Author: Michelle Griffiths, Partner, Investment Advisory & Wealth
What type of investor are you?
Did you pick one of the above as being most representative of your style – or did you identify with two or three animals?
You are never just one category, but a combination, and the components of each may shift depending on the situation.
For example:
- In the situation where you are looking at an investment that you are familiar with, and have had some success with, you may be part Eagle and part Rhino.
- If you are looking at a new type of investment that you are not familiar with, you might demonstrate traits of the Meercat and the Sloth.
- Or if you are considering an investment that you have heard from a friend who has lost money on, you may demonstrate the characteristics of the Sheep and Meercat.
What can we learn from this?
Investing is an area where many feel out of their depth and frightened by the decisions that need to be made. These feelings can lead to inaction and neglect. To understand why this neglect occurs is useful, can help to break free of this pattern, and get you more active with your wealth creation process.
Some of the strategies that help break this cycle include:
- Education – Research the investment you are considering, the risks and success factors (don’t go in like a Rhino!)
- Who to listen to – Make sure you are getting investment advice from the right sources (don’t act like a Sheep or Meercat by relying solely on family or friends). Seek out expert assistance, and make sure that expert is appropriately qualified.
- Unsure how to start – You may have the right ideas but not sure which structure you should invest in, or how to go about it. This is when you should seek out some expert assistance rather than trying to work it out on your own (the inaction this causes will push you into the Sloth category – which, as cute as they are, is not effective for investing).
- How this fits into your big picture – This is a common point of confusion which can be overcome with some expert assistance. Clarifying your big picture view and seeing how your investment strategies can feed these outcomes will provide you with the inspiration and motivation to act with confidence, giving you the focus of the Eagle.
No matter what your needs are, everyone can benefit from some expert guidance to build your knowledge, clarify your goals, help you take action and just as importantly – to keep you accountable and progressing over time.
Pablo Picasso once said, “Action is the foundational key to all success.” If you plan, take action and continue to revise and adapt your plan, you are moving closer to financial freedom and success. The power is in your hands (but you don’t have to do it alone!)
What should you do now?
Start Here
Take a look at some of our videos and blogs on these topics to help you get started. In particular:
Investing – What’s stopping you? [Video – 9 mins]
How to evaluation good advice [Video – 8 mins]
How to set yourself up for Financial Success in 2021 [Blog]
8 Investment Principles for Success [Blog]
Meet with us
If you would like to discuss your investing options, we offer a 1 hour no obligation, complimentary consultation with one of our advisers to discuss your situation. contact us to arrange a time.
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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2021. Please do not reproduce without the expressed written consent of the author.