Type 3 Investor
Type Threes (Performers) are laser-focused on achieving their goals, which may or may not including financial planning.
Core Motivation: Best Everyone
If Type Threes are focused on investing, they will be driven to succeed. Perhaps out of their intrinsic need to prove themselves better than others or lured by the trappings of attaining extraordinary fortunes, Type 3 investors will mold themselves to achieve their investment goals. Whatever mental, behavioral, or emotional shifts are needed, these high performers will make them.
Primary Focus: Admiration
Image-conscious Type 3 investors may be prone to jump onto investment bandwagons just for the sake of being seen as part of the zeitgeist. Possessing motivations rooted in the perception of others is certain to distort decision-making, leading to stark misalignment between investments and inherent merits or suitability.
Key Avoidance: Self-Blame
Because Type Threes must preserve their self-image of success and avoid failures, it can hold them back from taking certain types of risks. Large investments, like home ownership, can be postponed indefinitely even if affordability is not an issue. Renting presents a lower financial risk profile, compared to the chunk of change needed for a down payment. To feel responsible for making bad investment choices is something that the more self-conscious Type 3 investors will avoid.
Many Type Threes will not allow personal or professional failures. They pride themselves on being winners and will present themselves as such to others. To avoid failures in investing, some Type 3 investors can either do nothing or the absolute minimum.
Blind Spot: Other Perspectives
Because Type Threes value winning more than anything, it will impact their willingness to accept when they are wrong and others right. If they are convinced of their own investment theses or approaches, it may be difficult to appreciate alternatives and anti-theses. To accept them may be experienced as admitting to mistakes or shortcomings, something that Type 3 investors often find challenging.
Pivots: Types 6 and 9
Type Six (Skeptic) represents a stretch model for Type 3 investors: rather than being concerned about being right or wrong, seeking out balanced viewpoints with healthy skepticism may be a better option. Similarly, the best attributes of a Type Nine (Peacemaker) archetype may enhance collaboration, mutual respect, and harmony in Type Threes.