“What is necessary to change a person is to change his awareness of himself” — Abraham Maslow
Humans are wonderfully intricate beings. We are able to be fiercely unique while sharing similar attributes at the same time which means, while we are all “individuals” there is no one person who is entirely different from everyone else.
Over the years, lots of different studies and assessments have popped up in a bid to help people better understand why they do the things they do. While this is not all-encompassing, it gives you the framework to begin your journey towards self-awareness and all the great things that come with it. The same applies to understanding your investor type.
When it comes to wealth management, it is not enough to copy and paste strategies that you see working for other people, it is important that you understand who you are in that regard, why you make the decisions you make and how to improve them, and something that will help you do that is knowing your investor type!
Still not fully convinced? Here are some of the reasons broken down:
- To Understand: Like the quote at the beginning of the post highlights, self-awareness is the first step to self-improvement. If you don’t first understand who you are right now, it will be difficult to accurately prescribe changes or tweaks that need to be made to help you make improvements. Knowing your investor type will help you understand why you make the wealth management decisions you make now, both the good and the not so good. This will give you the insight you need to see the patterns in your actions and make you conscious of the way you operate.
- To Improve: The thing with self-awareness is that it hardly ever leaves you the same. When you understand the kind of investor you are, it opens up the door to improvement. With your ability to now recognize your patterns and understand what makes you tick when it comes to wealth management, you are able to make conscious efforts to avoid bad habits you are prone to. This means you are able to work on your weaknesses while you hone in on your strengths, causing you to improve the quality of wealth management decisions you make.
- To Achieve: So, you understand and then you improve, what next? You achieve! All that self-awareness and improvement is not for nothing, they translate into seeing better results and sets you on a more ideal path (for you) to achieve your financial goals!
Going this route might seem long but it was Abraham Lincoln who said “ Give me six hours to chop down a tree and I will spend the first four sharpening the axe. ” and we couldn’t have said it better.
Ready to find out what kind of investor you are? Click here to take the quick assessment and find out!