Why Are Some People More Financially Successful Than Others?

This is a question that has puzzled many for decades. While there is no single answer, there are some common traits that many successful people share.

Below, we’ll explore some theories about financially successful people — and how you can develop these traits yourself to achieve your own goals.

They Persevere

Are you someone who persists through challenges despite difficulties, or do you tend to quit when faced with setbacks or adversity? Why do some people keep pushing to complete a task while others consistently don’t follow through and give up?

In his article “Perseverance: The Secret Sauce to Building Personal Wealth”, Nathan A. Krampe explains that perseverance is essential to financial success because

“along the path to success, you will fail at various steps. In short, failure is not an option — it’s a given!”

Therefore, to become more financially successful you have to anticipate that challenges and failures will arise, and persist through them.

He also attributes people who are able to persevere with having the ability to say to themselves “I can”, and believe it, rather than saying “I can’t” and giving up.