You enjoy investing in mutual funds, stocks and bonds to the degree that you could be considered a financial hobbyist. You’re okay with taking a few risks, if you think that it will produce good outcomes. You also don’t hesitate to pick up the phone or meet with your financial representative to chat about your latest financial idea.
Have well-established financial habits & financial plan
Value financial guidance, but do most of the planning on your own
Want to "beat the market" with investments
You Enjoy Finances
You're totally engaged in your finances and are likely saving a great deal for the future. You probably hold back a little from buying those things you want today because you know that it will help you be in a better position for tomorrow. You’re confident in your financial potential and are optimistic about your future. You have well established financial habits and follow a plan. You are probably reviewing your finances frequently and save or invest directly from your paychecks. Mutual funds? Life insurance? Check. You're likely to have those in your portfolio already. If not yet, you’re at least thinking about them as investment vehicles.
You Prefer Working With a Financial Representative
Almost half of Enthusiastic Investors are already working with a financial representative. If that includes you, you’re probably leaning on them for guidance after you’ve already done the research and chosen a product. You just need someone to bounce the idea off of and work through the transaction. Although you make the decisions and know what’s best for you, you still appreciate the flexibility to ask a question or two about products. Speaking of products, you don't believe that all financial products are the same, so you spend time researching the right ones for your future needs.
Your motivation to dive into finances is that you truly enjoy doing it. Also, you want to be financially independent in the future, especially with the goal of a well-prepared retirement. Your competitive nature keeps you learning and engaged for what more you can achieve. You are choosing products that have a good return on investments and help you make continued progress. You have your gaze set on retirement and like to see your accounts grow.
Research study conducted in 2018 by Western & Southern Financial Group. Quantitative and qualitative study of financial attitudes of the U.S. within ages 25-70; $40K+ household income; and openness to financial products. Six categories emerged based upon cluster analysis of a variety of attitudes regarding financial motivations. An algorithm guides the placement of participants into a segment based upon answers to the key differentiating data points.
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