Moguls find enjoyment from making money with no limit, and work hard to keep the money coming in.
You are focused on building wealth and are open to exploring riskier strategies to get there.
As a Mogul you tend to be an aggressive investor and are open to taking on debt, as long as it provides an opportunity for growing your wealth. You save generously as you enjoy seeing your account values rise.
Check out how your Mogul personality comes out in the following areas:
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Balance between evaluating costs and spending freely
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Comfortable with debt
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Abundance mentality
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Aggressive: willing to take risk to make more
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Saves consistently
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Thinks about money and building wealth often
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Plans now and for the future
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Balance between supporting self and giving to others
Tips for The Mogul:
Many high-risk investments lack liquidity. Real estate, private placements, etc. have potential for growth, but it can be difficult to access the funds if you need them. Consider allocating no more than 35%-50% to these illiquid investments to give yourself more flexibility.
Find your “number”. While you may choose to continue building your wealth with no end in sight, having an end goal can be extremely powerful when making saving, spending, and investment decisions. First, start by determining how much you want to spend at a specific date in time. Then work backwards to determine how much you need to save, and the rate of return you need to earn to get there.
Find an advocate. You likely have advisors in many areas of your life, as one of the best ways to grow your wealth is through delegation. Hiring a financial planner to act as your partner can help you evaluate your needs, reduce your taxes, and determine a savings strategy to help you reach your goals.
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The 8 Financial Personalities
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The Protector
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The Consumer
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The Explorer
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The Mogul
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The Avoider
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The Architect
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The Altruist
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The Analyst