Some amount of narcissism (a strong belief in yourself) can be helpful in giving you the confidence to apply for a new job or ask for a raise but sometimes these same traits can become too extreme and you can find yourself part of the “narcissism epidemic” that psychologist Jean Twnege and Keith Campbell coined in their book of the same name.
The more you identify with these characteristics, the more likely you are to be a narcissistic investor.
- You always know what you’re doing.
- “I know I’m good because everybody keeps telling me so.”
- Everybody likes to hear your stories and you often boast about your latest or greatest winning trade during conversations.
- “Seeking admiration is like a drug for narcissists”, said Mitja Back a psychologist at Johannes Gutenberg University in Mainz Germany. “In the long run it becomes difficult because others won’t applaud them so they always have to search for new acquaintances from whom they get the next fix.”
- If an investment loses money it’s because someone else made a mistake, not you.
- I almost always hear how my broker sold me this (name a losing investment) vs. I bought this (name a winning investment).
- You’re a workaholic.You get upset when people don’t notice how well you’re doing financially. (more…)
Chapter 2: Hard Work