Genes control more than looks and height. They control the ways in which we behave too. According to finance expert Penny Wren, genes can impact financial behaviour, but there are also ways to beat the genetics and behave sensibly regardless. Here are some common traits and solutions.
According to research 75% of us are prone to spending temptation even when we know it is wrong. A good way to bypass this is to live by money mantras. This can be as simple as ‘I always save 20% of my pay’. Living by this will become a habit and your savings will benefit massively.
Relying too heavily on one secure investment is another common genetic feature. This can lead you towards risk, but if you are strict about diversifying investments then you can protect yourself.
Relying on the history of success is another genetic marker. When it comes to investment this is dangerous because you are likely to have missed the boom and may be investing before the crash. Avoiding ‘get rich quick’ dreams and remaining level headed is key.
Source: http://au.pfinance.yahoo.com/education/investing/article/-/18561245/5-ways-your-genes-could-impact-your-finances/
