Do you struggle with your self-discipline when it comes to managing your investments? If you do, you're not alone. A new study from Barclays Wealth Insights found that 41 percent of the high-net-worth individuals surveyed reported that they'd like to have more control over their finances. Within the U.S., the strongest desire for more discipline was reported by investors here in the Northeast.
One example of that lack of discipline: 32 percent of investors think they need to make frequent trades to properly manage their wealth, yet those same investors also recognize by a wide margin that they trade too much.
It's critical to have the self-knowledge to recognize when you've exceeded your limits. The same survey estimated how effective it was to use such tactics as investing deadlines and cooling-off periods as a way to impose self-discipline. The people who use such things report a 13 percent increase in financial satisfaction over the least-disciplined investors - and a 12 percent increase in wealth.
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