The Gifts and Challenges a Financial Tortoise Faces

Just hearing the word “change” makes your pulse set a little quicker. Change can be a scary thing, especially to someone as loyal to what works as you are. You’re sensible, methodical, and you play it safe with your money. Does this sound like you? Well then, my friend, you may be a Tortoise. (If you need more info, head over to our Money Profile. Answer the questions honestly to get a better idea of how your financial behaviors shape your personality.)

The Tortoise is someone who saves, saves, saves, with little variation in her investment scheme. Tortoises aren’t flashy. They don’t buy mansions, drive Lamborghinis, or jet off to the Riviera on a whim. They often live well below their means because they’re planning for the future, always. It’s a great comfort to the Tortoise to have a substantial nest egg, which is often so large that even close friends and family don’t know how much money is really there. Saving money is the Tortoise’s gift: She will start with nothing, save from each and every paycheck, use tried and true methods to grow wealth (no risky investments here!), adjust her spending accordingly, and wind up with a million bucks.

While these modest lifestyle choices assure the Tortoise will be self-sustaining throughout her entire life, there are some drawbacks. Children of Tortoises often do not learn and practice the same conservative, strategic behaviors. They tend to lean on Mom and Dad to get them out of financial jams. After all, why should they save when their parents always have more than enough money to go around? It’s not like money is an issue! Since the Tortoise personality has such strong tendencies toward loyalty, the Tortoise will go along with these requests for money long after the children are grown and should be managing their own finances. Often, others have to enlighten Tortoises that they are not doing the family any favors by supporting their adult children; eventually, it has to stop.

Another challenge the Tortoise faces is she may avoid any risk which could potientially  lead to losses. While minimal growth in an FDIC-insured savings account is guaranteed, inflation can actually eat up profits this way. However, since the Tortoise is so slow to change, it may take a very long time for her to be comfortable moving funds to different investment avenues. This could hurt the Tortoise in the long run.

It’s also important to consider what the Tortoise is often lacking in everyday life: Fun! Even though she has the means, the Tortoise will likely miss out on golden opportunities to explore gorgeous sights around the world, dine on outstanding meals in highly-rated Michelin star restaurants, or get that dream kitchen. Money offers safety and security, yes, but there’s more to life than saving every possible cent. Sometimes, you need to live a little!     

Building wealth can definitely be a challenge. My book, “Wealth Amplified!: A Five-Step Guide for the Professional Woman to Make More Money, Keep More Money, and Love Your Life,” can provide you the guidance to overcome even the most difficult financial hurdles. If you prefer a one-one-one consultation, give me a call. Our no cost/no obligation financial review will give the insight to make the smartest choices with your money.

 

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