Your Personality Can Impact Your Investing Decisions More Than You Think & Here’s How
Don’t let your financial blind spots get in the way of those 2023 money goals.
Would you say you're more of a self-disciplined person or someone who lives in the moment? Are you calm under pressure, or do you react too quickly to a bad situation?
It turns out your personality’s likely an unconscious driving factor behind the financial decisions you make. Yup, that means these traits could be either your greatest superpower or your biggest roadblock when it comes to achieving those money goals this year.
The good news is that, by better understanding yourself, you can also find out more about why you might make certain investment decisions. Uncovering your financial blind spots is key here — and there's a very easy way to do it.
The TD Wealth Personality™ assessment takes behavioural finance — the study of the influence of psychology on the behaviour of investors — to produce a report that helps uncover how you make your financial and investing decisions and how it may impact your willingness to take financial risks.
By ranking how much you agree with statements like "I get stressed out easily" and "I get chores done right away," you can find out how your unique traits might unknowingly motivate how you make money moves.
The assessment also reveals those aforementioned financial blind spots of yours to help you mitigate potential weaknesses that may be stopping you from reaching your goals.
The introductory assessment (which only takes approximately about 30 seconds to complete) is an abbreviated version of the full TD Wealth Personality™ assessment. If you're a TD Wealth client, your TD Wealth advisor or financial planner will share the full assessment with you.
The TD Wealth Personality™ is founded in the science of personality and uses the Five Factor Model of Personality questionnaire and behavioural finance research to help determine your investing blind spots.
How you answer the questions will determine where you land on the spectrum of each of the “big five” trait dimensions (conscientiousness, agreeableness, reactiveness, extraversion and openness), which will then collectively help determine your Wealth Personality™.
If you have a partner or spouse, you can each take the assessment individually and your TD Wealth advisor or financial planner can walk you through your results to see how you compare.
The entire assessment takes about five minutes (ish) to complete with an advisor. When you're done, you can better understand how you make financial decisions, what might be influencing your choices and where your blind spots are — key information that can help make your financial goals possible in 2023 and beyond.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.