Swipe Left, Invest Right: how dating principles can be applied to investing
- Focus on long-term goals: almost half are dating to find a life partner, but less than a third of investors have a specific long-term goal in mind – like buying a property – when investing. 31% are also dating just to earn more money than they would in a savings account. Adopting a longer-term mindset when investing could help over-ride any hype and smooth out the effects of weekly market ups and downs.
- Spot the red flags: from a date being rude to the waiting staff, to an investment opportunity that is available only for a short time-period, men are more likely than women to continue with an investment despite identifying a warning sign. Ignoring red flags when investing may put money at higher risk, so it’s important to check if the investments are provided by a regulated firm and research to ensure an investment is right for you.
- Ignore the online hype: a third were not influenced by the hype on social media when making decisions about their dating life, while just 1 in 5 were not influenced when investing. Avoiding hype on social media and focusing on investments that suit long-term goals and risk appetite will make for a better investment journey overall.
- Don’t let emotions take-over: over a quarter agree that investing and dating have an initial honeymoon period, while a third think they can both be a highly emotional experience. While it can be easy to be swayed by the thrill of investing, be mindful of your risk appetite and only invest money you can afford to lose.
- Do your research: while 88% check up on a date’s social media, online dating profile and mutual friends before a date, only around half are using reputable, impartial sources of information to research a potential investment opportunity. More information and tips are available on the InvestSmart website.
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