If I asked you which personality type – extrovert or introvert – is more successful, you would probably guess extrovert. We’ve often been led to believe in schools, social settings and work environments that being introverted is a disadvantage. If introversion remains criticized in so many settings, there could be long lasting impacts on introverts’ career trajectories and lifestyles. I’m hoping we can all do a better job supporting multiple types of personalities in the workplace. With so many biases nowadays, what do you think – do introverts or extroverts make more money?
First, let’s go over the differences between introverts, ambiverts and extroverts to help clear up any confusion.
- Feel drained spending time with people
- Recharge by spending time alone
- Like to listen and encourage others in conversations
- Feel that small talk with strangers is difficult and awkward
- Tend to internalize thoughts and ponder before speaking
- Trust their own judgment and values
- More focused on oneself
- Crave solitude and quiet
- Are good at tasks like organization and file management
- Are effective communicators over email and text
- Build strong bonds with important people
- Don’t like to promote themselves
- Feel energized when spending time with people
- Like to engage and initiate conversations
- Are comfortable talking to strangers about anything under the sun
- Tend to verbalize thoughts and brainstorm out loud
- Trust the judgment and values of others
- More focused on others
- Crave stimulation
- Are great at negotiating and impressing new clients
- Thrive at giving presentations and leading discussions
- Are comfortable communicating over the phone and face to face
- Like to focus on the big picture more than smaller details
- Know how to sell and promote their brand
- Have traits of both introverts and extroverts
- Enjoy moderate sociability
- Like to take charge some of the time
- Are somewhat trusting of others
- Feel they fall somewhere in the middle
- Tend to be flexible and emotionally stable
- Are intuitive and influential
So how do all of these traits affect wealth? A study on just how outgoing we are, presented by The Wall Street Journal, showed that amongst the general population, 50 percent of people are below average in terms of being outgoing. Thirty-four percent of Americans are above average and only 16 percent are considered very outgoing. What’s fascinating is that as people progress in their careers and climb the corporate ladder, the percentage of managers who are very outgoing, i.e. extroverted, increases dramatically.
While it’s totally possible for introverts to succeed as leaders, it can be a lot harder. Studies on average salaries also show that extroverts tend to earn more than introverts. So from both a compensation and career perspective, introverts can have a harder time getting promoted and earning raises. As an introvert myself, I’ve certainly faced challenges, but succeeding and filling leadership positions can be done! Don’t let anyone trick you into thinking you can’t do great things.
A study by Truity Psychometrics found that extroverts are more likely to land managerial roles with higher pay. Managerial extroverts also supervise 4.5 people on average versus only 2.8 for introverts. So based on the law of averages, the answer to the question –Do introverts or extroverts make more money? – is clearly extroverts when looking at managerial compensation.
There are always exceptions however. As Untemplaters, we strive to be better than average, right?! So, don’t be discouraged if you are an introvert – you can earn plenty of money and growth your wealth too. Some fun examples of famous introverts and extroverts for inspiration are listed below. Believe it or not, I found it a lot harder to find examples of famous extroverts versus introverts on the web. If you know of any I missed, please share in the comments section below!
Famous Introverts – Bill Gates, Warren Buffett, J.K. Rowling, Michael Jordan, Gwyneth Paltrow, Harrison Ford, Charles Darwin, David Letterman, Susan Cain, Abraham Lincoln, Mahatma Gandhi, Christina Aguilera, Eleanor Roosevelt, Courteney Cox, Albert Einstein, Rosa Parks, Audrey Hepburn
Famous Extroverts – Bill Clinton, Oprah Winfrey, Muhammad Ali, Margaret Thatcher, Ronald Regan, Steve Martin, Mark Twain, George W. Bush, Boris Yeltsin
Can Your Personality Impact Your Wealth?
Introverts have some fantastic innate traits that can help them grow wealth. First of all, we tend to be disciplined. Being less impulsive can make a big difference when it comes to avoiding unnecessary spending. Having the patience to delay rewards instead of seeking immediate gratification is a great way to save money. Being less impulsive can also make introverts good at making investment decisions. Taking the time to perform thorough research and avoid excessively risky investments can help introverts grow their portfolios over time.
Personally, I have a bunch of things on my wish list and even though I have the money to afford them all, I choose not to go out and buy them on a whim. I like to set goals before I make purchases so that the rewards are sweeter and more meaningful. It’s also a great way to maintain a minimalist lifestyle and avoid clutter. For example, I have a current goal to sell some things on craigslist before I can buy a new pair of pants.
Introverts also tend to be careful decision makers. Having a clear idea of what you want to accomplish before taking action can come in handy with building wealth over time. Being rich isn’t just about how much money you make after all, it’s got a lot to do with how much money you keep.
Did you know that extroverts more commonly have shopping addictions than introverts? Perhaps the allure to spend a lot of time with others in social settings can turn some extroverts into overspenders looking to constantly impress the Joneses. Extroverts are great go-getters, however, so they are good at networking, marketing and business development – hence they can be fantastic entrepreneurs. Extroverts are also more likely to take risks, which can pay off nicely if they’re good at investing.
Whether you’re an introvert, ambivert or extrovert, think about your strongest personality traits and how they affect your decisions. Look for ways to improve your career, earn the compensation you deserve, and make smarter choices with your money. Whatever personality traits you have, it’s never too early to start growing your wealth and building a lifestyle of your dreams.
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Negotiate A Severance – If you’re burnt out from your day job, it’s best to negotiate a severance instead of quit. If you quit, you don’t get unemployment benefits, health care benefits, good letters of reference, or severance. A severance provides a fantastic financial cushion that buys you time to find your calling. I didn’t believe I could escape for the longest time, but fortunately I wised up before I destroyed my relationships with family and my health. I never would have thought I could negotiate a severance package and get paid to leave a job I grew to hate, but I did! Learn how you too can get paid to leave your job like I did and open your eyes to new opportunities.
Untemplaters, do you consider yourself an introvert, extrovert, or ambivert? What personality traits have helped or hurt your career and money habits?
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