Introducing Streak to encourage good investor behaviour


Gamification has been applied successfully by products like Strava (for running/cycling), Fitbit (for general fitness) and Calm (for meditation) to help people develop good habits and become their best at something that is important to them.

We have been wanting to apply similar gamification principles to investing in a way that is fun and at the same time rewards good investor behaviour (instead of just randomly applying a 'points, badges and leaderboard' system).

Although constructs like goals, target and on-track/off-track themselves implicitly gamify investing (and in a good way), we wanted to try something more explicit.

At the same time, we wanted to stay away from bad gamification - gamifying around returns (e.g. Your gains are in the top 10% of all investors - returns are not in your control) or gamifying around the investment amount (e.g. your invested amount is in the top 10% of all investors - this by itself does not make you a good investor).

At Goalwise, our investment philosophy is simple -
invest regularly according to your risk profile and your goals.

Since we already have some sort of gamification inherent in goals, we decided to gamify consistency of investments.

Streak

Streak is a well-understood concept that represents consistency.

We believe that an investor who invests every month consistently without worrying about the market performance will do better than an investor who tries to time the market or is irregular with his investments.

Hence we defined streak as:

Streak = Number of consecutive months of investments

The investments could be made via SIPs or lumpsums. Both are eligible to be counted in the streak calculation.

You need to make at least one investment every month, however small, to continue your streak or it will become zero.

You can't invest a bigger amount to increase your streak just like you can't exercise 7 times in a single day to make up for not exercising for a week.

You will truly have to be consistent to maintain a good streak.

As for me, I currently have a streak of 25 months and my rank is 4!

In case you are wondering who has the longest streak of 31 months - it's Swapnil, our CEO!

You can check out current investment streaks of the Goalwise team on the Goalwise Buddy portfolios page and see how you compare against them.

Currently, investor streaks and ranks are available on the android and the iOS app. We will be adding them to the web dashboard soon.

Let us know in the comments below what you think of our small 'experiment' or if you have some other idea that will encourage good investing behaviour in you.

Above all, don't lose your streak!