I find the comparison and analysis between extroverts and introverts endlessly fascinating. As such, I am an introvert and feel that being an introvert is good for your net worth.
My friends and colleagues and acquaintances are usually surprised to learn that I am introverted. I am 78% introverted, according to a recent Myer's Brigg's personality test I did, called the Jung Typology Test. At work, I don't like being the centre of attention and I don't like taking leadership roles, however, if no one steps up, I usually don't have a problem to do so. I have always been this way, even during school when working on school projects with classmates.
Introverts make up about 33% to 50% of the population, and because I like to represent the underdog, I feel that introversion is an underdog. Hence the many posts I write about how awesome introversion is.
Extroverts have been known to make more money than introverts, because extroverts are more likely to tackle higher paying managerial roles. ESTJ and ENTJ dominate the money making Myer's Briggs spectrum, according to Business Insider. Business Insider also says that extroverts manage an average of 4.5 people at work and introverts manage an average of 2.8. I found it interesting that even though introverts are not typically considered leadership material, introverts tend to deliver better outcomes and really focus on team based efforts.
Here are 3 More Reasons Why Being an Introvert is Good for your Net Worth
Introverts have Analysis Paralysis
Introverts are very risk averse and tend to take a lot of time before they can come to a decision. They tend to analyze every detail to ensure that no other possibility or alternative is better before they can come to any sort of decision. This decrease in impulsive action and decrease in impulse spending is also a key asset/ skill in increasing ones' net worth. Even though this analysis paralysis can be annoying to others (and also to the individual themselves who is having trouble making a decision), it can be beneficial for the net worth. This is because even if they are looking for a pair of pants, they will take their time to find the best price for the aforementioned pair of pants.
Introverts Thrive with Creative Side Jobs
Another reason why being an introvert can inherently increase your net worth is that introverts thrive with creative side jobs. Because of this, introverts are able to add additional income to their regular jobs. Some great side jobs geared toward introverts are writing, designing, crafting etc. these are all in the realm of the introvert (alone time). Side income can really add up. These side jobs can whittle years off your freedom 65 retirement goal!
Introverts tend to have an Inner Scorecard… and Forget about the Joneses'
Finally, introverts, like Warren Buffett, tend to focus on the inner scorecard rather than the outer scorecard. They value and commit to their own values and beliefs and opt for satisfying themselves, rather than ‘proving it' to an outside source like such as friends and family or society in general. Introverts tend not to need the flashy cars, the fancy house, the nice clothes to prove it to other people. This lack of external validation and stimulation can be great for the net worth. Typically, a more low key lifestyle equals less money spent. A key example of an individual with this inner scorecard is Warren Buffett (and he even talks about it, check out The Snowball). Warren Buffett doesn't care what people think and he also has integrity He still lives in the same house on Farnham Street in Omaha as he did and did few modifications to it. The house cost less than $50,000 USD and it still stands today. Even though he's the third richest person in the world, he's quite frugal and really doesn't care what the world thinks of him. He's pretty frugal if you ask me.
There you have it, there are some people who are introverts and who are extroverted and both are great in their own ways. The most important thing is understand the different personality type you are and work with it!
Reader, do you think you are an introvert or an extrovert?