, said psychologist Kristen Armstrong, a strategic wealth coach at Ascent Private Capital Management. She described many of her clients as "force of nature" people.

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"I see again and again that they have a really great ability to envision possible futures ... [and] an amazing ability to focus their efforts and energy once they see a possibility."

Extremely confident: Gottfurcht said most of his clients who made their wealth possess what he calls an "expansive, healthy grandiosity." By that he means a sense of "I can do anything."

They're also open to creative ways of achieving their goals.

Armstrong, too, said her clients have great confidence in themselves and others, and firmly believe the world will accommodate their business ideas.

Also common, though, among some of Gottfurcht's wealthiest clients is what he termed "narcissistic personality disorder." That is, they think they're special, "require excessive admiration," have a high sense of entitlement and lack empathy for others, he said.

Discerning: For all their confidence, Armstrong's clients know they're not the smartest person in the room on every given issue. But they know to surround themselves with people who are -- which will help them realize their vision.

Among business owners, those who do best are the ones who move past sole proprietorship, and partner with others to expand their enterprises, said Flynn.

Modest: Despite glamorous Hollywood portrayals of the rich life, many multi-millionaires live more modestly. Most of Flynn's richest clients have chosen not to bump up their lifestyles in lockstep with their growing wealth.

"They still wear their old plaid shirt," he said. Or at least the men do.

Risk tolerant, but not impulsive: Anyone who runs a business is by nature a risk taker, Flynn noted. But there are no investing swashbucklers among his clients.

They have some short-term investments but tend to have a longer time horizon than most investors. Whether they invest in a stock or a building, they stick with it as long as it still makes sense to them.

But they won't go all in on one bet, according to Flynn.

"There's always the guy who bets it all on something, gets lucky and then gets out. But that's not the recipe for most people," Flynn said.

World's Reaction To USA Game-Winning Goal

It's that quadrennial time when we remember USA Soccer's greatest highlights. Nine days from the World Cup that can bring Cup-saving goals like this:


and emotional responses like this:

Memorial Days: The Week In Thanks

I've spent a fair amount of time in therapeutic massage since September working out the elbow issues. One thing I've come to appreciate is the improvement in my posture and reduction of tension in my shoulders as a result. So this week's thanks is for that - loose shoulder blades.

The fantasy baseball teams are off to varied starts. One team is slogging along in 5th place, one has been at 4th place or higher the whole season, and one has rallied in May into 2nd place.

I was surprised and pleased to hit the 400 hour tutored mark by the end of the spring semester. It adds a layer of security and opportunity even beyond the many things we'd planned to be able to do when I retired. Putting in 20+ hours a week as a teacher still feels like retirement to me, since every hour is one of my own choosing. So blessed (and hopefully, the students feel that way too).

For summer reading I've started borrowing some books from my second home, the library. Hidden Bloggers are as fortunate as me to live in a society where we are taught to read. It opens up an infinite array of adventures, and is a luxury that billions around the planet can't afford. I get to do it from the comfort of an air-conditioned sofa.

Band leaders Sean and Jennifer Stevens continue in good health as baby #2 comes closer to joining us.

Good-hearted Dena was once again helping the noble fight against cancer, this time in a Relay for Life 5K run. She'd been battling and ultimately won against an injured calf muscle that popped up a week before the gun.

It's been a while since I gave a shout-out for microwave ovens, the lifeline to my getting the protein I need (read: chicken breasts).

I was pleased to hear from the pulpit on Sunday that the Catholic Church, at least in America it appears, will be placing a new emphasis on becoming more modern. What that means is yet to be seen, but the attitude itself speaks to proactivity and is refreshing to hear from the millenia-old religion.

The Spurs are back in the NBA Finals. Let's see them get the job done against the Heat this year.

Our neighborhood is a safe place. One I feel at ease in, as Cupcake continues to get bolder in exploring new territory. It's fun to see her confidence growing, as long as that does not include nibbling on my toes (a side effect of maturing, I suppose).

A fun conversation came up among us band mates before Mass about the amazing properties of skin. Resilient, self-healing, protective, long-lasting, infection-resistant, and usually good to look at. Quite the gift!

As I read about Phil Jackson and his diverse spiritual beliefs - a mix of Indian, Buddhist, Zen, Christian - it reminds me about the value of freedom of speech and religion. Where else besides America can a person so easily find his own individuality without obstacle?

I was born a good hugger, so Dena tells me. I'm glad for that.

Memorial Day was a couple weekends ago without a post from me, but absolutely deserves to be at the core of my thankfulness philosophy. The safety I talked about earlier, the freedoms, all funnel down from people who have lived and died fighting for them without help from me. Thanks is the least I can give.

Shrek The Musical: Morning Person

Princess Fiona is a morning person, even if that means accidentally blowing up a bird and tossing a deer over a cliff. This is the scene with my Pied Piper's only spoken lines:

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The Prayer Of The Lord And The Lakota

A rabbi asked successful basketball coach Phil Jackson for a copy of a Lakota Indian prayer, which went:

O great spirit, whose voice I hear in the winds
And whose breath gives life to all the world, hear me:
I come before you one of your many children.
I am small and weak. I need your strength and wisdom.
Let me walk in beauty, and make my eyes
Ever behold the red and purple sunset.
Make my hands respect the things you have made
And my ears sharp to hear your voice.
Make me wise so that I may know the things
You have taught my people,
The lessons you have hidden in every leaf and rock.
I seek strength not to be superior to my brothers
But to fight my greatest enemy - myself.
Make me ever ready to come to you
With clean hands and straight eyes
So that when life fades as a fading sunset
My spirit may come to you with out shame.

How far distant is that from the Christian prayer?

Our Father, who art in heaven, hallowed be Thy name.
Thy kingdom come, Thy will be done,
On earth as it is in heaven.
Give us this day our daily bread,
Forgive us our trespasses,
As we forgive those who trespass against us.
Lead us not into temptation,
But deliver us from evil.

The breadth of pain throughout the world makes it difficult for me to view God as "father," but I am grateful for everything that I have - it all comes from God. And acknowledging myself, my ego, as my own worst and ever-present enemy... brings me in harmony with that Lakota prayer.

Last Day Of School

Today was the last (snow-day-delayed) day of school for Unit 5 students. They went for three hours, which is about three times as long as I worked today. Hit the sack last night at 11pm, rose at 8, took the kitten for a walk while reading a Phil Jackson book. Off to the gym for some cycling while reading. Showered to the beat of "Freak Flag" from the Shrek musical while practicing (safely) the dance moves. Did an hour or two of fantasy baseball research. Ate lunch, watched Netflix, and took a nap. Set the alarm for 45 minutes before my tutoring session; woke up and got some condominium association bills paid before heading out.

Tonight, a few hours of Shrek rehearsal. Between now and then, who knows... whatever I feel like doing.

Living the dream!