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People who invest are those who love the risk, trade frequently and have enough confidence to think they will beat the market.
A 2011 study found out that most investors underperform, namely 82%, because they were trading instinctively rather than strategically.
Advice: Continue to educate yourself, limit your trades to the amount you could afford to lose and try to act for your long-term financial benefits.
The Big Spenders like to make social statements by having the latest car, clothes, or phones. They use the money for love and attention and are the main representatives of consumerism.
Advice: Think twice before making a purchase and try to filter the things that you really need from those bought by reflex.
The Ostrich is someone who would rather bury their heads in the sand than organize their finances.
Advice: Ostriches should try to take slowly their heads out of the sand. They should try to examine their finances, take a close look at a better saving rate and consider approaching a financial planner.
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The relationship protector is often family-oriented. If they can support them emotionally and financially, it gives them their sense of achievement at having helped.
A relationship protector is far less likely to make spontaneous investments when others depend on them, and their conservative approach to saving prepares them for retirement.
They’re always looking to expand their options, and every financial decision is carefully calculated to maximize growth.
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... is a somewhat overlooked discipline that occupies the space between psychology and behavioral economics. Advertisers and marketers trying to tempt us to spend money are well aware of it.
Lovers of risk, anxious investors trade frequently and believe they have the edge over others. Many have absolutely no idea what their returns actually were and only remember their good decisions.
For hoarders, money represents security. They abhor risk and may even stockpile cash that they would probably be better off investing — or even spending.
Find an advisor you feel comfortable with who can discuss the right investment approach — and level of risk — for you.
Knowing your financial personality can help you make a pla...
Being a Frugal Saver means all your money is going towards saving.
How you can improve:
How you can improve: