Why is it so hard for us to reach our financial goals?
Our attitudes and beliefs about money are both nature and nurture. Until we understand our money personalities, our wounds, and the experiences that drive our emotions around money, it is often hard to go in the direction that we want. This can be especially difficult in a partnership or marriage if the other person is paddling in a different direction!
We are all born with different personalities and each personality has its strengths. Our greatest strengths, however, can also be our greatest weaknesses. Understanding why we make the decisions we make, can be rooted in our core values and our personality and what we are ultimately trying to accomplish. Learning what your money personality is can help you to recognize not only the benefits of your money personality, but will also help make you aware of some of the potential pitfalls of that personality type. Today we are going to review some personality types described by Ronald Banks. Click here for a video describing these personality types in more depth.
Spenders are often the life of the party. Enjoying life and spending money, even when they don’t have it. In the short term, this is the personality that everyone would like to be around. Spenders are often very generous and amazing givers. If not reigned in though, this can lead to high debt and stress levels. Not only as the debt payments increase, but as their spending has to decrease. They live in the present, sometimes at the cost of the future.
Savers, on the other hand, are the opposite. They may feel obsessed with saving as much as possible in order to feel secure. The downside is that they can miss life along the way. Giving up present happiness for future security.
Money Makers spend their time making as much money as possible. In order to achieve this success, however, their relationships may suffer.
People who are “In different to money” rarely think about money. Though this personality is often less focused on keeping up with the Jones’, they may also neglect paying their bills, because it doesn’t feel as important.
There are a variety of different money personality tests out there and as with any personality test, each one gives you a little more insight into the strengths and weaknesses of your personality. The goal is to learn how to achieve balance.
To learn more about how your money personality affects your finances watch Why does understanding your money personality matter?
No matter what your situation is, you can change it!
Remember, you’ve got this.
This material is for educational purposes only and
should not be construed as advice.
It is provided without warranty of any kind.