Okay, let’s pretend that you just inherited a quarter of a million dollars from Aunt Brenda - Thank You Jesus! Now comes the moment of truth. What’s the first thing you’re going to do with the cash?
- Do you get a (fill in the blank) because you need a new one?
- Do you buy a (fill in the blank) because you’ve always wanted one?
- Do you give some of it to (fill in the blank) because they really need the help?
- Do you do a combination of them all or do you just stash the cash for now and look at your options later?
So many decisions to make with your newfound wealth and how you take action could easily provide a peak into your money makeup.
WHEN IT COMES TO MONEY…WHO ARE YOU?
Figure out that question and your path to abundance will become a little easier. But where do you start? Did you realize that you have a money personality? It’s true we all have a certain pattern and philosophy when it comes to the green stuff and our truth lies behind our mask we wear.
It’s developed over the years from your past experiences, culture, family members and belief system and the quicker you identify yours the better you will equip yourself with effective strategies and the better decisions with your money.
There are several websites and online money personality quizzes, some list as many as nine but I’ll focus on five common ones I run across and although they may have variations the core to most of the test are about the same. If you haven’t already, I encourage you to take a test to find out where you stand.
➢ THE SPENDER. They are the most common money personality I work with. Spenders are often carefree with their money and often times they either don’t care, can’t control themselves or don’t realize how much they spend. Even if they are not rich people a Spender will go through cash like they are and will often spend frivolously on others as well.
This type of personality connects the act of spending to their feelings. Their spending habits could represent love, validation, importance, or self-worth even if it leads to irresponsibility. A lot of times a Spender will spend money ill-advised with their emotions then justify the transaction with their logic.
➢ THE AVOIDER. Another common personality I run across is this group. These are the people who are either not comfortable with money or just have no interest in learning about how money works. They’re not anxious about it, they’re not consumed by it, and often times they have absolutely no emotional response to money.
Yes, they pay the bills timely but if you asked them questions about their credit card balances, the interest rates they are paying, what are their retirement contributions if any, and what type of debt to asset ratio they currently have, they’ll look at you strange.
➢ THE HOARDER. This personality sees money as a means to obtain security. On the surface this is a great personality to have because their foundation represents good saving habits and incorporating a little needed frugality to create wealth.
The downside to having a hoarder personality however is that they tend to be all about ultra-low risk, not that anything is wrong with safety when investing but hoarders tend to lean too much in this direction. They have a hard time trusting the concept of investing because when it comes to their money, the motto is, “better safe, than sorry.”
➢ THE OPTIMIST. This personality type believes that whatever financial situation they find themselves in everything will eventually work out. Personally I love working with an Optimist because they possess the belief and faith needed to experience wealth. However, sometimes an Optimist can be…well, too optimistic.
They may have rose colored glasses on and avoid the required work necessary to accomplish their goals. I once worked with an Optimist who had not saved anything for their retirement and was just three years away from their “finish line”, they were positive that the golden years was going to be full of fun that included a beach home and traveling all around the world!
➢ THE WHINER. They are the exact opposite of the Optimist (so I guess I could have called this group The Pessimist huh?). They see life as giving them a bad hand and their financial situation is not the fault of their own. A Whiner typically requires a lot of financial education but they would prefer for someone else to fix their problems and hasn’t reached the point of accepting that they are responsible for making changes.
Whiners have victim mentalities and find it hard to move past that point. These are the hardest group to work with because they have the most mental work to do before moving towards wealth but I have seen those who have done just that to overcome this money personality.
Did you see yourself in any of these…? Maybe you saw a couple of your money tendencies in more than one of them? None of these personalities represent anything bad, not even the Whiners because all of these personalities have built in benefits that can be used to work in their favor. But it requires a small shift in our perspective before our changes begin to manifest.
Shawn Dorrough – Money Mentor
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