Of the self-made affluent, 31% are over the age of 55, 29% fit the 45 to 54 age group, and 24% are 35 to 44-years old. The bulk of these self-made people, 70%, depend on their business for their income. Half of them work more than 40 hours per week.
These statistics from the U.S. Census make a singular announcement: lots of rich Americans literally did pull themselves up by their own bootstraps. The psychology of the affluent self-employed provides interesting information, which may be used in marketing to this particular group of affluent customers.
Generally speaking, rich people share certain common characteristics. One is persistence. They never give up. No matter how many obstacles they come across, they keep going and eventually attain their goal. Which means that if one wishes to become rich, persistence is necessary.
Many rich people got rich doing what they love to do. They are passionate about their business. This passion transforms their business from work and turns it into fun. If work isn’t fun or at least enjoyable, it soon becomes drudgery.
Another thing rich people have in common is generosity. They are not greedy, making as much money as they can Monday through Friday, and on the weekends counting it like Scrooge. Instead, they give part of it away to charities, foundations, and other admirable causes. It is almost as if giving money away somehow produces more money for the rich person, which means even more to give away, and on and on.
One more quality rich people share is innovation. They keep coming up with new ideas. Which means they are creative, and avoid getting stuck in a rut. Once an idea has run it course, rich people simply move on, and think of another idea. Which means they do not do it the way it has always been done. Rich people believe there is a better way to do it.
A lot of rich people tend to have one other common trait. They own their own businesses. They have an idea, which they implement successfully. Successful implementation of an idea results in the birth of a business, a company. Other rich people do not start a business. Instead, they invest their money in someone else’s business. Either way, whether the rich person starts a company or invests in a company, it is still self-employment.
The concept of shared characteristics can be continued and further defined. The latter group, those who are self-employed, share certain common attributes. According to a survey done by Forbes magazine, successful entrepreneurs have the following qualities: