01Jan

Money Savvy

Money Personality: The Risk Taker

If our Money Personality Quiz has brought you here, then chances are, you are a Risk Taker. An energetic thrill seeker who finds comfort in being the centre of attention and (bet you didn’t guess it) loves risk.

Risk Takers live in the moment and are engaged with their surroundings, always looking for a problem to solve quickly. In emergencies, they thrive, using superior powers of logical reasoning to fix what needs to be fixed.

Often though, the thrill of living life on the edge extends to money too. A Risk Taker is often seen picking up scratch cards or splashing significant amounts of money on something they’re sure will be worth at least double … some day.

If this sounds like you,  how can you temper your penchant for risk to keep most of your money safe?

 Related: Surprise Factors That Could Affect Your Credit Rating

How you handle finances

Your decisions are driven by the idea of winning it big and you tend to remember the gains rather than the losses when it comes to investing your dough – you fully believe it’ll work out in your favour in the end. However, the UK financial regulator found that 82% of ‘hobby traders’ made annual losses of around £2,200, so any sort of investment should be approached with extreme caution.

Read more: How To Be Money Savvy With Your Monthly Payslip

Solutions for your money

Below the adventurous surface of the Risk Taker is usually an insecurity struggling to stay hidden. It’s important to spend time being introspective and consider your fears – then you can begin to overcome them.

When it comes to money, as a Risk Taker, you’ll need to be strict with yourself, setting limits and boundaries about what risks you can take, and which ones you should leave alone. Set yourself strict guidelines to help you limit the possibility of losing money and never over-extend yourself.

Related: What You Can Learn From The Spending Habits Of 7 Frugal Millionaires And Billionaires

Risk Takers and relationships

Risk Takers can find it difficult settling into a relationship as they often live their lives craving excitement and ‘the next big thing’. If you’re a Risk Taker, psychotherapist and relationship expert, Lena Fenton from Click For Therapy, may have the perfect advice for you:

‘For the Risk Taker, money is a game and perhaps you enjoy games in many forms. But, playing with your finances can have profound consequences, especially if you don’t have the ability to keep it separate from the financial commitments in your life. A person can become addicted to risk taking because of the adrenaline rush that it causes. There are many ‘safe’ ways of getting excitement in life, for instance can you dare to be more open about your feelings with your partner or people very close to you? Can you dare to speak your truth even if you don’t think people want to hear it? Excitement is about taking risks, so find some positive risks such as these and incorporate them into your life instead.

Clearly, the Coin Collector would not be a good match for you as there would simply be too much money stored around you, placing temptation in your path. Nor would the Ostrich, as you would be able to hide your behaviour much too easily which could encourage more frivolous spending. The Walking Bank would be your best option, as they would help you regulate your finances and would provide a practical balance for you to bounce off.’

Risk Takers often struggle with complex emotional conflict, and will avoid serious discussions about feelings which could backfire and leave their significant other feeling betrayed. Be open about your spending to allow them to give their honest opinion on whether they think it’s getting out of control. Remember, they are there to help you succeed!’

Risk takers and careers

As a Risk Taker you will be motivated by solving logical problems. You’ll have a solid grasp of what is going on, you’ll quickly understand situations and will be able to resolve issues almost as soon as they appear. Appealing career choices might be becomes a stockbroker, mechanic, salesperson or police officer.

Related: Supermarket Tricks And How To Avoid Them

So, if you’ve realised you must be a Risk Taker and want to make some changes, we hope our tips can help you. It’s perfectly fine to have fun and take some small gambles in life; we only live once after all! But you don’t want to end up losing it all on an impulse.

It would be lovely if you did win big one day, but until then it’s a good idea to structure your spending to ensure you can live a lovely life right now!

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