Personality changes and its effect on income

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Big Five personality traits

The Big Five personality traits change due to a person becoming more mature, efforts to change the personality traits or a major life change (See: Neuroplasticity and the ability of individuals to change their personality).

Ben C. Fletcher D.Phil., Oxon writes:

“ In their paper Boyce and colleagues went on to put a monetary value on changes in each of the Big Five personality traits. Their results showed that every standard unit increase in personality change was equivalent to an increase of between $92,000 and $314,000 in annual household income (US dollars). To put this another way, people needed an increase of between $91,000 and $309,00 in annual income to achieve the same increase in life satisfaction produced by a unit change in personality.

Change in the different personality traits were associated with different monetary values, with change in neuroticism being worth $314k, extraversion $225k, agreeableness $149k, conscientiousness was worth $91k and openness to experience $62k. If we bear in mind that the average annual household income was around $88,000/year it seems to pay really well to Flex![1]

”

Big Five personality traits typical potential changes

See also: Cognitive therapy

"A bell curve, also known as a normal distribution, is a symmetrical, bell-shaped curve that represents the distribution of data in statistics. Standard deviations measure the spread or dispersion of data points around the mean (average) of a normal distribution. In a normal distribution, roughly 68% of the data falls within one standard deviation of the mean, 95% within two standard deviations, and 99.7% within three standard deviations."[2]

Big Five personality traits – Typical possible change ranges in a bell curve with normal distribution:

“
  • Extraversion → Can shift about 0.5 SD, sometimes up to 1.0 SD with therapy or big life changes.
  • Agreeableness → Usually 0.3–0.5 SD, but can move up to ~1.0 SD in some cases.
  • Conscientiousness → One of the more trainable traits; evidence suggests 0.5–1.0 SD shifts are possible, especially with habit-building, therapy, or structured environments.
  • Openness to Experience → Usually the most stable; small shifts (~0.3–0.5 SD) are common, but larger changes are rare unless triggered by education, travel, or very novel experiences. See also: Adventurousness

Summary

Most changeable: Neuroticism ↓, Conscientiousness ↑

Moderately changeable: Extraversion, Agreeableness

Least changeable: Openness."[3]

”

Typical big life changes are starting a more challenging job, achieving a big goal, overcoming a big challenge, intentional efforts to significantly stretch one's comfort zone, a romantic relationship, significantly changes to one's social circle (See: Social influence) or a religious conversion.[4]

Potential change in personality traits due to intervention and or life-changing event

Big Five personality traits and how to improve them to raise your income

The Big Five personality traits (the basis for the five factor model) are the five traits psychologists use to describe an individual's personality. While other traits exist, these are thought to define a large part of individuality. Hans Eysenck initiated this concept, but only included two personality traits, extraversion and neuroticism.

Big Five personality traits

Big Five personality traits and how to improve them in a way to increase income

Journal and academic articles

Books

See also

External links

Big Fiver Personality traits articles:

Myers–Briggs Type Indicator related articles:

Videos:

References

  1. ↑ The Dollar Value of Your Personality: Changing your personality may reap financial rewards, by Ben C. Fletcher D.Phil., Oxon
  2. ↑ Normal bell curve and standard deviations
  3. ↑ How many standard deviation points is it possible to move one's agreeableness?
  4. ↑ What are some big life changes that are positive
  5. ↑ https://www.verywell.com/the-big-five-personality-dimensions-2795422
  6. ↑ https://www.mentalhelp.net/articles/big-five-personality-traits
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