Financial expert Michael Yardney reveals the common traits of rich people as ... trends now

A wealth expert who gives seminars to the rich has revealed the six key traits that set people with money apart from everyone else. 

Michael Yardney, the director of Metropole Property Strategists, said wealthy people have a different mindset and are more inclined to take financial risks and learn from mistakes.

1. See challenges as opportunities 

'Wealthy individuals have a growth mindset, which means they see challenges as opportunities for growth rather than obstacles,' he said.

'They are not afraid of failure, and they embrace the lessons that come from setbacks.'

House prices are now at record highs in Brisbane, Adelaide and Perth, and so is the Australian share market despite interest rates being at a 12-year high of 4.35 per cent.

This is occurring amid a cost of living crisis, with inflation still at high levels.

2. Have multiple income streams 

But Mr Yardney, who founded his property consultancy group in 1979 and hosts a podcast, said the wealthy had multiple streams of income to weather economic downturns or difficulties.

'Wealthy people don't rely on a single source of income,' he said.

'They diversify their investments and create multiple revenue streams, allowing them to continue building wealth even during economic downturns.'

3. Think long-term 

Mr Yardney said the rich also had a long-term perspective, rather than being focused on instant gratification.

'Wealthy individuals plan for the future and make decisions based on long-term goals rather than short-term gains,' he said.

'They are patient and understand that building wealth takes time and persistence.'

He quoted Berkshire Hathaway's 93-year-old chairman Warren Buffett who famously said: 'The stock market is a device for transferring money from the impatient to the patient.'

4. Partner with other investors