Psychology plays a big role in every aspect of life. Every person possesses a different kind of personality and has unique traits. Behavioral economics plays a major part in defining a person’s financial personality. According to your characteristics, pick from this financial personality list and know more about yourself and your personality traits.
Virtuoso: You belong to the virtuoso personality if; you are full of spiritual wealth, generosity, honesty, and love spending the money to benefit family and friends. But while doing so, make sure you don’t lose all your income and spend smartly—plan about savings in any responsible mutual funds, insurance plans, or legal currency accounts.
Persistent: You belong to a persistent group of personality if you have these traits; Persistent financial persons are consistent and stick to their routine of spending. You never spend on new things and stick to your plan of expenses. As a persistent financial person, you never like a surprise expense. You have a financial plan that you follow religiously, and you are superglued to it no matter if your favorite dress in sales this month. If it is not on your list this month, you will not spend on it.
Perilous: You are not afraid of taking risks. You are prone to have fun even at the expense of losing all your salary at once before the month ends, and you love that others have fun with you. Taking a risk with money makes you ecstatic. You believe in YOLO and live the moment.
Architect: You are a planner. You draw your financial map and follow it. You know where you have spent each of your pennies, which is a commendable task. You love detailing and can pen down your financial break down precisely. You work on your financial matter your way because nobody knows them better than you. You plan about emergency expenses beforehand and have a saving plan for yourself.
The child: You don’t think about the future; you follow your heart. You seem to be contented with whatever you have, and that’s why you have not saved the amount you must have saved by now. Your savings are low returns. You need the motivation to start saving and realize why saving is important.
The multiplier: If you have a multiplier financial personality, you are prone to risk and invest in every opportunity that you think will multiply and increase your wealth. This might sometimes lend you in trouble as not every risk is worth taking. Investment is a gamble that does not guarantee profit every time. Sometimes you gain, and sometimes you lose. The negative trait of having a multiplier personality is that you are not afraid of losing, so you invest without thinking twice and losing your investment. It is not bad to invest in multiple projects, but you should discuss it with a financial adviser to minimize the risk. The ostrich: An ostrich buries its head when it senses danger rather than running away or saving himself. The same is with you if you have an ostrich personality. Rather than going through your financial plans and organizing them, you keep spending until you know that your account balance is zero. As soon as someone starts earning, they must spend some time reviewing the expenses and plan it out for the future. It is true that in different aspects of our lives, we all have different customs and characteristics. Psychology impacts financial aspects, as well. If you have found out about your financial personality by now, then work on improving it.
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