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Personal finance guru Warren Ingram reckons that most truly wealthy people – those with investments worth over R40 million – have the following 10 things in common:

  • They built wealth for the long haul. Most of their sizable assets came from earned income and investing.

  • They’ve nailed the basics. This group didn’t become wealthy by taking significant risks. Instead, 86% of them said their most substantial gains came through buying and holding investments while 89% attributed their largest wins to investing in ordinary shares and bonds.

  • They’re optimistic (and opportunistic). They are generally very optimistic, and they’re ready to invest when they see an opportunity. One in five surveyed kept more than 25% of their assets in cash, ready to pounce when they see buying opportunities.

  • They use debt strategically. Nearly two in three use debt to build their wealth but not for lifestyle assets.

  • They keep a close eye on the Tax Man. They are very attuned to potential tax implications of their decisions.

  • They diversify by investing in valuable tangible assets. Almost half invest in these assets, including timber properties, investment real estate and farmland. About 20% collect fine art. Importantly, these are for diversification and capital protection, not really for capital growth.

  • They’re disciplined. About four out of five surveyed said investing to meet long-term goals is more important than making money for short-term wants and needs.

  • They had strong examples growing up. While the wealthy do not typically come from wealthy backgrounds; their parents did give them a robust set of values. About 80% said they were given these five values: academic achievement, financial discipline, work participation, family loyalty and civic duty.

  • They love giving back. About two-thirds said their family had a strong tradition of giving back to society.

  • They’re committed at home. About 86% are married or in long-term relationships.

The Money Show's Bruce Whitfield asked Ingram to elaborate.

Listen to the interview in the audio below.

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This article first appeared on 702 : 10 unexpected things that most truly rich people have in common

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