27 Jul The Gifts and Challenges of a Financial ChessMaster
When generalizing personalities of people’s financial behavior, you may come across the ideas of ChessMaster and Whirlybird, as created for the Wealth Amplified! Program. We describe a financial ChessMaster as someone who often does not trust others in the management of their money, feeling more comfortable doing it themselves.
The tricky part about a ChessMaster is that even ChessMasters may not recognize their own money personality. In fact, to some, they may appear as a Funster (another personality we’ll discuss later.) Only after digging into their money behavior and the decisions they make can you determine if they’re a true ChessMaster.
Is being a ChessMaster a blessing or a curse? It can be both. Let’s see how.
- Organization– Spreadsheets, forecasts, and numbers, numbers, numbers. The ChessMaster is a strategic thinker and usually has his life together. Having done it enough, he knows where to go and what to look for. More than likely, he goes to the same places on multiple occasions if proven successful in the past. Although it may take time to make a decision, it probably doesn’t take long to do the research for all possible investments.
- Opportunity– The ChessMasters are no strangers to research. And although they take their time to find the perfect investment, chances are they will find just the right fit for them. It could be nestled under piles of hard work and research, but the ChessMaster will find it.
- Openness– Because a ChessMaster doesn’t trust anyone else with their money, there is no one pushing them in a direction with which they aren’t comfortable. For better or worse, the decision is theirs, and no one else can take the blame… or the credit!
- Stigma– Some people don’t like to look at themselves as perfectionists. Even if that’s what they really are, most people like to think they know how to have fun. A true ChessMaster, however, knows that money matters are not always the best place to play games.
How do you overcome this challenge? You don’t. You may just have to develop a thicker skin if you need you’re bothered. It would be easier than changing your whole personality.
- Stress– One problem encountered by those who expect too much perfection is the toll it takes on your nerves. ChessMasters have a hard time “letting go.” Decisions weigh on them, and until that decision is found to be a successful one, the stomach juices could be churning!
How do you overcome this challenge? Learn when you have hit your stress limit. It’s important to recognize health warnings. If you feel your blood pressure rising (mostly when you are becoming very angry or frustrated), take a deep breath and walk away from the problem for a little. Come back when you are calmer.
- Slowness– This may or may not be a bad thing, but with a streak of perfectionism, you may take you good ol’ time deciding what needs to be done with your money. Timing isn’t always everything, but when it comes to investing there is a possibility of missing out on an opportunity if you don’t jump right away.
How do you overcome this challenge? Find someone you trust to help you wade through your data, evaluate your pros and cons, or possibly even give you a deadline to make your decisions. The time you save will allow you to do more of things you love (and maybe even help with #2 above!)
If you tend toward traditional means of wealth behavior, if you are less likely to jump onto the bandwagon of the newer financial trends, or if you tend to take your time in making decisions with your money, your Money Profile is most likely that of a ChessMaster. Embrace your personality with both the ease and the trouble that it might bring.