No, this is not a quick overview of how to make money in crypto. Neither is this a dummy guide to wealth. The only purpose of us sharing these insights with you is to see where you stand, and whether that is a good place to start investing and growing. The answer to the question that – whether you are ready for the way forward is contingent to your current behavior and chain of thoughts.
Finance psychology has pointed fingers towards self esteem and management issues as the main culprits behind a wide range of obnoxious financial behavior patterns. These include some obsessive habits such as the need to pay for the entire table, frequently checking your finances, giving in to sales and discount offers. Let’s see how this is bad:
If you are too busy being engaged in such troublesome behavior chances are you do not understand yourself. As an investor that is not very progressive. Some of your smallest habits might drain your career making you a no-show in no time.
Investors do not have to be all-knowing, but they must understand their own psyche in order to prevent misdealing and misjudgments on their part.
Here’s a list of habits that should raise flags for you as an investor or a pragmatic buyer. These unhealthy spending and financial decision making influences disturb your everyday workings, they may be small but they represent a big part of how your brain takes decisions.
You pay for everything, everybody, everywhere
This means you are struggling with low self esteem, your investment will remain vulnerable to what people think of it. It depends on whether you will receive external love and cheers on it or not. Your actions also depend on whether it is deemed as a desirable activity or not.
It may mean you are insecure. For example, if a friend thinks you are hoarding money and not paying for the bill, it bothers you, because they must think that you are poor, being poor is crass to you and thus you should spend big-time and prove things otherwise.
This is bad for investment because if you can not keep it in your wallet, then how will you take out in case of real time opportunity.
Such behavior prevents you from taking strong and strategic decisions at the right time. So, no, the next time drinks are not on you. You need to discipline yourself, if you are to become a good investor.
You check your bank balance obsessively
You like to control things. Yes, we are calling you a control freak. People who do not have control on other aspects of their lives, such as educational performance or marital issues they tend to double check and micro manage everything else. So as an investor, this will make you a very insecure and impatient investor. You will find yourself stuck in making things absolutely perfect and spot on, while the right opportunity may slip away. What a squeaky clean miss it would be right?
Discounts make you spend money on things you don’t need
Capitalism makes people buy things they do not need, with money they do not have. If this applies to you too, then my sweetheart, you are an addict. It doesn’t have to be discounts and sales, you are an impulsive buyer. That smartphone of yours makes it worse by eliminating any distances between your impulses and the means to actualize them. This also may mean that your low self esteem will push you to sell off your assets before they are ripe. You may feel that you will not be able to get a better offer or the lack of confidence may make you feel that this is the best you could do for yourself. This may result in regret later on. Don’t let money fool you like some rebound sex you wish you didn’t have.
So, are you clean of these flesh-biting habits? If nay, then get working. It is going to take you some time to let this destructive behavior out of your system.