January 26, 2021
As a Short-term Strategist, you have some interest in tracking your financial data over time. You want to be knowledgeable when it comes to financial topics, and may even enjoy the process of educating yourself on money matters. That being said, you may not need to dive in as deeply into every topic.
And if keeping tabs on your finances starts to feel like a full-time job, it might be worth checking out Marcus Insights: free financial tools & trackers on the Marcus app and on marcus.com. You can link your saving, spending, and investing accounts to be able to track your cash flow, visualize your spending by category and better understand your money habits – with just a few taps and swipes.
For Short-term Strategists in particular, being able to view your long-term financial accounts (i.e., saving, investment, retirement and loan accounts) alongside day-to-day accounts like checking could help give you a picture of both your short- and long-term finances.
Every financial personality type has a few blind spots. Yup, even you, confident-and-engaged Short-term Strategists! Here’s what some of your trouble areas are and how you can begin to address them.
Because you Short-term Strategists often want to do just a little bit more research, you may end up missing important deadlines. Particularly in situations where a quick decision is needed, your desire to evaluate all of your options means you might miss out on opportunities.
Does that sound familiar? To nudge decisions along, you could try creating a timeline for yourself to stick to in order to achieve a particular goal. Some tasks can even be automated.
Let’s say you’re asking yourself, “How much should I save this month?” In that case, you could set up auto-withdrawals from your checking to savings account. That way, you’re taking action and at least putting away something. Not to mention, you’re also tackling planning for the long-term (nice!) which, as we mentioned earlier, you may shy away from.
As a Short-term Strategist, you may find yourself mulling over things for too long, trying to research and play out all the different possible scenarios in your head. You might end up overanalyzing and second-guessing decisions when it comes to your finances.
In cases where you’re going back and forth, it might be helpful to seek the advice of a financial advisor. Even though Short-term Strategists tend to be confident and have a nice well of financial knowledge to draw from, working through a decision with a professional can help you choose what you want to do, sooner. Plus, a financial advisor could help out with some of the research efforts and they can help fill you in on financial information you may not be sure about.
Being a Short-term Strategist, you may be challenged to stick with one financial plan or tactic. You prefer to try various strategies and keep your options open (commitment-phobia is real) as you approach deadlines.
As we mentioned earlier, flexibility can be a strength for you. But this trait could also limit your ability to see any one strategy through to completion. This is another area where it might be helpful to consult a financial advisor, even if it’s just once in a while. They can help you commit to a decision and even offer advice about when it might be a good idea to wait instead.
Remember, when it comes to figuring out our financial lives, knowledge is power! With that in mind, you Short-term Strategists may find the following resources beneficial while organizing your financial lives and remaining confident in both your short and long-term plans.
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And if you’re interested in learning more about personality type (including the 16 Myers-Briggs personality types) you can take the MBTI assessment! The MBTI is designed to assess your personality based on preferences toward Extraversion or Introversion; Sensing or Intuition; Thinking or Feeling; and Judging or Perceiving. Note, payment is required to take the MBTI and receive your results.
This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.