(NC)-If you are drawn to adventurous types, do market fluctuations also give you a thrill? Or, if you married your high school sweetheart, do you stash money in reliable savings accounts?
Patricia Lovett-Reid, Senior Vice President, TD Waterhouse and relationship therapist Joe Rich, M.S.W, R.S.W, team-up to provide Canadians with insight into love and money.
“Now is the time for Canadians to consider taking advantage of opportunities in the market – but how Canadians invest is partially dependent on their tolerance for risk,” says Lovett-Reid. “One way investors can gauge their risk tolerance is by looking at how they handle relationships. The decision-making process is similar – a combination of knowledge, insight from friends or trusted advisors and emotion.”
“Most of us have more experience with risk tolerance in relationships – people typically test the waters at an earlier age than they ever start investing,” says Rich. “You often find similarities in the way people invest and their types of relationships, both good and bad.
“Dating the ‘bad boy’ and taking a flier on a tech stock may offer the same rush, while on the other side, taking someone home to meet mom and putting money in blue chip investments is what makes others happy.”
The old cliché “opposites attract” is often true.
“There are times when you see that the high risk investor has found love with the blue chip partner and this is where the fun (and conflict!) often begins. I’ve seen situations where couples therapy is devoted to ‘how we invest and spend our money’ discussions.”
So how far do we push the envelope in pursuit of love or money?
“There is no easy answer,” says Rich. “It’s finding what is best for you and finding ways to make it work with your loved one.”
“Good relationships and sound investment strategies are based on the same principles: open lines of communication; research into the individual or the investment opportunity and, above all, acceptance that nothing is guaranteed – in love or finances,” says Lovett-Reid. “I believe that by accepting a certain level of risk, giving the required attention and maintaining a long-term outlook, it is possible for Canadians to be both lucky in money and lucky in love this year.”